BISMARCK, N.D.--Members of the National Association of Insurance Commissioners (NAIC) held a special plenary meeting yesterday via conference call to elect a new Secretary-Treasurer. The interim election was convened to replace Illinois Insurance Director Michael T. McRaith, who was selected in March to lead the Federal Insurance Office in Washington, D.C.
Members elected North Dakota Insurance Commissioner Adam Hamm to the position. He will assume Secretary-Treasurer duties on May 31, 2011.
"It is an honor and a privilege to be elected by my fellow commissioners to serve as an officer of the NAIC," Hamm said. "I look forward to working together on the many issues we face as insurance regulators."
Hamm currently serves as Chair of the NAIC Life Insurance and Annuities Committee, Vice Chair of the Midwest Zone and Chair of the Principles-Based Reserving Working Group.
At present, the four officers of the NAIC are: President Susan Voss, Iowa Insurance Commissioner; President-Elect Kevin McCarty, Florida Insurance Commissioner; Vice-President James Donelon, Louisiana Insurance Commissioner; Secretary-Treasurer Michael McRaith, Illinois Insurance Director. You can read more about the election at www.naic.org.
Formed in 1871, the NAIC is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace.