Longtime Insurance Commissioner Mike Chaney confirmed Wednesday that he had met with legislative leadership about changing his position by appointment rather than election.
Chaney, a Republican who was first elected to statewide office in 2007, said he concluded that an appointee could “better regulate the industry and better protect consumers” than someone elected to the office.
“I have serious concerns about someone taking this office as a stepping stone to another position,” said Chaney, 80. “The office is too important to do that.”
He said it was “borderline unethical” to accept campaign funds from an industry that is regulated.
Lieutenant Governor Delbert Hosemann, who leads the Senate, has met with Chaney about filling the position. House Speaker Jason White and other House leaders are also aware of his proposal, Chaney said.
In 39 states, Chaney said, the insurance industry is regulated by an appointed person.
Chaney said he proposed that the governor appoint an insurance commissioner and have him confirmed by the Senate for a six-year term. Mississippi has other six-year positions, such as the commissioners of banking and finance.
Chaney said he was flexible about when lawmakers would fill the position.
“I could leave on July 1st if that’s when they want to enact the law, or I could stay until the end of my term in January 2028,” Chaney said. He acknowledged that he would lose money from his state pension if he doesn’t finish his term, but added: “It’s not about the money. It’s about doing the right thing to regulate the industry and protect consumers.”
Chaney said he would also be willing to finish his term as appointed commissioner.
Chaney recalled that when he first ran for the post in 2007, he said it should be filled by appointment rather than election.
“That’s what I’m trying to do now,” Chaney said.
Hosemann said in an interview on Mississippi Today’s “The Other Side” podcast earlier this month that lawmakers would consider whether some state offices should be filled by appointments rather than elections before the 2025 session begins.
Mississippi has eight statewide elective offices, including the position of Insurance Commissioner. Six of these offices are elective under the state constitution and require a popular vote to be appointed.
To elect the position of Insurance Commissioner, all that would be required would be a change in the law through a resolution of Parliament and the signature of the Governor.
Before being elected insurance commissioner in 2007, Chaney served in the state Senate, where he chaired the Education Committee for a time. Before that, he served in the state House of Representatives.
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