The National Association of Insurance Commissioners announced today that former regulator and past president of the organization, Therese Vaughan, will become NAIC's new chief executive officer effective Feb. 18.
Announcement of the Kansas City, Mo.-based NAIC's action, follows a seven month search for a replacement for Catherine Weatherford who left the NAIC in July 2008. Weatherford is now president and CEO of the National Association for Variable Annuities, Reston, Va.
Among the names that were said to be considered for the position before Vaughan's appointment include former insurance commissioners and NAIC presidents Diane Koken and George Nichols.
The appointment comes at a time of great change for the NAIC as many in the industry call for federal oversight of insurance and question the effectiveness of state insurance regulation.
During her NAIC presidency in 2002, Ms. Vaughan, a former Iowa commissioner, attempted to address the issue of improving efficiency and speed to market of insurance products by initiating and advancing the Interstate Compact. That action has led to the development of the Interstate Insurance Product Regulation Commission.
Ms. Vaughan since leaving her regulator's post has been the Robb B. Kelley Distinguished Professor of Insurance and Actuarial Science at Drake University, a position she has held since January 2005. Ms. Vaughan is also listed as a board member of Principal Financial, Des Moines, Iowa, on the company's Web site.
NAIC said Ms. Vaughan will serve as its primary representative and chief spokesperson in Washington, D.C. In addition, her responsibilities will include outreach to federal governmental entities and state government associations, as well as consumer and insurance industry representatives.
She will also oversee the launch of the Association's new Center for Insurance Information, which will make the NAIC information and resources more accessible to members of Congress and other federal agencies.
NAIC said while the majority of staff members will remain in Kansas City, Ms. Vaughan's office will be housed in the association's Washington, D.C., headquarters. She will work alongside staff from the Interstate Insurance Product Regulation Commission (IIPRC).
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