You are here:HomeNews CenterInsurance News2007In Memoriam: Nebraska Insurance Director Tim Wagner

In Memoriam: Nebraska Insurance Director Tim Wagner

It is with deepest regrets that we share the news about Director's Wagner's untimely passing. Our support goes out to his family and our...
October 16, 2007

A Message From PIA National

Tim WagnerIt is with deepest regrets that we share the news about Director's Wagner's untimely passing.  Our support goes out to his family and our PIA of Nebraska members.

Director Wagner was one of the finest insurance professionals and regulators that I've had the honor to work with over these many years.  He was bright, knowledgeable, and open to hearing all sides and a sound decision maker.

As a new insurance regulator at NAIC, he did not hesitate to alert NAIC to a critical loophole in GLBA that transferred the then lion's share of what had always been known as credit insurance out from under insurance laws and state DOI oversight. At the time, NAIC had only a couple months left on the two-year open comment period before credit insurance that was attached to loans, mortgages or lines of credit would have formally been placed under the oversight authority of OCC.

When a Nebraska-domiciled crop insurance company writing federal crop insurance went into receivership, it was Director Wagner that "introduced" himself, insurance law and Nebraska state insurance receivership laws and procedures to USDA-RMA.  Director Wagner made clear that the resolution of the carrier's estate and affected contracts would proceed under Nebraska law (with due consideration given to the special interests of the FCIC/RMA federal crop insurance contracts). This included making clear what commissions would still be earned by and owed to insurance producers.

And once again, it was Director Wagner who so graciously asked to be heard (several times) to speak against NAIC rushing to judgment and adopting the NAIC model Producer Disclosure Model Act on that phone conference call of December 29, 2004. The specific legal concerns that he raised that day did not prevail, but they have been heard -- and the courts, in several recent decisions, ultimately agreed with him.

Tim Wagner was a quiet, patient professional committed to accomplishing good, workable results that were right and served consumers in the insurance marketplace well.

Thanks, Tim. Your counsel will be greatly missed at the NAIC.

Pat Borowski, Senior Vice President.