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TMCNet: Observers Offer Advice on Search for New NAIC Chief

[September 02, 2008]

Observers Offer Advice on Search for New NAIC Chief

(BestWire Services Via Acquire Media NewsEdge) The National Association of Insurance Commissioners isn't talking about its search for a new leader, but that hasn't stopped others from offering advice.

The NAIC is considering hiring a firm to conduct a national search for a new chief executive officer, but does not yet have a signed contract in place, NAIC spokesman Scott Holeman said. NAIC officials declined to answer additional questions about the ongoing search process or when a candidate might be chosen to replace longtime CEO and Executive Vice President Catherine Weatherford, who abruptly departed the post in early July after 12 years at the helm.

At the time, the NAIC said Weatherford may serve as a consultant through the Sept. 22-24 fall meeting. Weatherford, a former Oklahoma commissioner, recently accepted a position as president and CEO of NAVA Inc., a suburban Washington trade group formerly known as the National Association for Variable Annuities (BestWire, Aug. 22, 2008).

As it also contemplates a move from Kansas City, Mo., to Washington, the NAIC should look for someone who knows how to get things done in the nation's capital, said former New York Insurance Superintendent Howard Mills. The NAIC "has not been terribly effective" in dealing with Congress in the past, and as movements toward a greater federal role in insurance regulation gain steam, bolstering that skill set will be vital for the organization, he said.

"I would be talking to people with ties on Capitol Hill, maybe a member of Congress or a top staff member, or head of another trade organization," said Mills, director and chief adviser for the insurance industry group at Deloitte LLP. "There are examples of members on both sides of the aisle who have good relationships with both sides of the aisle. It's more reputational than partisan."

Former North Dakota Insurance Commissioner Jim Poolman said Washington connections are important, but not essential to the job. A more important qualification, he said, would be experience running a large and diverse organization. "They should have someone who does not need the spotlight, but yet can be an effective voice when necessary," he said.

It is appropriate for the NAIC to take a "very deliberative" approach in choosing a new CEO, said Poolman, now an independent insurance consultant. If the NAIC again appoints a former state insurance commissioner that could be prudent ? "if they choose the right one," he said.

"That's what they've done historically, and that's the problem," said Birny Birnbaum, executive director of the Center for Economic Justice. "They should hire someone who is a change agent for the organization."

A Washington focus would be a mistake, he said. Instead, the organization needs a leader "who is committed to transparency, open meetings, public records" ? and who can be a strong advocate for state-based insurance regulation, he said.

The NAIC is conducting its search like much of its recent business ? in secret, said Birnbaum, who is a designated NAIC consumer representative. He has recently criticized the NAIC's handling of a market conduct review proposal, among other topics (BestWire, July 28, 2008).

Washington cachet is important, but the NAIC should be mindful of why a federal approach is attracting more attention, said Bruce Ferguson, senior vice president of state relations for the American Council of Life Insurers. State-by-state barriers are still standing in the way of reform, he said.

"It will be important for the new CEO to refocus the states on breaking down these barriers to create a modern, efficient and uniform system of state regulation," Ferguson said.

Rhode Island State Rep. Brian Kennedy, president of the National Conference of Insurance Legislators, expects the NAIC to pick a former commissioner, but said he hopes the organization he often has clashed with will look elsewhere.

"You need to have some fresh blood in there, open it up," Kennedy said. "What I don't want to see is a carbon copy of a Cathy Weatherford."

At NCOIL's recent gathering in New York, officials blasted NAIC for offering conditional support to H.R. 5840, legislation that would establish an Office of Insurance Information within the U.S. Treasury Department, seeing it as a first step toward federal insurance regulation (BestWire, July 14, 2008). Also, Kennedy has frequently criticized the NAIC in recent years for what he considers a lack of transparency in its proceedings.

"Be open," Kennedy said. "As an organization, it will do them a world of good."

Attempts to reach Weatherford for comment were not successful.

(By Sean P. Carr, senior associate editor, BestWeek: Sean.Carr@ambest.com)

Copyright ? 2008 A.M. Best Company, Inc.

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