Dr. Therese M. Vaughan will step down earlier than previously announced from her post as chief executive officer of the National Association of Insurance Commissioners (NAIC), effective Nov. 30. In August, she announced plans for transitioning out of the job in early 2013, but has decided accelerate her departure to the end of this month.
“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.”
The NAIC is 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. The NAIC Executive Committee has named 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.
Vaughan has 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.