The NAIC announced late Friday that its CEO Dr. Therese M. (Terri) Vaughan would be leaving earlier than expected, on November 30 rather than the first quarter of 2013, to be replaced by Andrew Beal as acting CEO before a leader is hired.
Beal has been with the NAIC for 13 years and currently serves as the chief operating officer and chief legal officer. He previously served as interim CEO between Cathy Weatherford’s tenure and Vaughan’s assumption for the post, or about six to seven months.
Earlier, Vaughan had cited family obligations and the desire to revise a father-daughter textbook—now in its 10th edition—as reasons for leaving the post that she has held since February 18, 2009.
The NAIC CEO Position, which used to have a disclosed salary, no longer does.
In January 2008 the NAIC released pay information for top executives that stated that Weatherford’s salary was $370,000. The managing director of the Securities Valuation Office, was the next highest paid, at a base of $307,878, followed by Beal, at $262,500, back in 2008.
The NAIC CEO salary has probably been bumped up a lot since then. The NAIC budget was then $68.3 million—the NAIC 2013 proposed budget before fiscals and the modeling of structured securities includes total revenues of $80.8 million and total expenses of $78.1 million.
After the August announcement, Vaughan said in a statement, “it has become clear that an extended phase-out is unnecessary, and the organization is well-positioned to carry our progress forward. I wish the officers, members, and staff the best of luck in the future, and look forward to continuing to advocate for the protection of U.S. insurance consumers in my future professional activities.”
Vaughan said in October she wasn’t sure if she would be at the NAIC Fall 2012 National Meeting November 29 – December 2 outside of Washington, D.C., and it was still unclear this week, although some say she will be there to say her goodbyes.
Vaughan is looking ahead but has seemingly done it all in the insurance accounting and regulatory world—she served as the longest-serving insurance commission in Iowa history (1994-2004) as well as a past NAIC president and as a professor of insurance and actuarial science at Drake University.
Vaughan also served on the board of The Principal Financial Group in Des Moines, Iowa, while a professor at Drake in the mid-2000s.
She is also a member of the Executive Committee of the International Association of Insurance Supervisors (IAIS).