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Cathy Weatherford is Out As CEO of NAIC

Catherine Weatherford is leaving her post as executive vice president and CEO of the National Association of Insurance Commissioners (NAIC). The NAIC confirmed that Weatherford...
July 8, 2008

Catherine Weatherford is leaving her post as executive vice president and CEO of the National Association of Insurance Commissioners (NAIC). The NAIC confirmed that Weatherford is leaving, but did not state what circumstances led to her abrupt departure.

A report in the National Underwriter cited multiple regulatory and industry sources, all of whom requested that they not be named. The leading picture that emerges from this report is that Weatherford's departure was the result of some NAIC members being unhappy with her management as well as the direction the organization was taking.

Positions on NARAB, OII cited

Selected excerpts from the National Underwriter's article:

"Another source said that a 'small group of commissioners had banded together' because of unhappiness over how the organization, based in Kansas City, Mo., was handling federal efforts to create a national agent licensing system, the National Association of Registered Agents and Brokers (NARAB)."

"Also mentioned was the issue of a bill introduced by Rep. Paul Kanjorski, D-Pa.., that includes a proposal to create an Office of Insurance Information. The source said the displeasure was over the questions 'who's running the shop, and are you really representing your members.'"

"Another source concurred. 'Over the years, there has been a shift in the organization from membership driven to staff driven. The perception was that if you go to the Hill, you don't represent state interests but the interests of the NAIC.'"

"Another issue that angered some commissioners, according to sources, was a letter that went out to the National Governors Association and the National Association of Attorneys General, both in Washington, expressing support for the OII bill. The source said some commissioners maintained that there was no legal basis for the NAIC to send out a letter to a commissioner's governor without that commissioner's knowledge."

In an NAIC announcement, the organization said Weatherford may serve as a consultant through the association's next quarterly national meeting in Washington, D.C., Sept. 22-24. Andrew Beal, deputy executive vice president and chief legal officer, will serve as active executive vice president and CEO while a national search is conducted for a replacement.

"It has been an honor to lead a staff of 426 in Kansas City, Washington, D.C., and New York City. I have served for many years in the area of state insurance regulation and now I am ready for a change. I always try to keep an open mind about what the future holds and I have an interest in many other areas, so I will pursue another professional career," Weatherford said in the NAIC statement.

Weatherford Leaves NAIC (National Underwriter 7/3/08)