South Carolina Department of Insurance (SCDOI) Dir. Raymond G. Farmer was promoted to president of the National Association of Insurance Commissioners (NAIC) earlier this month at the 2019 NAIC Fall National Meeting in Austin, Texas.
It is an honor to serve as president of the NAIC and I look forward to leading insurance regulators from around the country and continuing to ensure the South Carolina industry is well regulated and our consumers are well protected, said Director Farmer.
During his term as president, Director Farmer looks to focus on three key issues:
- Increasing resiliency to combat the impact of natural disasters
- Finding a workable solution to the issues facing long-term care insurance products
- Continuing to fight against cyberattacks by increasing cybersecurity standards throughout the states
IIABSC President Frank Sheppard attended the director's installation in Austin along with IIABA Chairman of the Board Jon Jensen, IIABSC Chairman of the Board Tom Bates and Indiana House Majority Leader/IIABA member/ incoming National Council of Insurance Legislators President Matt Lehman .
Director Farmers presidential duties will begin on January 1, 2020.
With fifty years of insurance industry and regulatory experience, Director Farmer has diligently served South Carolina since being appointed to the SCDOI by former Governor Nikki Haley on November 13, 2012. In 2017, Director Farmer received The Order of the Palmetto from then Governor Haley, the state's highest civilian honor awarded to citizens of South Carolina for extraordinary lifetime service and achievements of national or statewide significance. In 2018, Director Farmer oversaw the passing of the Insurance Data Security Act a law that is the first in the nation to require insurance companies to have a comprehensive and secure plan to protect consumer data. In 2019, Director Farmer was asked to serve on Governor Henry McMasters Floodwater Commission, working to increase resiliency among South Carolinas most at-risk citizens who face yearly challenges with hurricanes and floodwaters.
IIABSC President Frank Sheppard, SC Insurance Director Ray Farmer, IIABA Chairman of the Board Jon Jensen and IIABSC Chairman of the Board Tom Bates celebrate Farmer's installation as NAIC President at a reception in Austin, Tx during the NAIC national fall meeting.