Tennessee insurance commissioner McPeak steps down to join private sector

Tennessee insurance commissioner Julie Mix McPeak, who has been attributed to modernising the state’s captive laws and is the former president of the National Association of Insurance Commissioners (NAIC), is stepping down from her position on June 14.

State governor Bill Lee has appointed deputy commissioner Carter Lawrence to serve in McPeak roles in the interim until a permanent commissioner is selected.

“We thank Julie Mix McPeak for her over eight years of service and her tireless commitment to her department and to Tennessee. We wish her the best in her future endeavors,” said Tennessee Governor Bill Lee. “Carter Lawrence has ably served as deputy commissioner at the Department of Commerce and Insurance, and I look forward to serving alongside him as he steps into the role of interim commissioner.”

McPeak was first made insurance commissioner by former governor Bill Haslam in 2011. During her tenure, the department has undertaken a number of initiatives and programmes aimed at improving the domicile.

Examples of this include accreditation of the Tennessee Department of Commerce & Insurance (TDCI) by the NAIC. As part of this programme, state insurance departments must undergo comprehensive, independent review every five years to ensure they meet financial solvency oversight standards.

Furthermore, McPeak has been attributed to streamlining the process of issuing professional licenses, enabling Tennessee professionals to obtain their license in a more timely and efficient manner.

“Tennessee is a special place, and it has been a distinct privilege and honor to have served the Volunteer State. It’s been an amazing journey. At the end of the day, I’m enormously proud of our accomplishments on behalf of Tennesseans,” said McPeak.

She continued: “I believe the Department has helped play a role in transforming Tennessee into a national and international destination for families and businesses. I am excited about the next chapter of my life and my career in Nashville – and I’m equally excited about what’s in store for Tennessee.”

Lawrence, while as deputy commissioner, managed TCDI’s division of regulatory boards, where he oversaw nearly 40 fee reductions across the division’s 27 programme areas, benefitting more than 250,000 licensees across the state.