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.
"On behalf of the NAIC Officers and membership, I want to thank Terri for her outstanding service to our organization," said Kevin McCarty, NAIC President and Florida Insurance Commissioner. "Terri's expertise and insight have been invaluable following the global economic crisis of 2008. She has served as a globetrotter on our behalf as we've worked through financial reform and modernization efforts both domestically and abroad. We wish Terri all the best as she proceeds to the next phase of her career."
“Over her four-year tenure at the helm of the group, Vaughan distinguished herself as the public voice of state regulators who were pushing back against two simultaneous assaults on their authority from the federal government: the Patient Protection and Affordable Care Act and the Dodd-Frank Act,” wrote R.J. Lehman of R Street Institute after the news first broke in August.