Given my well-earned skepticism and public criticism of all things NAIC, I realize I'm probably the last person the NAIC's leadership would seek out to advise it on its search for a new CEO. And I know full well the value of unsolicited advice (my Dad used to remind me of that frequently), but I've wasted time on less entertaining endeavors, so here's my list of priorities for the new NAIC CEO.
• Reform the place
The NAIC is in need of serious reform. The new CEO (and the regulators themselves) needs to recognize the NAIC is not a club; it is now part of the fabric of state insurance regulation. The NAIC staff is doing regulatory work. For better or worse, that is the reality. As a result, the NAIC must adopt new policies of transparency and accountability. Stop having closed meetings. Develop some system of accountability—what happens if an NAIC staff person recommends a course of action on a regulatory matter to a state? What recourse does a company have? None today, and this must change. I know I get to be a broken record sometimes, but these organizational "what-is-the-NAIC and how-does-it-operate" issues are critical to get right.
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