On January 14, 2011 the Commonwealth Automobile Reinsurer’s website announced the intent of longtime President, Ralph (Buddy) Iannaco, to retire effective June 30, 2011. According to the Insurance Library Association of Boston, Mr. Iannaco began his career in 1964 when he was named Secretary of the Board of Appeals in the Division of Insurance by then Governor Endicott Peabody. Mr. Iannaco went on to serve under twelve different Commissioners of Insurance from C. Eugene Farnam, Sr. to Linda L. Ruthardt in a variety of positions within the Division.
Mr. Iannaco has been President of Commonwealth Automobile Reinsurers since 1998. The Commonwealth Automobile Reinsurers (CAR) is the “industry operated residual market and statistical agent for motor vehicle insurance in the Commonwealth of Massachusetts.” Under Mr. Iannaco’s tenure CAR implemented numerous changes including a new docket system, a mediation process for the resolution of issues and CAR’s popular website.
A Preliminary Screening Committee is being planned to conduct the recruitment process to find Mr. Iannaco’s replacement upon his retirement. To read more about Mr. Iannaco, you can read his complete biography at the Insurance Library Association of Boston’s website here.