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Sunday, March 3, 2024

Andrew Mais to Lead State Insurance coverage Regulators Into Fiduciary Rule Area

Members of the Nationwide Affiliation of Insurance coverage Commissioners have elected Andrew Mais to be the group’s president in 2024.

The outcomes imply that Mais, the Connecticut insurance coverage commissioner, will lead the NAIC because the group wrestles with the Division of Labor over jurisdiction over annuity gross sales requirements.

Jon Godfread, North Dakota’s insurance coverage commissioner, would be the NAIC’s 2024 president-elect.

Godfread is 6 ft 11 inches tall. In 2019, Guinness World Information listed him as the world’s tallest recognized elected official.

What it means: Mais and Godfread will likely be two of the gamers who form the foundations that decide what sort of recommendation to provide retirement savers, find out how to doc the recommendation and what sort of authorized legal responsibility is confronted for these suggestions.

The NAIC: U.S. federal legislation leaves regulation of the enterprise of insurance coverage to the states. The NAIC is a Kansas Metropolis, Missouri-based group that helps the highest regulators within the states and comparable jurisdictions, such because the District of Columbia and Puerto Rico, do their jobs.

It doesn’t immediately set legal guidelines or rules, however states usually begin with NAIC fashions when drafting their legal guidelines and rules. In some circumstances, they prepare for sure sorts of updates to present paperwork, akin to accounting kinds, to take impact mechanically.

NAIC officers: Chlora Lindley-Myers, Missouri’s insurance coverage director, is the present NAIC president.

Along with Mais and Godread, the opposite 2024 officers will likely be Scott White, the vp, and Beth Kelleher Dwyer, the secretary-treasurer.

White is commissioner of the Virginia Bureau of Insurance coverage, whereas Kelleher Dwyer is the Rhode Island insurance coverage superintendent.

NAIC members elected officers Monday, throughout a session in Orlando, Florida, on the group’s fall nationwide assembly.

Lindley-Myers famous Friday, in opening remarks at a gathering normal session, that the assembly attracted 1,782 in-person attendees and about 1,200 on-line attendees, and that in-person attendance was the very best because the begin of the COVID-19 pandemic, in early 2020.

She recalled that she grew to become the NAIC’s secretary-treasurer in early 2020, in response to a abstract offered by the NAIC.

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