Brooks named chairman of NAIC's life and annuities committee

Kermitt J. Brooks, acting insurance superintendent for New York, today was named the chairman of the National Association of Insurance Commissioners’ life and annuities committee. He replaces Eric R. Dinallo, who left his post as lead insurance regulator in New York and as chairman of the committee to take a teaching post at New York University. The Washington-based NAIC’s executive committee selected Mr. Brooks for the position. The committee reviews new life insurance products and oversees working groups related to annuity disclosure as well as indexed annuities and the suitability of annuities. The committee also sets priorities for the NAIC’s Life and Health Actuarial Task Force. Although the chairman’s post and the role of acting insurance superintendent are relatively new to Mr. Brooks, who formerly served as deputy superintendent in the Empire State, he has already announced that New York will hold public statewide hearings in August and September on possible rules it may adopt for suitability standards behind annuity transactions.