Noted Calif Regulator to Retire After 31 Years

May 11, 2004

Senior California regulator Norris Clark, deputy commissioner for financial surveillance, will resign effective August 1.

“In all sectors of the insurance industry he is known as a very influential regulator and a reasonable person,” said William Boyd, NAMIC’s financial regulation manager. “We have taken many requests to him and he has been reasonable and constructive. We shall miss him.”

Clark is chair of the National Association of Insurance Commissioners (NAIC) Statutory Accounting Principles Working Group and its Emerging Accounting Issues Working Group, committees of key importance in statutory accounting and solvency regulation. Clark presided over the NAIC’s Codification of Statutory Accounting Principles Project, one of the largest undertaken to improve and homogenize state regulation.

In a press release announcing the resignation, California Commissioner John Garamendi said, “It was my pleasure and great fortune to appoint him to his current position in 1991 during my first term as commissioner.” Clark served 31 years in the department, advancing to his current position from insurance examiner.

Clark was a winner in 1995 of the NAIC’s Dineen Award that recognizes outstanding regulators. He is also a past president of the Society of Financial Examiners.

A probable successor to Clark at the NAIC is Steve Johnson, a Pennsylvania deputy commissioner who, though an actuary, is fully familiar with statutory accounting and who currently serves on those committees chaired by Clark. Johnson is also a very experienced and respected regulator, Boyd said.

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