Jim Rosica
Outgoing Florida Insurance Commissioner Kevin McCarty “is vying to become the next head” of the National Association of Insurance Commissioners, according to a Wednesday news report.
SNL Financial, relying on unidentified sources, reported on its website that McCarty “spent recent weeks discussing his potential candidacy with several other insurance commissioners … and is now confident that he has enough support for a serious run at leading the NAIC.”
The organization, of which McCarty was once president, “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,” according to its website.
The CEO’s office is now held by Ben Nelson, a former Nebraska governor and U.S. senator who is leaving the association this month.
McCarty announced on Tuesday that he is stepping down as insurance commissioner, a post he held since 2003. He long had been a target of Gov. Rick Scott for removal.
In a resignation letter to Florida Chief Financial Officer Jeff Atwater, the 56-year-old McCarty said he was leaving as of May 2 to pursue “other career opportunities.” McCarty also reports to Atwater.
A spokeswoman on Wednesday declined a request for an interview with McCarty, citing his full schedule.
“McCarty is not yet an official candidate to take over as the head of the NAIC, nor is he a shoo-in,” the SNL story said. “Some commissioners have discussed eliminating the CEO role altogether and instead installing an executive director who acts primarily as an internal administrator rather than as the public face of the NAIC.”
The story said New York Life Insurance Co. senior executive George Nichols III and Federal Reserve Board Associate Director Thomas Sullivan also have been floated as possible CEO candidates.
“The NAIC is not expected to make any official decisions about its leadership until after it elects its various committee chairs during a two-day meeting starting (this Friday),” the story said. “But McCarty’s resignation was timed in part to telegraph his plans and minimize disruption to the committees if he is selected to lead the NAIC, the source familiar with his activities said.”
The full story is here.
