This Center for Public Integrity investigation uncovered the close ties between the nation’s insurance commissioners and the industry they regulate. The lead story illustrated their cozy relationships, revolving doors and shady financial connections around the nation. The follow-up piece highlighted the millions of dollars in political giving that insurers made to sway 2016 races that determine who regulates the nation’s insurance companies. The stories found:
-Half of the 109 state insurance commissioners who have left their posts in the last decade have gone on to work for the insurance industry — many leaving before their terms expire. Just two moved into consumer advocacy.
-Of the 50 sitting commissioners, 24 came directly from the insurance industry or had worked for an insurer.
-At a recent conference of the National Association of Insurance Commissioners, the Center for Public Integrity identified 21 former commissioners from 18 states and the District of Columbia representing insurance interests, each wearing special NAIC badges advertising their status as ex-officials.
-Emails from 13 states show friendly — and often personal — relationships between regulators and insurers, accented by dinner invitations, family news and friendly sports wagers.
-At least four sitting commissioners had direct financial ties to the industry, with New Jersey’s top regulator selling his insurance stocks only after an inquiry from the Center for Public Integrity.
-The insurance industry pumped more than $6 million into political efforts aimed at a dozen 2016 elections: five races for insurance commissioner and seven gubernatorial races in states where governors have the power to appoint their state’s insurance regulator.
The project also included a digital library with the most recent financial disclosures for 41 insurance commissioners from around the country — a first-of-its-kind public resource. The initial story also included metrics for each state on the staffing and funding of their insurance oversight departments.