Wednesday, December 21, 2016

Maine Insurance Superintendent Eric Cioppa Elected Vice President of National Assocation of Insurance Commissioners

Augusta, Maine - Maine's Insurance Superintendent, Eric Cioppa, has been elected Vice President of the National Association of Insurance Commissioners (NAIC) for 2017. Superintendent Cioppa has served as the NAIC's Secretary-Treasurer during 2016.

The other elected officers for 2017 are President: Wisconsin Insurance Commissioner Ted Nickel; President-Elect: Tennessee Insurance Commissioner Julie Mix McPeak; and Secretary-Treasurer: Texas Insurance Commissioner David Mattax.

"I'm honored to continue to serve on the NAIC's Executive Committee, as well as on various other working committees," Cioppa said. "It's gratifying to be part of a group of people who share a common mission and duty to the consumers in each state and each member US-territory, while at the same time supporting and regulating the insurance businesses and products we all rely on."

Cioppa has served as Maine's Insurance Superintendent since 2011. He joined the Bureau in 1988 as a statistician then served as supervisor of the Workers' Compensation section prior to becoming Deputy Superintendent in 1998. The Bureau is one of five agencies within Maine's Department of Professional and Financial Regulation (www.maine.gov/pfr).

Maine is part of a highly coordinated state-based national system designed to protect policyholders and effectively regulate the U.S. insurance marketplace. Through the NAIC, member regulators (comprised of all 50 states and five US territories) establish national standards and best practices, conduct peer reviews and coordinate regulatory oversight. NAIC accreditation of states enables cross border solvency regulation and allows for a robust insurance market composed of regional and national insurers.

Along with the NAIC, U.S. insurance regulators, including Superintendent Cioppa, also participate in the International Association of Insurance Supervisors (IAIS) on major standard setting initiatives, supervision of cross-border insurers, identification of systemic risk in the insurance sector, and the creation of international best practices.

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