Larry Deiter has taken over from Merle Scheiber as director of the South Dakota Division of Insurance.
Deiter had been serving as interim director since Dec. 4, when Scheiber resigned, according to South Dakota Labor and Regulation Secretary Marcia Hultman. Scheiber resigned for personal reasons, officials said. Scheiber could not immediately be reached for comment.
Scheiber had been South Dakota’s top insurance regulator since 2005. He was active at the National Association of Insurance Commissioners (NAIC). This year, he was chairman of the NAIC’s Workers’ Compensation Task Force and the Crop Insurance Working Group.
In 2011, Scheiber lost his own home to flooding. He testified before a Senate committee later that year that he believed the flooding was the result of poor management of dams by the Army Corps of Engineers.
Scheiber took a matter-of-fact approach to implementation of the Patient Protection and Affordable Care Act (PPACA). In a 2011 interview, Scheiber said that implementing PPACA was a drain on state regulatory resources, and he predicted that the PPACA Medicaid expansion program would increase costs for commercial health insurers.
In 2012, Scheiber issued a bulletin giving guidelines for the marketing of annuities with long-term care (LTC) benefits triggers.
Deiter is a South Dakota native who has been working in financial services for about 25 years. At one point, he was a market manager for a publicly traded financial institution based in South Dakota.
Deiter began working for the state insurance division in 2012, and he has worked on the NAIC property-casualty insurance, workers’ compensation, crop insurance and examination oversight initiatives.