Long-time Insurance Commissioner Mike Chaney confirmed Wednesday he has met with legislative leadership about making his position appointed instead of elected.
The Republican Chaney, who was first elected to the statewide post in 2007, said he has come to the conclusion that a person who is appointed “can do a better job regulating the industry and protecting the consumers” than someone elected to the post.
“I have grave concerns about someone running for this as a stepping stone to another position,” said Chaney, age 80. “It is too important to do that.”
He said it “is borderline unethical” to take campaign funds from the industry being regulated.
Lt. Gov. Delbert Hosemann, who presides over the Senate, has met with Chaney about making the post appointed. House Speaker Jason White and other legislative leaders also are aware of his suggestion, Chaney said.
In 39 states, Chaney said, the insurance industry is regulated by an appointed person.
Chaney said he has proposed an insurance commissioner be nominated by the governor and confirmed by the state Senate to serve a six-year term. There are other positions in Mississippi appointed for six-year terms, such as the commissioners of banking and of revenue.
Chaney said he is flexible as to when the Legislature might make the position appointed.
“I could leave July 1 if they wanted to make it effective then or I could stay until the end of my term in January 2028,” Chaney said. He admitted that he would lose money from his state pension if he did not finish out his term, but added, “It is not about the money. It is about doing what is right to regulate the industry and protect consumers.”
Chaney said he also would be willing to finish out his term as an appointed commissioner.
When he first ran for the post in 2007, Chaney recalled he said then the position should be appointed instead of elected.
“I am trying to do that now.” Chaney said.
Hosemann said earlier this month during an interview on Mississippi Today’s “The Other Side” podcast that legislators would be studying before the 2025 session begins whether some state posts should be appointed instead of elected.
Mississippi has eight statewide elected posts, including the position of insurance commissioner. Six of those posts are mandated by the state Constitution to be elected and would require a vote of the people to make them appointed.
It would just require a change in law by a vote of the Legislature and the signature of the governor to make the post of insurance commissioner elected.
Before being elected as insurance commissioner in 2007, Chaney served in the state Senate where he was at one point Education Committee chair. Before then, he served in the state House.
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