National Association of Insurance Commissioners honours past president

Ray Farmer, who held the presidency of the NAIC last year, has won its President’s Award for Distinguished NAIC Leadership. It recognises the director of South Carolina’s Department of Insurance’s years of “steadfast insurance regulation and service”.

The award was presented by current NAIC president and Florida insurance commissioner David Altmaier during this week’s NAIC National Meeting in San Diego, California.

“I am humbled by this honour given to me by president Altmaier and the NAIC leadership team,” said Farmer. “It has been my great pleasure to work alongside my fellow NAIC members as we’ve addressed important regulatory issues.”

As NAIC President, Farmer guided both the insurance industry in South Carolina and the NAIC through a global pandemic, “taking on unprecedented regulatory challenges and overcoming adversity through decisive leadership and collaboration”, the NAIC said. He also spearheaded the formation of the NAIC’s special committee on race and insurance, championed efforts on cybersecurity and data privacy, and provided momentum for regulatory change in several key areas, it added.

“Director Farmer is a guiding force within the NAIC who has the ability to communicate a vision and inspire others to implement it,” said Mike Consedine, CEO of the NAIC. “Under his leadership, our organisation is tackling global issues such as unfair discrimination, the protection gap, and climate risk and resiliency.”

Following the presentation of the Award, NAIC President Altmaier announced that the NAIC President’s Award would be renamed in Farmer’s honour.

“It was the unanimous opinion of the NAIC officers that leadership examples such as the ones director Farmer set for all of us and has displayed during his 53 years of industry service are truly profiles in courage that should be memorialised well beyond handing out this award,” said Altmaier. “I proclaim that the President’s Award be renamed the Raymond G. Farmer Award for Exceptional Leadership from this day forward.”

The award has been bestowed only five times since it was established in 2008. It is given at the discretion of the current NAIC President to honour NAIC members who have shown exemplary leadership, a sustained length of industry service and contribution to advancing the mission of the NAIC.