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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 toes 11 inches tall. In 2019, Guinness World Information listed him as the world’s tallest recognized elected official.
What it means: Mais and Godfread might be two of the gamers who form the principles that decide what sort of recommendation to provide retirement savers, the right way to doc the recommendation and how much 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 related jurisdictions, such because the District of Columbia and Puerto Rico, do their jobs.
It doesn’t instantly set legal guidelines or rules, however states typically begin with NAIC fashions when drafting their legal guidelines and rules. In some circumstances, they prepare for sure kinds of updates to current paperwork, reminiscent of accounting varieties, to take impact robotically.
NAIC officers: Chlora Lindley-Myers, Missouri’s insurance coverage director, is the present NAIC president.
Along with Mais and Godread, the opposite 2024 officers might 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.
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