Interim Commissioner Becomes New South Dakota Director of Insurance
January 14, 2015 by Thomas Harman, associate editor, BestWeek: Tom.Harman@ambest.com
PIERRE, S.D. – Larry Deiter, who has been serving as interim director of the state Division of Insurance, has officially become the new director.
Insurance Director Merle Scheiber announced his resignation in early December after 10 years in office (Best’s News Service, Dec. 9, 2014).
“Larry’s leadership capabilities and industry knowledge will allow him to excel in his new role,” State Labor and Regulation Secretary Marcia Hultman said in a statement. “He has proven himself a trusted adviser in helping navigate the complexities of the insurance industry.”
Deiter joined the Division of Insurance in 2012, following more than 25 years’ experience in commercial banking and business management. Deiter had also served as a vice president/market manager of a publicly traded financial institution that has its headquarters in South Dakota, according to the statement.
Deiter already has been participating in meetings at the National Association of Insurance Commissioners, where he is a member of committees dealing with property/casualty insurance, workers’ compensation and crop insurance and examination oversight.
Scheiber served as the chairman of the Nonadmitted Insurance Multistate Agreement. The group was formed by the NAIC after Congress passed the Nonadmitted Reinsurance Reform Act as part of the Dodd-Frank Wall Street Reform Act. The NIMA was seen as an alternative way of allocating, collecting, distributing and reporting surplus lines tax revenues in a manner consistent with the NRRA. Scheiber had also served as the NAIC’s workers’ compensation task force chairman.
