FORT LAUDERDALE, FL – Since Kevin McCarty’s appointment as the first non-elected insurance commissioner for the state of Florida, he has been a champion for consumers. Today the Florida Association for Insurance Reform (FAIR) has announced that they will award Commissioner McCarty with a Lifetime Achievement Award for his 27 years of public service. “Kevin could be making five times his current salary if he worked in the private sector. Instead he has dedicated his career to public service not just on behalf of Floridians but also through his national leadership roles,” said Jay Neal, President and CEO of FAIR. The award will be presented at the organization’s Annual Awards Dinner & Fundraising Gala later this year.
Commissioner McCarty has been a stabilizing force in the property insurance market, balancing consumer protections with the need to return Citizens policyholders to the private market and reduce the risk of additional assessments for all Floridians.
McCarty has gained a reputation for promoting innovation through the use of technology to improve regulatory processes such as electronic rate and form filing as well as application processes, increasing the speed to market for insurers while reducing administrative costs. He has also played a key role in promoting lower worker’s compensation premiums.
During his tenure McCarty led a paradigm shift within the life insurance industry by returning millions of dollars to consumers through market conduct exams of life insurance companies’ use of the Social Security Administration’s Death Master File. Working with the state’s Chief Financial Officer and Attorney General, McCarty became the first insurance regulator in the nation to enter into a regulatory settlement agreement requiring corrective actions pertaining to these claims’ settlement practices and reporting and remitting of unclaimed property. Through his efforts Florida chairs the task force created by the National Association of Insurance Commissioners (NAIC) to guide and coordinate the multi-state examination process.
Commissioner McCarty has elevated Florida’s international presence by serving as president of the NAIC and is widely acknowledged as one of the top few regulatory experts in the nation.
In this capacity he is committed to promoting growth and attracting capital to the Florida insurance market through continued interactions with domestic and foreign companies as well as global reinsurers and investor groups. As an advocate for encouraging business and capital growth, Kevin McCarty supports expanded opportunities for international insurers to operate in Florida.