Dr. Therese M. (Terri) Vaughan announced she will step down as Chief Executive Officer (CEO) of the National Association of Insurance Commissioners (NAIC), effective November 30. In August, she announced plans for transitioning out of the job in early 2013, but will accelerate her departure to the end of this month.
"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. "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."
"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 Vaughan. "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."
Vaughan served as NAIC CEO since February 2009. During her career, she served as Iowa Insurance Commissioner and is a past NAIC President. In addition, she has held a variety of positions in academia and regulation. She was the Robb B. Kelley Distinguished Professor of Insurance and Actuarial Science at Drake University, where she focused on the regulation and management of financial institutions. Vaughan earned a Ph.D. in risk and insurance at the University of Pennsylvania and a B.B.A. in insurance and economics at the University of Iowa. She is the co-author of two college textbooks on insurance.
NAIC leadership is in the process of conducting a national search for a new CEO and has retained the services of an executive search firm, Egon Zehnder International, to assist in this effort. This week, the NAIC Executive Committee also took action to name Andrew Beal as acting CEO following the departure of Vaughan. Beal has been with the NAIC for 13 years and currently serves as the Chief Operating Officer and Chief Legal Officer.