Members of the National Association of Insurance Regulators (NAIC) have elected Eric Cioppa to be their 2019 president.
Cioppa is the Maine insurance superintendent. He’ll succeed Julie Mix McPeak of Tennessee as the NAIC president Jan. 1.
Commissioners cast their votes Sunday, at the NAIC’s fall national meeting in San Francisco.
NAIC members also elected Raymond Farmer, the South Carolina insurance director, to be president-elect; Gordon Ito, the Hawaii insurance commissioner, to be vice president; and Dean Cameron, the Idaho insurance director, to be the secretary-treasurer.
All four of the commissioners were appointed to their posts, rather than elected. Ito was appointed by a Democratic governor. The other NAIC officers were appointed by Republican governors.
The NAIC is a Kansas City, Missouri-based group for insurance regulators.
It has no direct authority of its own to change state insurance laws and regulations, but states often look to it for ideas about how to proceed. It also helps state insurance regulators communicate with Congress, and with financial services regulators in the United States and outside the United States.
As president of the NAIC, Cioppa will be one of the key players in efforts to shore up and replace the current Affordable Care Act health insurance framework, and in efforts to update standards for the sale of annuities and other insurance-based income planning products.
Cioppa, a longtime regulator, has a bachelor’s degree from Potsdam State University in Maine and a master’s degree in business from Clarkson.
He began working for the Maine Bureau of Insurance in 1988, as a statistician. He was the workers’ compensation section supervisor, a deputy superintendent and the bureau’s acting superintendent before becoming the superintendent, in 2011.
At the NAIC, Cioppa has been visible in efforts to reboot long-term care insurance, bring the principles-based reserving strategy to life insurance, and ask policymakers in Washington to promote a stability environment for individual major medical insurance.
He was the NAIC’s secretary-treasurer in 2016 and the vice president in 2017. He’s now the group’s president-elect. He serves as the insurance commissioners’ representative on the federal Financial Stability Oversight Council.
Cioppa was appointed superintendent by a Republican.
Maine voters elected Janet Mills, a Democrat, to be their next governor Nov. 6.
The NAIC explained why Cioppa will still be in a position to be an NAIC officer: Although Maine superintendents are appointed by governors, they are appointed for five-year terms. They do not have to leave office just because a new governor with different ideas is coming into office.
Cioppa started his second five-year term as the Maine superintendent in January 2017.
— Read Ted Nickel Elected NAIC President, on ThinkAdvisor.