David Altmaier is Florida's insurance commissioner. On January 21, he will chair the National Association of Insurance Commissioners. He deserves a big shout out because his career increase is really amazing. He is a good example of why students should pay special attention in the math class, and I applaud him for starting his career as a teacher. Here is his biography listed on the NAIC website:
David Altmaier was named Florida Insurance Commissioner in April 2016 by the Financial Services Commission. He heads the Office of Insurance Regulation (OIR) and oversees one of the largest insurance markets in the world. Under Altmaier's leadership, OIR has worked to cultivate a market in Florida where insurance products are reliable, available, and affordable.
Altmaier began his public service at OIR in 2008 and served in a number of roles, including Chief Analyst of the Property. and Temporary Financial Monitoring Unit and Deputy Commissioner for Property and Accident Insurance.
In 2019, Altmaier was elected Vice President of the National Association of Insurance Commissioners (NAIC) and elected NAIC President-Elect for 2020. In his role as President -Elect, Altmaier serves as Vice Chairman of the Executive Committee, the Subcommittee of the Internal Affairs administration and Government Relations Leadership Council. Commissioner Altmaier was also appointed by Governor DeSantis as a member of the Florida Blockchain Task Force.
Prior to joining OIR, Altmaier worked as a Florida-licensed 2-20 and 2-14 insurance agent and as a high school teacher. Altmaier graduated from Western Kentucky University in 2004 with a bachelor's degree in mathematics.
Here is a brief history and purpose of the NAIC: 1
The NAIC was founded in 1871 by state insurance authorities to "address the need to coordinate the regulation of multistate insurance companies. The first major step in that process was the development of unified financial reporting from insurance companies.
Since insurers often do business in several states, the question of whether they should be regulated at the state or federal level has long been a matter of debate in the United States The Supreme Court of 1944 United States v. South-Eastern Underwriters Association ruled that the insurance industry would be subject to congressional regulation under the Trade Clause of the Constitution, giving legislators oversight of intergovernmental and international trade, but Congress effectively appealed the ruling year with the introduction of the McCarran-Ferguson Act, which exempted the insurance industry from most federal regulations, including antitrust. gar.
Today, with few exceptions, that supervisory authority still lies with states and their elected or appointed insurance commissioners.
NAIC is headquartered in Kansas City, Mo., with executive offices in Washington, DC. The group states that its regulatory objective is to:
Protect the public interest
Promote competitive markets
Facilitate fair and equitable treatment of insurance consumers
Promote reliability, solvency and financial soundness of insurance institutions
Support and improve government Insurance Regulation
Through committees, task forces and working groups, the NAIC develops model laws and regulations to help standardize insurance in the states. Its standing committees include life insurance and annuities, health insurance and health care, property and accident insurance, market regulation and consumer affairs, insurers' financial condition, financial rules and accreditation, and international insurance relations.
What happened in 1871 as the mandate of the NAIC was founded? In the case of 1869 Paul v. Virginia 2 the United States Supreme Court held that a company is not a citizen within the meaning of the Privileges and Immunity Clause. The Court further held that "the issuance of an insurance policy is not a commercial transaction", which effectively removed the insurance business outside the scope of the United States Congress. The states responded by forming what eventually became the NAIC so that the insurance industry would be liable for regulation.
Thought for the day
I have come to believe that a great teacher is a great artist and that there are as few as there are other great artists. Teaching can even be the best in art because the medium is the human mind and spirit.
– John Steinbeck
1 Investopedia. Available at https://www.investopedia.com/terms/n/nainsurancec.asp#:~:text=History%20of%20the%20National%20Association%20of%20Insurance%20Commissioners,the%20need%20to%20coordinate%20regulation % 20of% 20multistate% 20 insurance companies
2 Paul v. Virginia 75 US (8 Wall.) 168 (1869).