FOR IMMEDIATE RELEASE

FLORIDA REGULATOR EARNS NAIC'S HIGHEST INDIVIDUAL HONOR

SAN FRANCISCO (Dec. 5, 2009) - The National Association of Insurance Commissioners (NAIC) today presented Dr. Raymond Spudeck, Senior Research Economist with the Florida Office of Insurance Regulation, with the organization's most prestigious individual honor. Spudeck was presented the Robert Dineen Award at the Opening Session of the NAIC Winter National Meeting.

Spudeck has provided expertise and drafted policy papers and legislation for critical national regulatory issues including catastrophe reserving, catastrophe funds, reinsurance collateralization, risk-transfer, securities valuation and rating organizations.

At the request of a member of Congress, Spudeck recently drafted federal legislation to create a National Catastrophe Risk Consortium that would allow states to join for the purposes of transferring catastrophe risk. It would provide for liquidity and catastrophic loans for state and regional reinsurance programs. Spudeck has also acted as an advisor to Congressional staff on behalf of the NAIC to assist national policymakers in understanding the state of the property insurance market.

"Ray's profound and far-reaching contributions to developing a national catastrophe plan are invaluable to our system of state regulation," said Roger Sevigny, NAIC President and New Hampshire Insurance Commissioner. "Additionally, his prolific work on international economic matters has substantially increased the NAIC's visibility on a global level."

Established in 1989 and named in honor of the founder of the NAIC's Support and Services Office - now its Central Office - the Robert Dineen Award is presented to an individual in recognition of his or her outstanding achievement as a career regulator.

About the NAIC

Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit www.naic.org.

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