Julie McPeak will be 2007 chair of the Life and Annuities Committee at the National Association of Insurance Commissioners.
McPeak, executive director of the Kentucky Office of Insurance, will succeed North Dakota Insurance Commissioner Jim Poolman, according to officials at the NAIC, Kansas City, Mo.
McPeak was vice chair of the NAIC’s Life and Annuities Committee in 2006.
L. Tim Wagner, director of the Nebraska Department of Insurance, will be the vice chair this year, officials say.
Poolman will continue to serve on the Life and Annuities Committee this year, officials say.
McPeak was not immediately available for an interview at press time.
Wagner, like Poolman, has been a strong advocate of shifting to a flexible, “principles based” reserving system.
Work on a principles-based approach will be a “paramount activity” this year, Wagner says.
About another hot topic, the resale market for in-force life insurance policies, Wagner says he believes there is a “fundamental property right” associated with a life insurance contract.
But there should be a prohibition on use of non-recourse financing in life insurance transactions, Wagner says.
In other NAIC committee assignment news:
- Joel Ario, the Oregon commissioner, will continue as chair of the Health Insurance and Managed Care Committee. Kim Holland, the Oklahoma insurance commissioner, will succeed Jane Cline of West Virginia as vice chair.
- Mike Kreidler, the Washington commissioner, will succeed Susan Voss, the Iowa commissioner, as chair of the Market Regulation and Consumer Affairs Committee.
- Al Gross, of Virginia, will continue to be chair of the Financial Condition Committee.
- Joseph Torti III, of Rhode Island, will continue to be chair of the Financial Regulation Standards and Accreditation Committee.
- Diane Koken, of Pennsylvania, will continue to be chair of the International Insurance Relations Committee.
- Jim Long, of North Carolina, will continue to be chair of the Information Resources Management Committee.