"We are doing some very hard thinking about it," said Ms. Vaughan, a former insurance commissioner for the state of Iowa, during an interview at the annual meeting in Orlando.

Early last week, during a separate roundtable discussion held in conjunction with the American Council of Life Insurers' meeting in Baltimore, several state legislators warned that up to 17 new insurance commissioners could take office as a result of the Nov. 3 elections.

The legislators voiced particular concern about the race for California commissioner and the fate of appointed commissioners in Iowa and Florida.

In advance of the ACLI meeting, ACLI staff officials noted that there are 37 governors' races this year–24 of which are open seats because the incumbents are not eligible to run or are not seeking re-election.

"Regardless of which party fares better this fall, for our industry new governors typically mean new appointed insurance commissioners," the ACLI staff report said.

"The prospect of one-third to one-half of the insurance commissioners turning over in the next several months is not out of the question," the report said.

The ACLI staff paper presented at the meeting also voiced concerns about staffing.

"Furloughs and early retirements of state employees because of budget cutbacks, and turnover of commissioners due to the 2010 gubernatorial elections, could mean a fair amount of instability within the ranks of the regulatory community during a time of rapid and significant changes in our regulatory system," the report said.

One particular concern not discussed at the meeting but being voiced in health care circles is the fate of incoming NAIC Chairwoman Susan E. Voss, insurance commissioner of Iowa. A new governor will be elected in Iowa, these people say, placing Ms. Voss in jeopardy.

In a midweek interview at the NAIC meeting, current NAIC President and West Virginia Insurance Commissioner Jane L. Cline said there is likely to be some turnover between the election of new commissioners, retirements and appointments, "but the depth of that can't be determined."

However, the NAIC has gone through significant change in its membership in the past and survived that experience. She said she expects nothing different this time.

She said there is also a substantial amount of experience within the state insurance departments. New commissioners often lean on the knowledge and experience of the staff of the NAIC for help.

"Change does happen," said Commissioner Cline, and the NAIC has in place a training program for new commissioners. The association also offers a mentoring program for sister departments, she added.

She said she doubted the commissioner changes within the NAIC would amount to disruption of its ongoing work and is confident that those who remain will reach out to their newer counterparts.

"The personnel in each department and the significant amount of experience that they have, that makes change easier," she noted.

Without commenting directly on any elections, she seemed to dismiss speculation that Ms. Voss would be replaced, noting that she has seen the governorship change in her own state, yet she has remained in her post.

As for other states, at the ACLI meeting, Juan Vargas, Democratic State-Senator-elect in California, warned small insurers attending the meeting that David Jones, the Democratic candidate and apparent leader in the polls, "would be an activist insurance commissioner with a lot of power."

Mike Villines is the Republican candidate.

Both Mr. Jones and Mr. Villines are running for the job because they are term-limited in the legislature.

Rep. Clay Ford, R-Fla., said at the ACLI meeting that it is likely that if Republican Rick Scott is elected governor, he would replace Kevin McCarty, current insurance commissioner.

Rep. Ford, a supporter of Mr. Scott, opposes Mr. McCarty, whom, he charged, has erected "a firewall" between the Florida executive branch and the state legislature.

At the meeting, it was also noted that appointed Virginia Commissioner Al Gross will be retiring in December. Commissioner Gross is 64 and has been with the Virginia Bureau of Insurance since 1981, serving as commissioner since 1996.

Those speaking at the ACLI meeting said that Mr. Gross had played an active role in financial solvency matters at the NAIC, and that he will be missed.