Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
Former Nebraska Senator Ben Nelson has been named Chief Executive Officer (CEO) of the National Association of Insurance Commissioners (NAIC).
Nelson will lead the NAIC’s efforts to meet the needs of its members and represent their interests as the primary advocate and chief spokesperson in Washington, D.C. His responsibilities will include outreach to federal and international governmental entities, as well as state government associations, consumers and insurance industry representatives.
“Senator Nelson’s impressive credentials and deep knowledge of state insurance regulation are simply unmatched,” said Jim Donelon, NAICPresident and Louisiana Insurance Commissioner. “His rare and valuable combination of experience in insurance and government will be a tremendous asset to our organization. In addition to skillfully navigating the political arena, the stalwart leadership and collaborative nature that marked his time in public service will be integral to elevating our efforts on Capitol Hill. Moreover, as a former regulator and Executive Vice President of the NAIC, Senator Nelson has a keen understanding of the insurance marketplace, which will make him an effective advocate for the preservation of our state-based system of regulation.”
“I am honored to serve as CEO during such an important and exciting time in the regulatory community,” said Nelson. “After years in government, this is a homecoming for me. It is also an opportunity to advance the work of the NAIC to safeguard the insurance sector through the promotion of our outstanding regulatory framework. In my new role, I look forward to continuing our relationship with the Federal Insurance Office as well as working with state regulators on matters affecting the economy and consumers.”
Prior to retiring from the Senate in 2012 after two terms, Nelson served as Governor of Nebraska from 1990-1998. He also served as Executive Vice President and Chief of Staff for the NAIC (1982-1985); Director of the Nebraska Department of Insurance (1975-1975); and Executive Vice President and then President/CEO of the Central National Insurance Group (1977-1981). Nelson earned a Juris Doctorate, as well as undergraduate and graduate degrees in philosophy, from the University of Nebraska.
Nelson replaces NAIC Acting CEO Andrew Beal, who stepped into the role after former CEO Dr. Therese M. Vaughan left the association in November. Bealnow returns to his roles as Chief Operating officer and Chief Legal Counsel.
About the NAIC
The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.