Former U.S. Senator Ben Nelson will not renew his contract as chief executive officer of the National Association of Insurance Commissioners (NAIC), the group announced.
Nelson’s current term ends on Jan. 31, 2016. He began his tenure at NAIC in January, 2013. The NAIC is an organization of state insurance regulators.
Nelson’s two-year contract came with an annual base salary of $950,000.
Nelson said he will return to his private law practice in Nebraska and Washington, D.C. and be available in a consulting role to the NAIC as needed during this transition.
“I have truly appreciated the opportunity to return to the NAIC following my retirement from the U.S. Senate,” Nelson said.
He said October 1, 2015 marks 50 years since he began his work supporting state insurance regulation. Nelson began his career with the Nebraska Department of Insurance on Oct. 1, 1965 as supervisor of Claims and Inquiries, served as director of the Nebraska Department from 1975-1976, and as executive vice president of the NAIC from 1982-1985. The Democrat served as governor of Nebraska from 1991-1999 and as a U.S. senator from 2001-2013.
*This story previously appeared in our sister publication Insurance Journal