There has been speculation that Florida’s outgoing insurance commissioner Kevin McCarty would be replaced by Tom Grady, a supporter of Gov. Rick Scott and a former Republican legislator, but critics say that Grady lacks the qualifications necessary for the job.
According to state law, those running for the OIR post must have at least five years’ experience either in the insurance industry or in similar work in the state or federal government.
Grady formerly held the position of interim president for Citizens Property Insurance Corp., but for less than a year. When he applied for the actual presidency, he was beaten by Barry Gilway, who had served as president and chief executive officer of a commercial insurance company in Seattle.
Grady is a lawyer and investment strategist with experience in the fields of securities, financial industry regulation, litigation, arbitration and mediation. In 2011, he ran the state Office of Financial Regulation for a time, but came under fire over his alleged “liberal” expenses.
By state law, Gov. Scott and Chief Financial Officer Jeff Atwater must both agree on whom they will choose as the new insurance commissioner. Additionally, the appointment needs the support of at least one of the other two Florida Cabinet members.
