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

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

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

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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 Data 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 present retirement savers, easy methods to doc the recommendation and how much authorized legal responsibility is confronted for these suggestions.

The NAIC: U.S. federal regulation 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 laws, however states typically begin with NAIC fashions when drafting their legal guidelines and laws. In some circumstances, they organize for sure sorts of updates to present paperwork, corresponding to accounting kinds, 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.

Lindley-Myers famous Friday, in opening remarks at a gathering basic session, that the assembly attracted 1,782 in-person attendees and about 1,200 on-line attendees, and that in-person attendance was the best for the reason that 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 keeping with a abstract offered by the NAIC.

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