Richard Ford, chief examiner of the Alabama Department of Insurance since 1993, has been elected president of the Society of Financial Examiners at the organization’s recent annual meeting in Nashville, Tenn.
The Society of Financial Examiners is a professional society for examiners of insurance companies, banks, savings and loans, and credit unions. It has a membership of more 1,700 representing the United States, England, Canada, Virgin Islands and American Samoa. It is an organization where financial examiners of insurance companies, banks, savings and loans, and credit unions come together for training and to exchange information.
The society was formed in 1973 to establish a strict code of professional standards for members engaged in the examination of financial institutions, to promote uniform ethical standards that will engender employer and public confidence to the degree that those interested can identify professionally qualified practitioners, and to promote and enforce minimum requirements of conduct, training, and expertise for members engaged in financial examination.
At the Department of Insurance, Ford directs the efforts of a staff that examines more than 1,300 insurance companies and generates more than $270 million in taxes.
“I’m honored to have the confidence of my colleagues in SOFE,” Ford said. “Our organization remains ready to work closely with the National Association of Insurance Commissioners in its efforts to reform the financial regulation of insurance companies. We are well positioned to move forward to protect the interest of consumers in each of our jurisdictions.”
Commissioner Walter A. Bell offered his congratulations to Ford.
“We’re proud of Richard and what he’s accomplished,” Commissioner Bell said. “He has proven himself to be a dedicated public servant in Alabama, but also a leader nationally and beyond in helping write the next chapter in the regulation of insurance.”
Ford, who will lead SOFE for the next year, is a graduate of the University of Alabama and Jones School of Law. He also did graduate work at Auburn University Montgomery, the University of Alabama at Birmingham and the University of Alabama. He is a member of the Alabama Bar Association.
A native of Talladega, Ford began his public service career as an auditor for the Alabama Department of Revenue before joining the Department of Insurance in 1981. He was named Assistant Chief Examiner in 1985 before his promotion in 1993.