Commissioner McCarty Wraps Up Big Week
The last week has brought good news to Commissioner Kevin McCarty and the Florida Office of Insurance Regulation. Governor Risk Scott recently commented that he is saitisfied with the job Commissioner McCarty has been doing and expects the OIR to be part of the solution as he pushes toward reducing the size of Citizens Property Insurance Corporation. Chief Financial Officer Jeff Atwater then followed by saying that he was worked with Commissioner McCarty for a number of years and is comfortable with the direction the commissioner is taking the state.
Florida law provides a specific process for designating the commissioners of insurance and banking. However, once these officials are designated, the law is less clear on how their terms will be continued or ended. This creates opportunities for speculation as to the officials’ status, particularly when the composition of the bondy appointing them changes. The recent comments by the Governor and CFO will provide a welcomed show of support for the OIR, which hopefully will pay dividends by allowing Commissioner McCarty to attract and retain talented regulators (in an otherwise tough state budget environment).
Commissioner McCarty next traveled to Washington, D.C. for the recent meeting of the National Association of Insurance Commissioners. At the meeting, Iowa insurance commissioner Susan Voss, the outgoing President of the NAIC, announced that Commissioner Kevin McCarty will officially become NAIC President effective January 1, 2012. Commissioner McCarty will continue to serve as President-Elect of the NAIC for the remander of 2011.
“It is an honor and privilege to be elevated by my colleagues and to this leadership role,” remarked Commissioner McCarty, “Over the next year we must confront several important challenges. Whether it is Dodd-Frank or the Affordable Care Act, the federal government has become increasingly involved in the insurance arena. As your president, I intend to vigorously defend the role of state-based regulation, highlight our accomplishments, and continue to work for regulatory modernization and national uniformity to create an insurance framework that benefits both consumers and the insurance industry.”