Kevin McCarty will be remembered as a significant force behind many significant initiatives in Florida for over 20 years. He was a prominent member in the National Association of Insurance Commissioners and a past President. As the below article evidences, he was an advocate of a more consumer-friendly insurance bureaucracy…
The release of out of AM Best of his departure is here:
Florida Commissioner McCarty Has ‘Mixed Emotions’ as He Readies to Resign May 2
TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty said he will resign effective May 2.
McCarty has been Florida’s only insurance commissioner since the Office of Insurance Regulation formed in 2003 and he was a past president of the National Association of Insurance Commissioners in 2012. “I have mixed emotions about leaving,” he told Best’s News Service. “In many ways, it’s like leaving your family.” He said he is looking at available options and has one in mind, but would not elaborate.
The next commissioner will likely inherit a good, stable insurance market, one whose residual property insurer of last resort, Citizens Property Insurance Corp., has seen its shares depopulated from 1.6 million to just slightly more than 500,000 in recent years, with hundreds of thousands more policies scheduled to be made available to private insurers. He said the automobile insurance market was strong, and workers’ compensation rates have been reduced, although the workers’ compensation arena has some court challenges ahead that could complicate matters.
…and a more pertinent release for what he should be remembered for below – He was an advocate of the people and as progressive as they come in this role.
Thanks Kevin and good luck into the future!
FOR IMMEDIATE RELEASE
NAIC TESTIFIES BEFORE CONGRESS
McCarty raises concerns on coordination and transparency
WASHINGTON, D.C. (April 28, 2015) —Kevin M. McCarty, Florida Insurance Commissioner and past NAIC president, testified before Congress today on behalf of the National Association of Insurance Commissioners (NAIC). The hearing, titled “The State of the Insurance Industry and Insurance Regulation,” was held by the U.S. Senate Committee on Banking, Housing, and Urban Affairs. His testimony focused on the need to coordinate insurance policy to protect American policyholders and benefit U.S. markets and companies.
“While we are committed to collaborating with our federal and foreign counterparts where we can, we have a responsibility to the U.S. insurance sector,” McCarty said. “We will not implement any international standard that is inconsistent with our time-tested solvency regime that puts policyholders first.”
McCarty’s testimony specifically addressed concerns regarding domestic and global capital rules for insurers. “Capital requirements are important,” McCarty said, “but if imposed incorrectly or without regard to difference in products and institutions, they can be onerous to companies, harmful to policyholders and may even encourage new risk-taking in the insurance industry.”
McCarty will return to Capitol Hill on Wednesday, April 29 to testify before the U.S. House Financial Services Subcommittee on Housing and Insurance. That hearing will focus on international regulatory standard-setting. McCarty’s remarks will cover how U.S. regulators are working internationally to strengthen open and competitive insurance markets globally, while protecting U.S. interests.