After receiving an M.A. degree from the University of Nebraska-Lincoln in 1965, Nelson began his career with the state's Department of Insurance on Oct. 1, 1965, as supervisor of claims and inquiries. Following his law school graduation in 1970 from the same university, Nelson served as the assistant general counsel for Central National Insurance Group of Omaha. In 1975, he rejoined the Nebraska Department of Insurance, but this time as director from 1975 to 1976. He went back to Central National Insurance as an executive vice president, before being promoted to president. He also served as executive vice president of the NAIC from 1982 to 1985, and in 1990 won his first elected office when became governor of Nebraska, which he served until 1999.

"On behalf of the officers and members of the NAIC, I want to thank Sen. Nelson for his service to our organization," said Monica J. Lindeen, NAIC President and Montana Insurance Commissioner. "His unique combination of experience made him a natural choice to lead our organization. He has been a staunch proponent of the state-based regulatory system both here and abroad. We wish him all the best in his future ventures."