Alabama Republican Gov. Bob Riley has filled the state insurance commissioner's post left vacant when Walter Bell in a controversial move left to take a post doing lobbying and other work for a reinsurer.
Mr. Riley said Tuesday he has appointed Jim L. Ridling, a past president and chief executive officer of Southern Guaranty insurance company and a founder of River Bank and Trust. Southern Guaranty, a Montgomery, Ala.-based property-casualty insurer with personal and commercial lines was sold to General Casualty in Sun Prairie, Wis.
Mr. Bell, it was announced in August, was resigning to become chairman of Swiss Re America Holding Corporation. Besides directing regulatory affairs and lobbying regulators, the company said Mr. Bell, whose appointment was effective Tuesday, would provide supervisory governance of the Americas businesses.
His move drew a complaint to the National Association of Insurance Commissioners, Kansas City, Mo., from 14 consumer groups who expressed dismay over the "revolving door" between the insurance industry and those who supervise it and said it raised questions of influence and undermined public confidence in regulators.
Mr. Bell said he had no direct supervision over Swiss Re's holding company and would not be dealing with the Alabama legislature or regulators and will be relocating to New York.
Mr. Ridling will start as insurance commissioner on Sept. 15. David Parsons, the state's deputy insurance commissioner, has been serving as acting commissioner.
In addition to being involved in insurance and banking, contribution records show that Mr. Ridling over the years has been a generous donor to national and state Republican causes.
Gov. Riley in addition to appointing Mr. Ridling to his cabinet also named Dr. Marquita Davis as commissioner of Children's Affairs.
"We have a world-class Cabinet and the addition of these two outstanding individuals will only serve to strengthen that level of excellence," he said in a statement. "They have distinguished careers of leadership in their fields. Their extensive knowledge and understanding of the issues their agencies face make them great assets to my Cabinet and to the citizens of Alabama."
Mr. Ridling said, "I am deeply honored that Gov. Riley has appointed me to this important position. The Department of Insurance is not only a regulatory agency, it is also a consumer protection agency. In fact, our number one priority is to protect insurance consumers and promote a healthy marketplace. I am grateful for this opportunity to put my experience to work in public service."
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