South Carolina Department of Insurance Director Ray Farmer and Florida Insurance Commissioner David Altmaier have been elected to the positions of president and president-elect, respectively, of the NAIC (National Association of Insurance Commissioners).
The two were voted in at the NAIC’s fall meeting this week in Austin, Texas. They will assume the roles Jan. 1, 2020.
Previously, Farmer served as president-elect at the NAIC while Altmaier served as vice president.
As part of the state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 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 staff supports these efforts and represents the collective views of state regulators domestically and internationally
Farmer was first appointed by Gov. Nikki Haley to serve as director for the South Carolina Department of Insurance in 2012. He has more than 40 years’ experience, having served as a deputy insurance commissioner for the Georgia Department of Insurance and as vice president for the American Insurance Association.
In 2018, Farmer oversaw the passing of the Insurance Data Security Act – a law that is the first in the nation to require insurance companies to have a comprehensive and secure plan to protect consumer data. In 2019, Farmer was asked to serve on Governor Henry McMaster’s Floodwater Commission, working to increase resiliency among South Carolina’s most at-risk citizens who face yearly challenges with hurricanes and floodwaters.
According to SCDOI, Farmer will tackle issues such as climate risk & resilience, long-term care & cybersecurity for NAIC. He has served as chair of the organization’s Cybersecurity Task Force.
“It is an honor to serve as president of the NAIC and I look forward to leading insurance regulators from around the country and continuing to ensure the South Carolina industry is well regulated and our consumers are well protected,” said Director Farmer.
Altmaier has served as Florida’s insurance commissioner since 2016. He was chosen by the Florida Cabinet, which consists of the state’s governor, chief financial officer, attorney general and agriculture commissioner. He previously served as OIR deputy commissioner and has worked for OIR since 2008.
He has served on various committees of the NAIC, including chairing the P/C Risk-Capital Working Group and the Capital Adequacy Task Force.
“As one of the largest, most complex insurance markets in the world, it is critical for Florida to have a seat at the table for state, national, and global regulatory discussions. I am glad that Commissioner Altmaier will play a leading role in these critical areas,” said Governor Ron DeSantis.
“I am honored to have been chosen as President-Elect of the NAIC,” Altmaier said. “This year, we have made significant progress on many key issues. As president-elect, I will continue the open dialogue to strengthen the consumer-focused framework that guides our mission as state insurance regulators.”
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