Obama Nominates South Carolina Insurance Head to NARAB Board of Directors
President Barack Obama has nominated South Carolina Department of Insurance Director Raymond G. Farmer to serve as a member on the Board of Directors of the National Association of Registered Agents and Brokers (NARAB) for a period of one year.
The board is charged with establishing, organizing and developing standards and procedures for admission (licensing) of member/producers of newly-formed NARAB.
“I am confident that these experienced and hardworking individuals will help us tackle the important challenges facing America, and I am grateful for their service. I look forward to working with them,” President Obama said, according to a statement from SCDOI.
President Obama signed into law legislation to establish NARAB on Jan. 12, 2015. The organization will have specific jurisdiction to oversee insurance producer non-resident licensing and continuing education standards on a national level. It is overseen by a 13-member board that is comprised of eight insurance commissioners and five industry leaders with professional expertise in producer licensing.
Farmer has held the position of director of the South Carolina Department of Insurance since 2012. From 1979 to 2012, he was a vice president at the American Insurance Association, Southeast Region. From 1972 to 1979, he served as the deputy insurance commissioner of the Enforcement Division of the Georgia Department of Insurance. Prior to this, he was an insurance adjuster at Crawford and Company from 1969 to 1972. Farmer is currently a member of the State Bar of Georgia and NAIC.
Other Obama-nominated board members include:
Michael J. Rothman – Commissioner of the Minnesota Department of Commerce, which includes insurance regulation along with securities, real estate, utilities and other businesses.
Thomas McLeary – Founder and president of Endow Insurance Brokerage, a Chicago life insurance and benefits brokerage.
Heather Ann Steinmiller – General counsel with the Philadelphia insurance and benefits brokerage firm of Conner Strong & Buckelew.