Therese Vaughan to step down as NAIC head at end of November
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Therese M. Vaughan announced Friday that she will step down as CEO of the National Association of Insurance Commissioners effective Nov. 30.
Ms. Vaughan announced in August that she planned to leave the job early next year. Now, however, she “will accelerate her departure to the end of this month,” said the NAIC in a statement released Friday.
“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,” said Ms. Vaughan in the statement. “Since the August announcement, however, it has become clear that an extended phase-out is unnecessary, and the organization 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 U.S. insurance consumers in my future professional activities.”
“On behalf of the NAIC officers and membership, I want to thank Terri for her outstanding service to our organization,” said Kevin M. McCarty, NAIC president and Florida insurance commissioner, in the statement. “Terri's expertise and insight have been invaluable following the global economic crisis of 2008. She has served as a globetrotter on our behalf as we've worked through financial reform and modernization efforts both domestically and abroad. We wish Terri all the best as she proceeds to the next phase of her career.”
Ms. Vaughan has served as NAIC CEO since February 2009. She has also served as Iowa Insurance Commissioner and is a past NAIC president.
The NAIC leadership is in the process of conducting a national search for a new CEO.
The NAIC Executive Committee has named Andrew Beal as acting CEO after the departure of Ms. Vaughan. Mr. Beal serves as the chief operating officer and chief legal officer.
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