Haris Ashley
Kevin McCarty was Florida's first appointed insurance commissioner, serving from 2003 until his resignation in 2016. McCarty was appointed by then-Governor Jeb Bush and other elected members of the Cabinet. During his tenure, he helped guide Florida's fragile insurance market following eight hurricanes and sought to protect consumers from unscrupulous peddlers of insurance products. McCarty's resignation came after a prolonged search for his successor, with Governor Rick Scott and Chief Financial Officer Jeff Atwater at odds over the selection. McCarty's successor, David Altmaier, was eventually appointed, and McCarty stayed on for 60 days past his original resignation date to facilitate a smooth transition.
| Characteristics | Values |
|---|---|
| Name | Kevin McCarty |
| Position | Florida Commissioner of Insurance Regulation |
| Year Appointed | 2003 |
| Appointed By | Gov. Jeb Bush and the Florida Cabinet |
| Year Resigned | 2016 |
| Successor | David Altmaier |
| Salary | $134,000 per year |
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What You'll Learn
Kevin McCarty's resignation as Florida Insurance Commissioner
Kevin McCarty was appointed as Florida Commissioner of Insurance Regulation in January 2003 by Gov. Jeb Bush. He was the first person to hold the position since it became an appointed one. McCarty served three governors—Jeb Bush, Charlie Crist, and Rick Scott—and helped steer the state through a series of devastating hurricanes, ending with Wilma in 2005. McCarty also focused on stabilizing the Florida property insurance market, reforming personal injury protection law, and protecting consumers from unscrupulous peddlers of insurance products.
In 2015, Gov. Rick Scott tried to force McCarty out. However, McCarty survived the attempt and even received a Lifetime Achievement Award from The Florida Association of Insurance Reform (FAIR) later that year. In January 2016, McCarty announced his resignation, effective May 2, 2016. He cited his desire to pursue other job opportunities as the reason for his departure. McCarty's resignation announcement came amid tension between Governor Rick Scott and Chief Financial Officer Jeff Atwater over the selection of a new insurance commissioner, which delayed the process.
On April 20, 2016, McCarty sent a letter to Florida Commissioner of Agriculture and Consumer Services Adam Putnam, changing the effective date of his resignation. He stated that he would step down 45 days after his successor is appointed to facilitate a smooth transition during Florida's hurricane season. McCarty's successor, David Altmaier, was appointed on April 29, 2016, and it was announced that McCarty would stay on for 60 days past his original resignation date.
After leaving his post as Florida Insurance Commissioner, McCarty founded Celtic Global Consulting and was elected chairman of the Florida Association for Insurance Reform, advocating for changes to the state's "assignment of benefits" laws.
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McCarty's successor, David Altmaier
Kevin McCarty, the former Florida Insurance Commissioner, resigned from his position in 2016. McCarty had served as Florida's first appointed insurance commissioner since 2003 and worked under three governors. His resignation came after a prolonged search for a new insurance commissioner and tensions between Governor Rick Scott and Chief Financial Officer Jeff Atwater.
As the Florida Insurance Commissioner, Altmaier led the Office of Insurance Regulation and oversaw one of the largest insurance markets in the world. During his tenure, Florida passed a sweeping reform bill aimed at stabilizing the insurance market. Altmaier also served as the President of the National Association of Insurance Commissioners (NAIC) in 2021 and as Vice Chair of the Executive Committee for the International Association of Insurance Supervisors (IAIS).
Altmaier served as the Florida Insurance Commissioner until 2022, resigning on December 28 of that year. After stepping down, he joined the Southern Group in 2023, bringing his extensive knowledge and experience in the insurance industry to his new role.
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McCarty's work in the Florida Department of Insurance
Kevin McCarty was appointed as Florida Commissioner of Insurance Regulation by Gov. Jeb Bush and the Florida Cabinet in January 2003. He was the first person to hold this position since it became an appointed one. McCarty's work in the Florida Department of Insurance focused on stabilizing the Florida property insurance market, reforming personal injury protection law, and protecting consumers. He also sought to protect consumers, many of them elderly, from unscrupulous peddlers of insurance products. McCarty's other achievements include successful reforms to the Florida Hurricane Catastrophe Fund, resulting in over $20 billion in savings for Florida consumers and substantial protection for Florida taxpayers. McCarty also worked on enhancing the regulatory framework of the Office of Insurance Regulation, giving it the ability to hold insurance companies accountable when necessary. McCarty represented the United States in the International Association of Insurance Supervisors.
McCarty resigned from his position as Florida's Insurance Commissioner in May 2016, citing the stabilization of the property insurance market as a reason for his departure. He had initially announced his resignation in January 2016 but extended his stay to facilitate a smooth transition during Florida's hurricane season. McCarty's resignation came amid tension between Governor Rick Scott and Chief Financial Officer Jeff Atwater, who delayed the selection of his successor.
Following his resignation, McCarty founded Celtic Global Consulting and was elected chairman of the Florida Association for Insurance Reform, advocating for changes to the state's "assignment of benefits" laws. He has also expressed concerns about proposed changes to current insurance regulations, warning of potential adverse consequences for the marketplace and consumers. McCarty's extensive experience in the public and private sectors has provided him with unique insights into the sensitivities of the investor market and the impact of changes in Florida.
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His role in the National Association of Insurance Commissioners
Kevin McCarty was appointed as Florida's first insurance commissioner in 2003. He worked for former Gov. Jeb Bush, former Gov. Charlie Crist, and Gov. Rick Scott. McCarty resigned in 2016, and his successor, David Altmaier, was appointed after a prolonged search.
McCarty's role in the National Association of Insurance Commissioners (NAIC) was significant. He was the President-elect of the NAIC and chaired several of its task forces. The NAIC is an organization that has been supporting insurance regulators and consumers for over 150 years. It aims to protect consumers and stabilize markets by setting standards and best practices, conducting peer reviews, and providing regulatory support and oversight.
As the President-elect of the NAIC, McCarty played a crucial role in leading and shaping the organization's efforts to support state insurance regulators and serve the public interest. The NAIC assists regulators in managing the impact of natural disasters and stabilizing insurance markets, which was particularly relevant during Florida's hurricane season.
McCarty's focus as Florida's insurance commissioner aligned with the NAIC's goals. He worked to stabilize the Florida property insurance market, reform personal injury protection law, and protect consumers, especially the elderly, from unscrupulous insurance product sellers. McCarty's experience and expertise in insurance regulation and consumer protection contributed to his effective leadership within the NAIC.
In addition to his role in the NAIC, McCarty also represented the United States in the International Association of Insurance Supervisors. His contributions and influence in the field of insurance regulation extended beyond Florida and impacted insurance policies and consumer protection on a national and international level.
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His work as chairman of the Florida Association for Insurance Reform
Kevin McCarty was appointed as Florida Commissioner of Insurance Regulation in January 2003 by Gov. Jeb Bush and the Florida Cabinet. McCarty was the first person to hold the position of Florida Commissioner of Insurance Regulation since it became an appointed position. He resigned in May 2016.
After his resignation, McCarty was elected chairman of the Florida Association for Insurance Reform (FAIR). FAIR is a group advocating for changes to the state's controversial "assignment of benefits" laws. The group's priorities include making changes to assignment of benefits, or AOB. McCarty, in a prepared statement, said that FAIR is a unique group because of its "commitment to advancing the dialogue among diverse stakeholders with the ultimate objective of providing quality insurance products at affordable prices".
McCarty's extensive knowledge and experience in the insurance industry were expected to bring the organization to a new level in helping to achieve its goals. Before his role at FAIR, McCarty had served as Florida's insurance commissioner for over a decade. During his tenure, he focused on stabilizing the Florida property insurance market, reforming personal injury protection law, and protecting consumers. He also represented the United States in the International Association of Insurance Supervisors and served as President of the National Association of Insurance Commissioners.
In addition to his work in insurance regulation, McCarty worked on workers' compensation issues and helped steer the state through a series of devastating hurricanes, including Hurricane Wilma in 2005. He also sought to protect consumers, many of them elderly, from unscrupulous peddlers of insurance products. McCarty's successful reforms to the Florida Hurricane Catastrophe Fund led to over $20 billion in savings for Florida consumers and substantial protection for Florida's taxpayers.
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Frequently asked questions
Kevin McCarty was Florida's first appointed insurance commissioner, serving from 2003 until his resignation in 2016.
McCarty's focus was on stabilizing the Florida property insurance market, reforming personal injury protection law, and protecting consumers.
McCarty resigned due to tension between Governor Rick Scott and Chief Financial Officer Jeff Atwater, delaying the selection of a new insurance commissioner. McCarty was also pressured by Scott to resign a year prior.
McCarty founded Celtic Global Consulting and was elected chairman of the Florida Association for Insurance Reform in 2018.
