FOR IMMEDIATE RELEASE
November 19, 2004

CONTACT: Lisa Lacher, (515) 271-3119, lisa.lacher@drake.edu

IOWA INSURANCE COMMISSIONER TO REJOIN DRAKE FACULTY

Iowa Insurance Commissioner Terri Vaughan has been named the Robb B. Kelley distinguished professor of insurance and actuarial science at Drake University, where she served as director of the Insurance Center and chair of the Insurance Department from 1988 to 1994. The professorship is funded by EMC Insurance Companies.

"Dr. Terri Vaughan has a remarkable record of accomplishment in the insurance industry and higher education," said Charlie Edwards, dean of Drake's College of Business and Public Administration and School of Journalism and Mass Communication. "She will bring those experiences to her new position at Drake and be a tremendous resource for students while continuing to be a resource for the insurance profession."

"I am delighted to be returning to Drake," Vaughan said. "Having been there before becoming commissioner, I know well the quality of the faculty and their commitment to doing the best for Drake students."

Vaughan, who received the Outstanding Teacher Award in the College of Business and Public Administration in 1994, will teach undergraduate and graduate courses in insurance and actuarial science and be involved with Drake's Kelley Insurance Center. During the spring 2005 semester she will teach a graduate class in Risk Management and Insurance.

"As an Iowa-based insurance company, we feel an obligation to assist Drake University in its efforts to educate future insurance professionals, and EMC Insurance Companies is therefore proud to sponsor the Robb B. Kelley distinguished professor of insurance and actuarial science position," said Bruce G. Kelley, president and chief executive officer of EMC Insurance Companies. "We are pleased Dr. Vaughan accepted the position, as she adds a depth of industry knowledge, expertise and experience that can only enhance Drake's academic offerings in the insurance field."

Vaughan holds a bachelor's degree from the University of Iowa and a Ph.D. in managerial science and applied economics from The Wharton School at the University of Pennsylvania. She began her career teaching at Temple University and Baruch College, City College of New York, then served as a consultant in the risk management and casualty division of Tillinghast, A Towers Perin Company, before joining Drake in 1988.

In addition to teaching at Drake, she supervised professional development programs for the insurance industry, regulators and consumers and supervised the provision of agents' licensing exams to various states.

Vaughan, who has been insurance commissioner since 1994, is the longest-serving commissioner in Iowa history and the youngest person inducted into the Iowa Insurance Hall of Fame. She manages a staff of 95 employees and a budget of $8.5 million. She oversees all insurance business transacted in Iowa and is responsible for enforcing all laws of the state relative to insurance. In addition, she regulates securities activities and is in charge of regulating miscellaneous industries including funeral homes and cemeteries. She represents Iowa in the National Association of Insurance Commissioners and served as president of the NAIC in 2002. In recent years, she has been particularly active in the NAIC's regulatory modernization efforts, international affairs and coordination with banking and securities regulators, both in the United States and internationally. She also led development of NAIC's market response to 9/11, including work with Congress and the U.S. Treasury on the federal Terrorism Risk Insurance Act of 2002.

Vaughan is a CPCU, an associate of the Society of Actuaries, an associate of the Casualty Actuarial Society and a member of the American Academy of Actuaries. She is co-author of two college textbooks: "Essential of Insurance: A Risk Management Perspective" and "Fundamentals of Risk and Insurance."

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