Citing family obligations and the desire to revise a textbook, Therese (Terri) Vaughan will step down as CEO of the National Association of Insurance Commissioners. Her effective resignation date in the first quarter of 2013 has not yet been determined.
Since being hired as CEO in February 2009, Vaughan has been responsible for overseeing operations of the NAIC, including offices in Kansas City, New York and Washington. She serves as the association's primary representative and chief spokesperson in Washington. She also currently serves as the Chair of the Joint Forum, a Basel-based group of banking, insurance and securities supervisors created to address cross-sectoral and financial conglomerate issues. In addition, she is a member of the Executive Committee of the International Association of Insurance Supervisors .
"It is with mixed emotions that I announce my departure from an organization that has been part of my life for the better part of the past two decades," said Vaughan, who was formerly the longest-serving insurance commissioner in Iowa history and past NAIC president. "I am especially proud of the work we've accomplished in the areas of U.S. solvency modernization and global insurance regulation. I believe the U.S. system of state-based insurance regulation remains the strongest in the world—and the ongoing work by regulators is improving the framework every day."
NAIC officers will conduct a national search later this year to find Vaughan's replacement.
"Terri led the NAIC through a tumultuous period following the global economic crisis of 2008," said NAIC President and Florida Insurance Commissioner Kevin McCarty. "Terri's leadership was instrumental in guiding the development of the NAIC's Solvency Modernization Initiative (SMI). Her expertise has been key to the critical self-examination of the U.S. system of state-based insurance regulation in light of financial reform and modernization 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 endeavors. She will be greatly missed."
Carrie Burns is the editor in chief of Insurance Networking News, a SourceMedia publication.
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