Ohio Insurance Director to Head Commission in 2018
Jillian Froment, director of the Ohio Department of Insurance, will be the 2018 chair of the Interstate Insurance Product Regulation Commission, also known as the Insurance Compact, a national insurance body focused on consumer protection and modernizing state insurance regulations.
Jillian Froment, director of the Ohio Department of Insurance, will be the chair of the Interstate Insurance Product Regulation Commission, also known as the Insurance Compact, a national insurance body focused on consumer protection and modernizing state insurance regulations. Her department announced Dec. 19 that Froment has been selected by state insurance regulators to take over as its 2018 chair.
"I look forward to working with member states and regulators to ensure the Insurance Compact continues to focus on consumer protection while supporting a growing industry with consistent and common-sense regulatory standards," she said.
Compact members elected Rhode Island Insurance Superintendent Beth Dwyer as 2018 vice chair and Idaho Insurance Director Dean Cameron as treasurer. The 2018 Management Committee includes members from Georgia, Illinois, Indiana, Iowa, Maryland, Michigan, New Jersey, North Carolina, Pennsylvania, Texas, and West Virginia.
The Insurance Compact currently consists of 45 states. It became operational in 2006. ODI's announcement said it "works to ensure strong consumer safeguards are in asset protection insurance products through uniform legislation, regulatory oversight, and other means, such as for life insurance, annuities, disability income and long-term care insurance," and that it has adopted more than 100 uniform standards covering all individual product lines and several employer/employee group products.
"Our goal is to build upon our innovative state-based regulatory model by adding more uniform standards, improving key processes, and fostering dialogue with non-compacting states," Froment said. The organization allows consumers to have faster access to competitive insurance products.
"The Insurance Compact is enhancing the speed and efficiency of regulatory decisions and allowing companies to compete more effectively in the modern financial marketplace," Froment explained.