Terri Vaughan - Therese M. Vaughan

  • Drake University - Professor
  • AIG Board of Directors - [LINK]
  • NAIC
    • CEO - 2009 to 2012
    • Iowa Insurance Commissioner - 1994 to 2004
    • NAIC president in 2002.
  • Fundamentals of Risk and Insurance - ELEVENTH EDITION. -  EMMETT J. VAUGHANTHERESE M. VAUGHAN

 Roy Woodall  - It is important to identify particular activities in order to encourage appropriate and further action that could lessen any company-specific threat to U.S. financial stability.

  • *Paraphrasing what one insurance thought leader once told me: “We should not tolerate any insurance company posing a threat to our financial system – pinpoint what makes them systemically risky and let’s fix them.”3

3Therese M. Vaughan, Ph.D., Dean of the College of Business and Public Administration, Drake University, and former Iowa Insurance Commissioner, President and CEO of the National Association of Insurance Commissioners, International Association of Insurance Supervisors Executive Committee member, and Chair of the Joint Forum.>

2014 12 - Woodall / Hamm - re: FSOC MetLife Designation - Views of the Council’s Independent Member Having Insurance Expertise - 13p

(p14) - Terri Vaughan - (NAIC- CEO): So what we try to do is educate consumers about the critical importance of this issue.

  • We spend a lot of money on consumer education.
  • We created a Web site, Insure U Web site, for consumers to go to to get information so that they can make some decisions on—they have some understanding of how to look at these issues.
  • We provide some very basic financial information on companies.
  • I think it is a tough one.  ---- There are not any real answers.
    • But educating consumers about the kinds of questions that they can ask, I think, is a start. 

2011 0914 - GOV (Senate) - Emerging Issues in Insurance Regulation - Senator Reed (D-RI) - [PDF-51p.

  1. 2009 0305 - GOV (House) -  Perspectives on Systemic Risk - (Part 1 of 2) - PDF-254p
  2. 2009 1006 - GOV (House) - Capital Markets Regulatory Reform: Strengthening Investor Protection, Enhancing Oversight of Private Pools of Capital, And Creating a National Insurance Office - PDF-325p
  3. 2011 0914 - GOV (Senate) - Emerging Issues in Insurance Regulation - Senator Reed - (D-RI) - PDF-51p
  • <Daniel> SCHWARCZ <Law Professor>: So, notably, you will see that my testimony was focused on different issues than many of the other witnesses, and that is because it is true that solvency regulation is in many ways the core of insurance regulation.
    • Now, I say this to contrast it with market conduct and other forms of consumer regulation.... (p12)
  • Terri Vaughan  <NAIC-CEO>. Thank you very much, Senator. The first thing I want to say, I agree with Professor Schwarcz that the level of our collaboration in market regulation is behind the level of collaboration in solvency regulation and that is something we have been working on for a number of years, to try to increase the collaboration.  (p13)

2011 0914 - GOV - EMERGING ISSUES IN INSURANCE Senate - Committee on Banking, Housing, and Urban Affairs - Subcommittee on Securities Insurance, and Investment REGULATION

Ms. VAUGHAN. Senator, thanks very much for raising that subject. I have to say that often what we do at the NAIC we do not talk about a lot publicly,

  • and so while there was a lot of public discussion about stress testing in the banking sector and the insurance sector in Europe, this is something that we have done behind the scenes for some time.  (p20)

2011 0914 - GOV (Senate) - Emerging Issues in Insurance Regulation - Senator Reed - (D-RI) - PDF-51p

 

  • Chairman Reed: That is, in your notion, too, about simplifying, et cetera, the Consumer Financial Protection Bureau, and Professor Schwarcz mentioned this, has now modeled mortgage sort of language. I presume that you are working toward, your comments, sort of model language for disclosures, for transparency. Is that——
  • Ms. VAUGHAN. That is what we did in the health insurance side.
  • Chairman REED. Right.
  • Ms. VAUGHAN. And that is—this working group is discussing how to do that. I have to say, my suspicion is it is going to be a little harder in insurance given the variety of the products. It is a little more complex than it is in the mortgage area.
  • Chairman REED. Right. But I think for that reason also it might be even more necessary so that your efforts are appreciated and should be expedited.

2011 0914 - GOV - EMERGING ISSUES IN INSURANCE Senate - Committee on Banking, Housing, and Urban Affairs - Subcommittee on Securities Insurance, and Investment REGULATION

  • 2000. U.S. Senate Committee on Banking, Housing, and Urban Affairs, Securities Subcommittee. Hearing Regarding: State Implementation of the NARAB Subtitle in the Gramm-Leach-Bliley Act (April).
  • 2001. U.S. House of Representatives Committee on Financial Services, Subcommittee on Oversight and Investigation and Subcommittee on Financial Institutions and Consumer Credit. Hearing Regarding: Information Sharing Among State and Federal Financial Regulators (March).
  • 2002. U.S. House of Representatives Committee on Financial Services, Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. Hearing Regarding: Insurance Regulation and Competition for the 21st Century (June).
  • 2009 0305 - GOV (House) -  Perspectives on Systemic Risk - (Part 1 of 2) - PDF-254p
    • Martin Frankel, Eyes, Kanjorski
    • House - Committee on Financial Services - Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
      • 4:30 / p32 - Terri Vaughan - The problem is that we did have this—I would say AIG was not an insurance company. It was a large complex financial institution, large globally complex financial institution.
      • 42:00 - Melissa Bean/Terri Vaughan - Solvent/ Insolvent. 
  • 2009 1006 - GOV (House) - Capital Markets Regulatory Reform: Strengthening Investor Protection, Enhancing Oversight of Private Pools of Capital, And Creating a National Insurance Office
    •  [PDF-325p, ]
    • (p70) - Ms. VAUGHAN. I would say that is a good question to ask the Treasury, is what other information they might envision in this.
      • I have a hard time imagining that there would be issues that are needed in order to understand the risk posed by the insurance industry that the insurance regulators wouldn’t already be asking and gathering information about.