Walter Bell was elected president-elect of the National Association of Insurance Commissioners at the group's winter meeting in Chicago yesterday.
The Alabama commissioner will take over next December in the top job after serving a year in the interim post that was created last year in the aftermath of the mid-term resignations of both the NAIC president and the vice president.
Mr. Bell, a former Mutual of New York executive, is in his third year as commissioner and will be the second African American to serve in the top NAIC job. He has taken a lead role as chairman of the panel that is in the process of developing nationwide standards for life products.
Maine Commissioner Alessandro Iuppa is taking over as president as expected this year. He succeeds Pennsylvania Commissioner Diane Koken, who was elected on an interim basis in September of last year and for full term in November.
Almost immediately after her election, Ms. Koken was faced with fallout from the state and federal investigations into improper practices involved in broker compensation and insurer accounting.
She also faced criticism from members of Congress for her actions in dealing with both federal preemption legislation known as the SMART Act and the application of Sarbanes-Oxley Act reporting requirements as they related to mutual insurance companies.
Mr. Iuppa, who also served as Nevada commissioner, is in his second term as president of the International Association of Insurance Supervisors and will serve in the two posts at a time when international issues such as accounting standardization and reinsurance collateralization are a major focus of regulators.
The current secretary-treasurer, Kansas Commissioner Sandy Praeger, was elected vice president.
New Mexico Commissioner Eric Serna was elected secretary treasurer.
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