Dr. Therese Vaughan will step down as CEO of the National Association of Insurance Commissioners (NAIC) during the first quarter of 2013, according to a statement released by the organization today.
Over the course of her career, Vaughan long served as Iowa's insurance commissioner, and also as president of the NAICcited family obligations and the desire to revise a textbook as reasons for leaving the post.
"It is with mixed emotions that I announce my departure from an organization that has been part of my life for the better part of the past two decades," she said in a statement. "I am especially proud of the work we've accomplished in the areas of U.S. solvency modernization and global insurance regulation. I believe the U.S. system of state-based insurance regulation remains the strongest in the world-and the ongoing work by regulators is improving the framework every day."
Vaughan is also the Chair of the Joint Forum, a Basel-based group of banking, insurance and securities supervisors created to address cross-sectoral and financial conglomerate issues. There was no indication at press time what would happen with her relationship to that organization.
