On the job as acting New York insurance superintendent for less than a month, Kermitt J. Brooks has been named to a key working committee of the National Association of Insurance Commissioners.

Kermitt J. Brooks

Brooks was named chairman of the NAIC’s Life Insurance and Annuities Committee, charged with considering issues relating to the two areas, reviewing new life insurance products and establishing priorities of the Life and Health Actuarial Task Force. He was selected for the chairman’s position by members of the NAIC’s Executive Committee.

Brooks served as New York’s first deputy superintendent, focusing specifically on the life insurance sector, until July 3, when he was named acting superintendent of the New York State Insurance Department following the resignation of Eric Dinallo. He also succeeds Dinallo as chairman of the life and annuities committee.

The acting superintendent recently announced that his department will hold a series of public hearings on the suitability of sales of life and annuity products.

NAIC president and New Hampshire Insurance Commissioner Roger Sevigny said Brooks has been an active participant in the life insurance committee’s activities and the group looks forward to working with him through the rest of this year.

Gov. David A. Paterson added that the position is not only an honor for Brooks, “but demonstrates New York’s national position of leadership as an insurance regulator.”

“Having Kermitt lead on this issue will provide New York’s consumers with a voice in the national discussion on life insurance,” Paterson said in a statement. “Life insurance is a major industry both nationally and in New York. As a leading investor in this state and in this country’s economy, it provides jobs while its products provide security for families everywhere.”

Brooks said he was “honored and humbled to have this trust placed in me,” first through his appointment by Paterson and now by the NAIC.

“The financial crisis has shown the strength of state insurance regulation. I look forward to working with my fellow state regulators as we continue to protect policyholders and address the challenges facing financial services in this economy,” he said.

The Life Insurance and Annuities Committee oversees working groups devoted to annuity disclosure, indexed annuities and the suitability of annuity sales. The committee’s priorities also include overseeing the development of the principles-based reserving system for life insurance companies, and reviewing and considering changes to the NAIC’s Annuity Disclosure Model Regulation to improve the disclosure of information provided for annuity products.