The NAIC’s point man on international regulatory affairs in the wake of former CEO Dr. Terri Vaughan’s departure is shaping up to be Connecticut Insurance Commissioner Tom Leonardi.
Leonardi was recently named to the executive committee of the International Association of Insurance Supervisors (IAIS), the Connecticut Insurance Department announced today. Leonardi fills Vaughan’s old seat and does it as a state regulatory, not as an administrator. This means new NAIC CEO Ben Nelson, the former Nebraska governor and senator, won’t directly be replacing Vaughan there at this time.
Leonardi also said the ComFrame process should not create an unleveled playing field nor have unintended consequences with the IAIGs versus all other entities. Back in October at the IAIS meeting in Washington, Leonardi said a successful model was the NAIC model holding company act, which Connecticut passed in June, that gives the state insurance regulator the power to oversee all parts of the group, to participate in supervisory colleges, and to even ask for the financials of any part of the insurer, even if it’s “a railroad company in South Africa” or a company in an unrelated business in Japan and allows for confidentiality of data, which the state financial exams law do not.
Also, in committee assignments given to state regulators by NAIC leadership every January, Leonardi has been given the chairmanship of the NAIC’s International Committee. He was formerly vice-chair.