Terri Vaughan - Therese M. Vaughan

  • Drake University - Professor
  • AIG Board of Directors 
  • Allied Board of Directors
  • Insurance Regulation
    • 1994-2004 - Iowa Insurance Commissioner
      • 2002 - NAIC president in 2002.
    • 2009-2012 - NAIC CEO 
  • 2013 - Textbook - Fundamentals of Risk and Insurance, Eleventh Edition, by Emmett J. Vaughan and  Therese M. Vaughan
  • Education
    • 1979 - BBA in Insurance and Economics from the University of Iowa 
    • 1985 - PhD in Managerial Science, Applied Economics, and Risk and Insurance from the University of Pennsylvania.
  • 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 - FSOC - MetLife - 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,  VIDEO-Senate] --- [BonkNote]

  • 2000 0919 - GOV (House) - Improving Insurance for Consumers—Increasing Uniformity And Efficiency In Insurance Regulation
    • [PDF-111p,VIDEO-?] - <mp3, mp4> - R
    • Terri Vaughn (IA-NAIC) 
    • re: Martin Frankel, NARAB
    • House - Committee on Commerce - Subcommittee on Finance And Hazardous Materials 
  • 2009 0305 - GOV (House) - Perspectives on Systemic Risk, Paul Kanjorski (D-PA)  ---  [BonkNote]
    • (Part 1 of 2) - [PDF-254p,
      • Martin Frankel, Eyes, Kanjorski
      • Terri Vaughan (NAIC-CEO)
        • I will tell you, the insurance regulators have had failures also.
        • We have been the recipient of several GAO studies, thank you very much, that pointed to problems in our system, and that we then went and fixed.  (p28), (Part 1 of 2)
    • 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.
  • 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).
  • (p12) - Daniel Schwarcz (Associate Professor, University of Minnesota Law School:
    • 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.... 
  • (p13) - Terri Vaughan (NAIC-CEO / IA)
    • 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.  

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

  • (p20) - 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. 

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

  • (p20) - 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 (Senate) - Emerging Issues in Insurance Regulation - Senator Reed (D-RI) - [PDF-51p,  VIDEO-Senate] --- [BonkNote]

  • 1994
    • (EX) Committee On Credit Insurance
    • (EX) Special Committee On Interstate Compact
    • (EX) Special Committee on Metropolitan Life
    • Accounting Practices & Procedures (£X4) Task Force
    • Blanks (EX4) Task Force
    • Examination Oversight (EX4) Task Force
    • Insolvency (EX5) Subcommittee
    • Life Insurance (A) Committee
    • State & Federal Health Insurance Legislative Policy (B) Task Force
    • International Insurance Relations (E) Task Force
    • Casualty Actuarial (Technical) Task Force
    • ERISA Working Group of the State and Federal Health Insurance Legislative Policy (B) Task Force
    • Regulatory Framework Working Group of the State and Federal Health Insurance Legislative Policy (B) Task Force
    • Authorization of U.S. and Non-U.S. Insurers Interstate Compact Working Group of the (EX) Special Committee on Interstate Compact
    • Minimum Standards for Receivers Working Group of the Insolvency (EX5) Subcommittee
  • 1995
    • Special Committee on Health Care Reform
    • MARKET CONDUCT AND CONSUMER AFFAIRS (EX3) SUBCOMMITTEE
    • Market Conduct Examination Oversight
      • Terri Vaughan, Chair Iowa
      • Dwight K. Bartlett, III, Vice Chair Maryland
    • Accounting Practices and Procedures
    • Blanks
      • Terri Vaughan, Chair
    • Examination Oversight
    • FINANCIAL REGULATION STANDARDS AND ACCREDITATION (EX6) SUBCOMMITTEE
    • LIFE INSURANCE (A) Committee
    • State & Federal Health Insurance Legislative Policy
    • Surplus Lines
    • NAIC/AAA/ASB/ABCD Joint Committee on Standards and Related Items
    • NAIC Journal of Insurance Regulation Board
    • Technical Task Forces - Casualty Actuarial