The director of the Ohio Department of Insurance, Jillian Froment, has been selected by state insurance regulators to serve as chair of the Interstate Insurance Product Regulation Commission, also known as the Insurance Compact.
"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," Director Froment said.
The Insurance Compact, currently a collection of 45 states, became operational in 2006. More than 100 uniform standards covering individual product lines and several employer/employee group products have been adopted by the Insurance Compact. Director Froment said that she expected continued progress in 2018.
"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," she added.
The Insurance Compact, acting as a central electronic filing point for asset protection insurance products, has expedited the company product filing step, and review and approval by state regulators. Products are approved once for market in Insurance Compact states instead of companies filing in every state.
"The Insurance Compact is enhancing the speed and efficiency of regulatory decisions and allowing companies to compete more effectively in the modern financial marketplace," Director Froment said.
Steven A. Meyerowitz
Steven A. Meyerowitz, a Harvard Law School graduate, is the founder and president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. He may be contacted at [email protected].