Dr. Therese M. (Terri) Vaughan announced she will step down as chief executive officer of the organization of state insurance regulators, the National Association of Insurance Commissioners (NAIC), during the first quarter of 2013, a post she has held three and one-half years.
She cited family obligations and the desire to revise a textbook as reasons for leaving the post.
The former long-time Iowa insurance commissioner took over as CEO on Feb. 18, 2009, replacing Catherine J. Weatherford, who left the NAIC in July 2008.
“I am especially proud of the work we’ve accomplished in the areas of U.S. solvency modernization and global insurance regulation,” said Vaughan. “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.”
NAIC President and Florida Insurance Commissioner Kevin M. McCarty said Vaughan’s “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.”
During her tenure as CEO, Vaughan has overseen operations of the NAIC, including offices in Kansas City, New York and Washington, D.C. The CEO serves as the association’s primary representative and chief spokesperson in Washington. She also currently serves as the chair of the Joint Forum, a Basel-based group of banking, insurance and securities supervisors created to address cross-sectoral and financial conglomerate issues. In addition, she is a member of the Executive Committee of the International Association of Insurance Supervisors (IAIS).
Prior to joining the NAIC, Vaughan was the Robb B. Kelley Distinguished Professor of Insurance and Actuarial Science at Drake University.
Her effective resignation date has not yet been determined. NAIC said its officers will conduct a national search later this year to find Vaughan’s replacement.
Vaughan earned a Ph.D. in risk and insurance from The Wharton School at the University of Pennsylvania and a bachelor’s degree in insurance and economics from the University of Iowa. She is a CPCU, an associate of the Society of Actuaries, an associate of the Casualty Actuarial Society and a member of the American Academy of Actuaries. She is the co-author of two college textbooks on insurance, Essentials of Insurance and Fundamentals of Risk and Insurance, the 10th edition of which was released in December 2007.
the NAIC is the U.S. standard-setting and regulatory support organization governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.
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