Katie Wade Joins NOLHGA as New President
Katie Wade, former Connecticut Insurance Commissioner and a longtime veteran of the insurance industry, has joined NOLHGA as its new President. She replaces Peter G. Gallanis, who is retiring after serving as NOLHGA President for 24 years. Her first day was August 23, 2023.
Wade was formerly the Principal at Dunraven Strategies, a firm that advised start-ups, insurers, and investors on insurance and regulatory matters. She served as Connecticut Insurance Commissioner from 2015 to 2018, in leadership positions at the National Association of Insurance Commissioners (NAIC), and on the US Treasury Federal Advisory Committee on Insurance. She also represented the United States and the state insurance regulatory system in international standard setting. Before that, she spent more than 20 years at Cigna.
Please join us in welcoming Katie to NOLHGA and the guaranty community!
Staff Contact - Sean McKennaNew Mexico GA Seeks Administrator
The current Administrator for the New Mexico Life Insurance Guaranty Association has announced his intention to retire in 2024. The Association is grateful for his service and guidance over the years.
The Association is seeking a well-qualified candidate to fill the position of Administrator, with an anticipated start date in early 2024. Salary will be commensurate with experience. The Association is a nonprofit insurance industry–supported organization created and existing under N.M. Stat. Ann. § 59A-42-1 et seq. Among other things, the Association facilitates the continuation of coverage and the payment of covered claims under certain insurance policies that involve the insolvency of life and health insurers licensed in New Mexico subject to and in accordance with its enabling act.
The Administrator is an independent contractor position that reports directly to the Board of Directors. The Administrator will be responsible for carrying out the duties of the Association and maintaining appropriate resources necessary for the Association to fulfill its statutory obligations. Ability to travel and effectively coordinate activities with other state guaranty associations through the National Organization of Life & Health Insurance Guaranty Associations is essential.
The candidate must possess insurance and management experience in an insurance company or a related setting such as regulatory, legal, statutory accounting, actuarial services, or other consulting services in the life, health, and annuity business sectors. A background in life or health insurer receiverships, especially with an insurance guaranty association, would be highly beneficial. Experience dealing with insurance regulators generally, or the New Mexico Office of Superintendent of Insurance specifically, would be helpful.
In general, important responsibilities will include:
- Administration and operation of the Association according to its statutory obligations, implementing its Plan of Operation and coordinating policies and procedures with direction from the Board of Directors.
- Scheduling and organizing Board meetings, including preparation of agendas, exhibits, minutes, and resolutions.
- Managing relationships with the Association’s consultants related to the operations of the Association, including but not limited to assessments, audits, accounting, banking, and legal.
- Collaboration and coordination with New Mexico consumers and with representatives of NOLHGA, guaranty associations, regulators, and receivers regarding insurance receiverships and Association coverage.
- Maintenance of files, records, and information related to the operation of the Association and the exercise of its powers and duties under its enabling act and all related policies, procedures, and plans of the Association.
Florida GA Seeks Executive Director
The Florida Life & Health Insurance Guaranty Association is seeking an Executive Director. Desired qualifications include experience with the insurance company rehabilitation and liquidation processes and/or insurance regulatory work. Salary is commensurate with experience.
Overview of Position: The Executive Director has management responsibilities for the Association, including oversight of contractors; financial management and budget preparation; and support of the Board of Directors and committees, including preparation for the Annual Meeting. The position also includes interaction with the national guaranty association and state insurance regulators.
Location: Florida (will consider remote work)
Key Responsibilities:
- Administration and operation of the Association according to its statutory obligations, following its Plan of Operation and taking directions from the Board of Directors.
- Oversight of consultants performing the following services: (1) Responsibility for prompt and accurate issuance of assessments by the Association to member insurers; (2) Comprehensive accounting services necessary to the operation of the Association, including but not limited to tax return preparation and calculation of health surcharges; (3) Preparation and filing of the Association’s required annual tax reports; (4) Management of relationships with the Association’s legal counsel and lobbyist; and (5) Coordination with an auditor on behalf of the Association and participation in the annual audit of the Association’s books and records, including participating in examinations of the Association by outside auditors and the Florida Department of Financial Services.
- Maintenance of files, records, and other information necessary or advisable under statutory and regulatory requirements; the Association Plan of Operations; or as requested by the Association’s Board of Directors, including an up-to-date roster of board members and board consultants.
- Review, update, and budgeting of the Association’s disaster recovery plan.
- Assist the Board of Directors in implementing and maintaining procedures and policies, including policies for conflict of interest, privacy, document retention, investment, and cash retention.
- Respond to inquiries from policy owners and their representatives, Directors, Florida and other state insurance departments, NOLHGA, receivers, and others having legitimate requests for information relating to the Association and its obligations.
- Management of Association banking and investment adviser relationships and other operational aspects of the Association finances and investments in accordance with Association policies.
- Preparation of annual reports, periodic reports, and other communications to the Florida regulators as required by applicable statutes and regulations, when directed by the Association, or when deemed appropriate in regard to the operations of the Association or performance of its obligations.
- Preparations and arrangements for the Annual Meeting of Members of the Association, the Annual Meeting of the Board of Directors, special meetings of the Board of Directors, and committee meetings as necessary, including the publication of any required notices, preparation of meeting agendas and materials well in advance of meetings, and prompt preparation of accurate minutes of such meetings. Travel to the annual meeting is required.
- Participation in NOLHGA, the Members Participation Council (MPC), MPC Task Forces, and NOLHGA Committees on behalf of the Association and preparation of reports on individual insolvencies and other matters for Board of Directors’ information and, where called for, direction or decision.
- In conjunction with the Association’s Budget Committee, develop a budget for all administrative responsibilities approved by the Board of Directors and perform all administrative responsibilities within such budget.