S.C. insurance director to lead national association

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The director of the South Carolina Department of Insurance has been promoted to president of the National Association of Insurance Commissioners.

Ray Farmer received the promotion at the 2019 NAIC Fall National Meeting this week in Austin, Texas, according to a news release from the state insurance department. His term begins Jan. 1.

Farmer said he plans to focus on increasing resiliency in addressing natural disasters, finding a solution to issues regarding long-term care insurance products, and improving cybersecurity standards.

“It’s 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,” Farmer said in the release.

Farmer was appointed director by former governor Nikki Haley in 2012. In 2018, Farmer oversaw passage of the Insurance Data Security Act, the first state law in the nation that requires insurance companies to have a comprehensive and secure plan to protect consumer data.

In 2017, he received the Order of the Palmetto for lifetime contributions to the state.

Farmer currently serves on Gov. Henry McMaster’s Floodwater Commission.

The NAIC provides expertise, research and analysis for state insurance commissioners to assist in regulating the insurance industry and protecting consumers. The association is governed by insurance regulators from all 50 states, the District of Columbia and five U.S. territories. It establishes standards and best practices and coordinates regulatory oversight.