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NAIC "Revolving Door" At Rest, For the Moment

Observers say that those who recently announced their impending departures from leadership in the National Association of Insurance Commissioners (NAIC) are taking jobs outside the...
June 7, 2011

Observers say that those who recently announced their impending departures from leadership in the National Association of Insurance Commissioners (NAIC) are taking jobs outside the insurance industry. West Virginia Insurance Commissioner Jane Cline, who was the 2010 NAIC president, is retiring at the end of June. Meanwhile, Maine Insurance Superintendent Mila Kofman will return to academia after vacating her post on May 31, and Illinois Insurance Director Michael McRaith will head the new Federal Insurance Office. After serving as president of the NAIC in recent years, both New Hampshire Insurance Commissioner Roger Sevigny and Kansas Insurance Commissioner Sandy Praeger remain in their state positions, with Praeger stating that she wanted to continue to oversee implementation of the federal healthcare law at the NAIC.

This breaks a recent pattern. From 2000 to 2007, six NAIC presidents left office and accepted positions working for or representing insurance companies. One NAIC president didn't even wait for his term to end, leaving midway through his tenure for a company post - and just as quickly changing from an opponent of federal insurance regulation to a supporter.

More recently, 2008 President Sandy Praeger and 2009 President Roger Sevigny remain in their state offices representing Kansas and New Hampshire, respectively. Cline remained a regulator for six months following her presidential tenure. The NAIC has periodically considered official "cooling off" periods barring members from working in the industry for a time after leaving office, but has never adopted them.

Find out the most recent departures at the NAIC: Revolving Regulator/Industry Door At Rest (BestWire 5/31/11)