It is with heavy hearts that we say goodbye to our dear friend Jim Mumford. Jim's service on the Board of Directors for Americans for Annuity Protection, while short, was nonetheless invaluable. He actively guided the organization in its earliest days helping it discover and orchestrate the consumer's voice in the annuity marketplace.
Recognizing that the industry and policy makers were fully engaged in the DOL Rule discussion, he joined us enthusiastically to ensure that consumers were better represented. Jim actively participated in constructing the organization's messaging and conversation from an "insiders out" perspective sharing his wisdom and insights gained from years of service to the annuity marketplace.
He will be missed every day by all of us here at Americans for Annuity Protection.
Mumford, 78, died Monday from injuries suffered in an accident while he was working on his Winterset, Iowa home. A memorial service will be held at 10:30 a.m., Thursday at the Jackson Building on the Madison County Fairgrounds in Winterset. Memorials may be made to Habitat for Humanity or the National Great Pyrenees Rescue.
Online condolences may be left for the family with Mumford's obituary.
James R. Mumford served as First Deputy Commissioner of the Iowa Insurance Division from 2005 until 2015. He also served as Iowa’s Securities Administrator for 6 years.
Mr. Mumford graduated from Iowa State University with a degree in agriculture economics and graduated from Harvard University Law School.
Mr. Mumford has worked in the insurance industry since 1965 starting in private practice. In 1970 he became counsel with Equitable Life Insurance Company of Iowa. In 1976 he started a law firm specializing in insurance related matters. He worked extensively in insurance related matters including variable annuity and indexed annuity products, pension and tax matters, and financial and corporate governance matters. In 1997, he joined ING Americas as Chief Counsel, Corporate Affairs and also later undertook the duties of Chief Counsel, Special Projects. During that time he was general counsel of several ING insurance subsidiaries and furnished oversight on ING state government relations activities. In 2003, he retired from ING and became Of Counsel with Nyemaster, Goode, West, Hansell & O'Brien Law Firm in Des Moines, Iowa.
Mr. Mumford was active in the National Organization of Life and Health Guaranty Association (NOLHGA) where he was a member of its legal committee for 5 years (chair 2 years), member of its audit committee for 3 years (chair 1 year), member of its executive committee for 3 years (chair 1 year), member of its Board of Directors for 6 years (chair 1 year), member of its financial modernization committee for 3 years and co-chaired its Guaranty Association Modernization Task Force for 2 years.
During his career, Mr. Mumford was active with the National Association of Insurance Commissioners (NAIC) on behalf of his clients. He was also active representing member companies of the American Council of Life Insurers (ACLI).
Mr. Mumford represented the Iowa Insurance Division and served on various NAIC Working Groups and Task Forces including chairing the NAIC Receivership and Insolvency Task Force, a working group reviewing the NAIC Annuity Disclosure Model Regulation and Annuity Buyer’s Guide and a working group coordinating with federal agencies on ERISA retirement lifetime income issues.