Why Ben Nelson left the NAIC

Yet Nelson’s exit was largely engineered from within the NAIC, according to SNL’s conversations with several regulators and other sources close to the organization in the weeks leading up to the announcement. A faction of state insurance commissioners pushed the NAIC not to renew his contract amid deep dissatisfaction with his performance, going as far as to revive an internal evaluation process that they hoped would speed his exit.

Those regulators argued that Nelson had been disengaged and uninterested in the NAIC’s work during his tenure, sources familiar with the discussions told SNL, all while collecting an almost $1.5 million annual salary that far surpasses the amounts paid to state regulators and administrators. A negative review from the NAIC’s Internal Administration Subcommittee — known as EX1 — would have been seen as the last piece of evidence necessary to oust Nelson and start the search for a new CEO.

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