The current CEO of the National Association of Insurance Commissioners (NAIC), Dr Therese Vaughan, has announced that she will be stepping down from her role earlier than planned.
In August, Vaughan—who has been CEO since February 2009—stated that she would be stepping down from her role in early 2013, but has since decided to depart on 30 November. She previously served as Iowa insurance commissioner and NAIC president.
The NAIC has partnered with executive search firm, Egon Zehnder, in its bid to find a new CEO. Current COO and chief legal officer, Andrew Beal, has been name as acting CEO following Vaughan’s departure.
Vaughan said: “I have been privileged to support the regulators and staff of the NAIC for nearly four years, and it is with mixed feelings that I am leaving.”
“Since the August announcement, however, it has become clear that an extended phase-out is unnecessary, and the organisation is well-positioned to carry our progress forward. I wish the officers, members, and staff the best of luck in the future, and look forward to continuing to advocate for the protection of US insurance consumers in my future professional activities.”
Kevin McCarty, NAIC president and Florida's insurance commissioner, said: “On behalf of the NAIC officers and membership, I want to thank Vaughan for her outstanding service to our organisation.”
“Vaughan’s expertise and insight have been invaluable following the global economic crisis of 2008. She has served as the globetrotter on our behalf as we’ve worked through financial reform and modernisation efforts both domestically and abroad. We wish [her] all the best as she proceeds to the next phase of her career.”
