13 December 2016USA analysis

NAIC gets new CEO after long hiatus

Former Pennsylvania insurance commissioner Michael Consedine has been appointed as the new CEO of the National Association of Insurance Commissioners (NAIC), effective early 2017.

The appointment comes nearly a year after its last CEO Senator Ben Nelson departed in January 2016.

Consedine will succeed the current acting CEO Andy Beal, who will resume his roles as chief operating officer and chief legal officer, overseeing the Kansas City and New York offices.

In the new role, Consedine will lead NAIC's Washington DC office and will be responsible for US state and federal government affairs and international activities.

Consedine served as an officer of NAIC from 2013 to 2015, which includes the positions of president elect, vice president and secretary treasurer.

He currently serves as the senior vice president and global head of government and policy affairs for Aegon. Prior to this, he was NAIC's representative to the EU–US Insurance Dialogue Steering Committee and served on the executive committee of International Association of Insurance Supervisors (IAIS).

John Huff, NAIC president and Missouri insurance director, said: "Mike brings valuable experience and energy to this role during a time of transition with a new administration and Congress. He is highly respected by members of the NAIC and served this body with distinction when he was Pennsylvania's insurance commissioner."

Consedine added: "I have always been proud of the NAIC as an organisation and I am extremely honoured to serve as CEO during such an important time for state-based insurance regulation.

"My experience as an attorney, insurance commissioner and executive will provide a solid foundation as we advance the work of the NAIC to safeguard insurance regulation and protect consumers."

Frank Nutter, president of the Reinsurance Association of America, said: “Mike Consedine has extraordinary experience in the state-based regulatory system, but he also fully appreciates the complexities of international regulatory issues as well,” said “This will bring a unique perspective as CEO. His appointment is a win for the NAIC.”

“We look forward to working with Mike to ensure that state insurance laws are consistent with international agreements between the US and other countries in order to preserve and maintain a competitive playing field.”