New Jersey Banking and Insurance Commissioner Thomas B. Considine, who capped his short but prolific career as a regulator with ushering through passage of the Reinsurance Model Law, has accepted a position as Chief Operating Officer (COO) of MagnaCare, which specializes in the self-insured market in New York, New Jersey and Connecticut.
"After being an 'interested party' and someone very involved at the NAIC for 17 years, it was certainly interesting being behind the curtain, so to speak, as a member for these past two years," the commissioner said.
"While at times, the process can be as frustrating for a member as it is for interested parties, I have enjoyed my time immensely, and believe the membership as a whole is committed to serving the best interests of our country, albeit from different perspectives. I will miss the frank exchanges, which is still followed by warm camaraderie," Considine told National Underwriter.
For example some note, after years of tussling, the industry and regulators opposition to a compromise on the model law was reduced to mere grumbles, Considine, chair of the NAIC Reinsurance Task Force, was able to get unanimous support of proposed reinsurance reforms from the domestic ad international insurance community to clear the way for passage of the Credit For Reinsurance Model Law and Regulation, which modernizes U.S. state-based regulation of reinsurance by reducing reinsurance collateral requirements for non-U.S. reinsurers.
At the time it passed in November at the NAIC Fall meeting outside Washington, D.C., Considine says at the plenary session, that for the first time, no trade groups are opposed to the model. He says one may be neutral or tepid, but no one is opposed.
He acknowledged that the issue had "languished for years," but he said the action shows that the NAIC no longer has to stand for "No Action Is Contemplated."
Bruce Ferguson, Senior Vice President, State Relations of the American Council of Life Insurers, said that, "although he has been at the helm of DOBI for a relatively short period, Considine has been one of the most productive commissioners in recent history. His successes in streamlining regulation are proof positive that an efficient regulatory process benefits consumers and regulated institutions alike."
Republican Gov. Chris Christie named Considine to serve on Jan. 15, 2010.
Before his appointment, he worked at MetLife, Inc. for nearly 17 years, where he served most recently as Vice President & Government Relation Counsel. In addition, he served on the Board of Directors of the National Organization of Life and Health Insurance Guaranty Associations and various other financial services industry-related organizations.
Considine backed agents and producers in the contentious November NAIC plenary resolution vote on the medical loss ratio (MLR) request to Congress and the U.S. Department of Health and Human Services.
As head of the working group overseeing the classification of contingent deferred annuities and a uniform program for their treatment, he is not automatically deferring to his largest domiciled insurer, Prudential Insurance Co. of America as it tries to win over regulators to the industry-embraced view that the products are not financial guaranty products. His former employer MetLife and its regulator, New York, are taking a more stringent view of the product, which multiple regulatory and tax authorities are also mining for oversight.
