NAIC CEO stepping down
The National Association of Insurance Commissioners CEO will step down in the first quarter of 2013.
Dr Therese (Terri) Vaughan cited family obligations and plans to revise a textbook as reasons for leaving the post she has served since 2009.
Vaughan’s effective resignation date is yet to be announced. NAIC officers will conduct a national search later this year to find a replacement.
“I am especially proud of the work we’ve accomplished in the areas of US solvency modernization and global insurance regulation,” said Vaughan, formerly the longest-serving insurance commissioner in Iowa history and past NAIC president.
“I believe the US system of state-based insurance regulation remains the strongest in the world—and the on-going work by regulators is improving the framework every day.”
“Terri led the NAIC through a tumultuous period following the global economic crisis of 2008,” said NAIC president and Florida insurance commissioner Kevin M. McCarty.
“Her expertise has been key to the critical self-examination of the US system of state-based insurance regulation in light of financial reform and modernisation efforts taking shape around the world.
“We have been fortunate to have had Terri during this critical time and wish her well in her future endeavours. She will be greatly missed.”
As CEO, Vaughan has overseen operations of the NAIC, including offices in Kansas City, New York and Washington, D.C.
She serves as the association’s primary representative and chief spokesperson in Washington, and is also a member of the executive committee of the International Association of Insurance Supervisors (IAIS).