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  • Connecticut Insurance Commissioner Leaving Office Ahead of Administration Change

    December 19, 2018 by Renée Kiriluk-Hill

    HARTFORD, Conn. – Connecticut Insurance Commissioner Katharine Wade will leave her office Dec. 19. State Life and Health Division Director Paul Lombardo will serve as acting commissioner until governor-elect Ned Lamont nominates a successor.

    Outgoing Gov. Dannel Malloy, a Democrat, appointed Wade in March 2015. She had served health insurer Cigna more than 20 years, rising to the position of vice president of public policy, government affairs and U.S. compliance (Best’s News Service, March 20, 2015).

    Lamont, also a Democrat, takes office in January. Malloy did not seek a third term.

    When appointed in 2015, Wade said her focus would be to oversee the financial condition and market practices of licensed insurers, in an attempt to protect insurance policyholders. “Because of the importance of the insurance industry to the state, national and global economies, I also will ensure that Connecticut maintains an appropriate and relevant national and international regulatory profile,” she said.

    In October, Wade approved the proposed $69 billion merger of CVS Health and Aetna Inc. That followed preliminary approval given to the merger by the U.S. Justice Department. Connecticut’s approval was necessary because the state is Aetna’s domestic regulator and several Aetna companies are domiciled in the state (Best’s News Service, Oct. 18, 2018).

    Wade said in her most recent statement efficiencies were achieved during her tenure “through clear communication of standards to companies, elimination of desk drawer rules and inefficient processes and joining the NAIC Interstate Compact for life and annuity products.”

    Malloy said Wade “strengthened consumer protection creating better network standards for health insurance, expanding choice in the marketplace and increasing consumer education and outreach. Her endeavors … helped to solidify the state’s standing as an important voice regarding insurance regulatory matters on the national and international stage.”

    (By Renée Kiriluk-Hill, associate editor, BestWeek: Renee.Kiriluk-Hill@ambest.com)

    BN-NJ-12-18-2018 1123 ET #

    Originally Posted at A.M. Best on December 18, 2018 by Renée Kiriluk-Hill.

    Categories: Industry Articles
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