Andrew Mais to Lead State Insurance Regulators Into Fiduciary Rule Arena

Members of the National Association of Insurance Commissioners have elected Andrew Mais to be the group’s president in 2024.

The results mean that Mais, the Connecticut insurance commissioner, will lead the NAIC as the organization wrestles with the Department of Labor over jurisdiction over annuity sales standards.

Jon Godfread, North Dakota’s insurance commissioner, will be the NAIC’s 2024 president-elect.

Godfread is 6 feet 11 inches tall. In 2019, Guinness World Records listed him as the world’s tallest known elected official.

What it means: Mais and Godfread will be two of the players who shape the rules that determine what kind of advice to give retirement savers, how to document the advice and what kind of legal liability is faced for those recommendations.

The NAIC: U.S. federal law leaves regulation of the business of insurance to the states. The NAIC is a Kansas City, Missouri-based group that helps the top regulators in the states and similar jurisdictions, such as the District of Columbia and Puerto Rico, do their jobs.

It does not directly set laws or regulations, but states often start with NAIC models when drafting their laws and regulations. In some cases, they arrange for certain types of updates to existing documents, such as accounting forms, to take effect automatically.

NAIC officers: Chlora Lindley-Myers, Missouri’s insurance director, is the current NAIC president.

In addition to Mais and Godread, the other 2024 officers will be Scott White, the vice president, and Beth Kelleher Dwyer, the secretary-treasurer.

White is commissioner of the Virginia Bureau of Insurance, while Kelleher Dwyer is the Rhode Island insurance superintendent.

NAIC members elected officers Monday, during a session in Orlando, Florida, at the group’s fall national meeting.