Former ND Insurance Commissioner Hamm Takes Managing Director Post With Consultancy
January 12, 2017 by Thomas Harman
CHICAGO – Former North Dakota Insurance Commissioner Adam Hamm has taken a job as a managing director for Protiviti, a global consulting firm.
Hamm started his new job in Protiviti’s risk and compliance practice in the firm’s Chicago offices on Jan. 3, serving the firm’s financial services industry clients, Protiviti Public Relations Director Kathy Keller told Best’s News Service.
Hamm chose not to run for a third term as North Dakota Insurance Commissioner (Best’s News Service, Dec. 16, 2015). Hamm had been chosen for the commissioner’s job in the fall of 2007 by then-Gov. John Hoeven to complete the term of Commissioner Jim Poolman, who resigned. Hamm subsequently won two four-year terms in election races. Hamm said his biggest accomplishments in office were in bringing more choice and competition into the state health insurance market and in providing more than $40 million in consumer relief to North Dakotans.
Hamm was also a former National Association of Insurance Commissioners’ president in 2014, during which time the NAIC adopted a XXX/AXXX reinsurance framework and adopted the Revised Holding Company System Regulatory Act.
When he departed as commissioner, Hamm was the chairman of the NAIC cybersecurity task force, which continues to develop an insurance data security model law.
In September 2014, Hamm began a two-year stint as a nonvoting state insurance commissioners’ representative on the Treasury Department’s Financial Stability Oversight Council, where he objected to the FSOC decision to designate MetLife Inc. a systemically important financial institution, which made the company subject to increased oversight. MetLife has since successfully filed a lawsuit that rescinded the designation (Best’s News Service, March 30, 2016).
(By Thomas Harman, Washington Bureau manager, BestWeek: Tom.Harman@ambest.com)