Former Senator Nelson resigns as NAIC chief

Former U.S. Sen. Earl Benjamin Nelson of Nebraska said Thursday that he would not renew his contract as CEO of the National Association of Insurance Commissioners. His term ends January 2016.

Sen. Nelson began working in insurance regulation in 1965, serving as supervisor of claims and inquiries at the Nebraska Department of Insurance. He held several other regulatory roles at various points during his insurance career.

He was elected to the U.S. Senate in 2000, was re-elected in 2006 and left in 2013. He became NAIC CEO in January 2013, according to a NAIC statement.

Sen. Nelson will remain a consultant to the NAIC during the transition, according to the statement.

“On behalf of the officers and members of the NAIC, I want to thank Sen. Nelson for his service to our organization,” Monica J. Lindeen, NAIC president and Montana Insurance Commissioner said in the statement. “His unique combination of experience made him a natural choice to lead our organization. He has been a staunch proponent of the state-based regulatory system both here and abroad. We wish him all the best in his future ventures.”

NAIC is a nonprofit organization of state insurance regulators; members are elected or appointed state government officials.

The NAIC declined to comment on its succession plan.