A. The position of superintendent of insurance shall be the chief officer of the office of superintendent of insurance.

B. The superintendent shall be appointed by the insurance nominating committee.

C. The superintendent shall serve for a term of four years, except that the initial term beginning July 1, 2013 shall end on December 31, 2015. If the position of superintendent becomes vacant, the successor shall serve for the remainder of the term. An incumbent superintendent may apply to the insurance nominating committee for appointment to additional terms.

D. The superintendent's annual compensation shall be subject to legislative appropriation and established by the insurance nominating committee at the start of each term and annually thereafter. The superintendent's annual compensation shall be no lower than that of the lowest-compensated cabinet secretary and no higher than that of the highest-compensated cabinet secretary.

E. The superintendent shall not be removed except for incompetence, willful neglect of duty or malfeasance in office. The insurance nominating committee may remove the superintendent after providing the superintendent with notice and a hearing.

History: Laws 1984, ch. 127, § 20; 1998, ch. 108, § 35; 2013, ch. 74, § 10; 2015, ch. 11, § 3.

The 2015 amendment, effective June 19, 2015, provided that the annual compensation of the superintendent of insurance shall be established by the insurance nominating committee and subject to legislative appropriation; in Subsection D, after "shall be", added "subject to legislative appropriation and", and after "established by the", deleted "legislature in an appropriations act and" and added "insurance nominating committee at the start of each term and annually thereafter. The superintendent's annual compensation"; and in Subsection E, after "after", deleted "first".

The 2013 amendment, effective March 29, 2013, provided for the term of office, compensation, and removal of the superintendent of insurance; in the title, added "term; compensation"; in Subsection A, at the beginning of the sentence, added "position of", after "chief officer of the", added "office of superintendent of", and after "insurance", deleted "division"; in Subsection B, after "appointed", deleted "and may be removed for cause at any time", and after "by the", deleted "commission" and added "insurance nominating committee"; and added Subsections C through E.

The 1998 amendment, effective January 1, 1999, substituted "division" for "department" in the first sentence, and deleted "corporation" preceding "commission" in the second sentence.