FOR IMMEDIATE RELEASE
NAIC CEO ANNOUNCES PLANS
Terri Vaughan to Resign Post in First Quarter 2013
ATLANTA (Aug. 13, 2012) - Dr. Therese M. (Terri)
Vaughan announced she will step down as Chief Executive Officer of the
National Association of Insurance Commissioners (NAIC) during the first
quarter of 2013. She cited family obligations and the desire to revise a
textbook as reasons for leaving the post.
"It is with mixed emotions that I announce my departure from an
organization that has been part of my life for the better part of the past
two decades," said Vaughan, who was formerly the longest-serving insurance
commissioner in Iowa history and past NAIC President. "I am especially
proud of the work we've accomplished in the areas of U.S. solvency
modernization and global insurance regulation. I believe the U.S. system of
state-based insurance regulation remains the strongest in the world-and the
ongoing work by regulators is improving the framework every day."
"Terri led the NAIC through a tumultuous period following the global
economic crisis of 2008," said NAIC President and Florida Insurance
Commissioner Kevin M. McCarty. "Terri's leadership was instrumental in
guiding the development of the NAIC's Solvency Modernization Initiative
(SMI). Her expertise has been key to the critical self-examination of the
U.S. system of state-based insurance regulation in light of financial reform
and modernization efforts taking shape around the world. We have been
fortunate to have had Terri during this critical time and wish her well in
her future endeavors. She will be greatly missed."
During her tenure as CEO, Vaughan has been responsible for overseeing
operations of the NAIC, including offices in Kansas City, New York and
Washington, D.C. She serves as the association's primary representative and
chief spokesperson in Washington. She also currently serves as the Chair of
the Joint Forum, a Basel-based group of banking, insurance and securities
supervisors created to address cross-sectoral and financial conglomerate
issues. In addition, she is a member of the Executive Committee of the
International Association of Insurance Supervisors (IAIS). Prior to joining
the NAIC, Vaughan was the Robb B. Kelley Distinguished Professor of
Insurance and Actuarial Science at Drake University.
Vaughan was hired as CEO in February 2009. Her effective
resignation date has not yet been determined. NAIC officers will conduct a
national search later this year to find Vaughan's replacement.