D.C. Insurance Commissioner Abruptly Steps Down

Copyright 2009 A.M. Best Company, Inc.All Rights Reserved <span id="x_hitDiv1"> BestWire <br> <br> <span id="x_hitDiv2">August 31, 2009 Monday 04:40 PM EST <br> <br> 439 words <br> <br> <br> D.C. Insurance Commissioner Abruptly Steps Down<br> <br> Sean P Carr <br> <br> WASHINGTON <br> <br> <p></p> In a sudden move, Washington, D.C., Mayor Adrian Fenty appointed Gennet Purcell as the District's new Commissioner of the Department of Insurance, Securities and Banking. <p></p> Deputy commissioner since December 2008, Purcell succeeds Thomas E. Hampton, who led the department since May 2006. <p></p> The announcement naming Purcell stated that Hampton "has ended his tenure as commissioner." Hampton told BestWire the choice to leave was not his and that he was not given a specific reason for his dismissal. "They wanted to go in a different direction and I respect that," he said. <p></p> Fenty spokeswoman Mafara Hobson declined to comment on a personnel matter. A DISB statement praised Hampton's "strong commitment to consumer protection and access to financial services." The announcement was one of three personnel changes announced by Fenty, but only Hampton's was insurance-related. <p></p> Hampton joined the department in 1988. He became deputy commissioner in March 2000 after having previously worked as assistant deputy commissioner for the financial examination division and as the department's operations manager. He became acting commissioner after Lawrence H. Mirel left in 2005 (BestWire, Sept. 29, 2005). Fenty reappointed him commissioner after assuming office in early 2007 (BestWire, Jan. 10, 2007). <p></p> Hampton said he is proud of increasing consumer education and advocacy initiatives as commissioner. Hampton also highlighted his work on reinsurance and international regulatory issues with the National Association of Insurance Commissioners. <p></p> Early this year, Hampton led an NAIC panel that reviewed a series of proposals developed by the American Council of Life Insurers to loosen capital requirements to help life insurance companies meet required reserve levels. The NAIC Executive Committee ultimately voted down the proposals (BestWire, Jan. 29, 2009). <p></p> Hampton complimented Purcell as a "great person who will do a good job." <p></p> Before joining the department, Purcell was an attorney in private practice whose work included insurance claims law and surety bond financing, according to Fenty's announcement. She currently serves as a member on the North American Securities Administrators Association (NASAA) - Investor Education Section Committee, and is a pending nominee to serve on the District of Columbia Financial Literacy Council. Purcell has an undergraduate degree in Political Science from York University and is a graduate of the Howard University School of Law. <p></p> Purcell was not made available for comment. Her new position requires confirmation by the D.C. City Council. <p></p> (By Sean P. Carr, Washington Correspondent: <a href="mailto:[email protected]"> [email protected]</a>) <br> <br> September 1, 2009 <br> <br> <div> <div class="x_nshr"> <center></center> <center><a href="http://www.lexis-nexis.com/lncc/about/copyrt.html" target="_new" class="x_pagelinks">Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc. All Rights Reserved. </a><br> <a href="http://www.lexis-nexis.com/terms/general" target="_new" class="x_pagelinks">Terms and Conditions</a> <a href="http://www.lexis-nexis.com/terms/privacy" target="_new" class="x_pagelinks"> Privacy Policy</a> <br> </center> </div> </div> </span></span>