Maine Insurance Superintendent Alessandro Iuppa will cut short his term and leave his appointive post on Jan. 13, 2007, a few weeks after concluding his presidency with the National Association of Insurance Commissioners.
Mr. Iuppa will step down as NAIC's head at the group's quarterly meeting next week and be succeeded by Alabama Insurance Commissioner Walter Bell. He said he is considering his career options, and would not rule out a post in the industry.
A former Nevada insurance commissioner and insurance industry consultant, Mr. Iuppa was first appointed to his Maine post by Independent Gov. Angus King in 1998 and was reappointed in 2004 by Democratic Gov. John Baldacci. He said he understood the governor will appoint Deputy Superintendent Eric Cioppa to succeed him in an acting capacity.
As NAIC president, his chairmanship of the International Association of Insurance Supervisors brought more of a focus on international issues, one being the international accounting standard issue, and another being reinsurance collateral.
Robert Hunter, insurance director for the Consumer Federation of America, said while he felt none of the regulators at the NAIC are pro-consumer, Mr. Iuppa is “better than average. But the whole NAIC has moved in a negative direction out of fear of federal regulation. They have given away consumer protections.”
John Lobert, senior vice president for state government relations with the Property Casualty Insurers Association of America, said that as a regulator, Mr. Iuppa's “hallmark has been fairness and intelligence. He's smart and easy to deal with.”
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