NAIC CEO to resign
Aug. 17, 2012—Therese Vaughan recently announced that she will step down from her position as CEO of the National Association of Insurance Commissioners (NAIC) during the first quarter of 2013.
Vaughan, who has served as CEO of the NAIC since February 2009, cited family obligations and her desire to revise a textbook as the reasons behind her resignation.
"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," Vaughan said. "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."
During her tenure as CEO, Vaughan has been responsible for overseeing NAIC operations, which has offices in Missouri, New York and Washington, D.C. She serves as the association's primary representative in Washington. Vaughan is also a member of the International Association of Insurance Supervisors’ (IAIS) Executive Committee.
"Terri led the NAIC through a tumultuous period following the global economic crisis of 2008," said Kevin McCarty, president of the NAIC and Florida Insurance Commissioner. "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."
Vaughan’s specific resignation date has not yet been determined. The NAIC said it will conduct a national search later this year to find Vaughan's replacement.
The NAIC is an insurance regulatory support organization governed by insurance regulators from 50 U.S. states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews and coordinate regulatory oversight. NAIC’s members form the national system of state-based insurance regulation in the U.S.