Karen Weldin Stewart is Delaware's Insurance Commissioner.
Elected Delaware's 25th Insurance Commissioner in 2008 and now serving her second term, Karen Weldin Stewart regulates a jurisdiction that ranks 12th in the United States in national written premium and contains companies with $489 billion in assets. Stewart heads the Delaware Department of Insurance (DOI), the largest consumer protection agency in the state. She regulates Delaware's insurance industry, ensuring that companies are able to pay claims, and she enforces state insurance laws.
Stewart's roots in the state trace back to the 1600's when her Quaker ancestors immigrated to America. Commissioner Stewart was reared in Claymont, Delaware and is the daughter of the late Walter J. Weldin and Concepcion Fernandez Weldin. She is a graduate of Claymont High School and Brandywine College.
In 1991, Stewart founded the International Association of Insurance Receivers (IAIR) and was elected three times as President. Stewart received her Certification for Insurance Receiver, multiple lines in 1995 (CIR-ML).
Commissioner Stewart currently serves on 20 NAIC committees, task forces and working groups. She serves as the vice chair of the NAIC's Receivership and Insolvency (E) Task Force. Additionally, Commissioner Stewart is a member of the Supervisory College of Berkshire Hathaway, AIG, MetLife, SCOR, Sun Life, XL Group, Zurich, Munich, Fairfax Financial, Partner RE Group and Swiss RE.
Commissioner Stewart contributes to numerous boards and is currently serving on the State Employee Benefits Committee, Delaware Health Care Commission, the Deferred Compensation Council and the Council on Health Promotion and Disease Prevention.
More than $54 million from annual taxes, fees and penalties collected by the Department of Insurance was distributed to the state's general fund in FY 2014, a significant portion of the state's annual budget. An additional $35 million was distributed to the state's fire and ambulance companies and police pension funds. During that same time, the Department's Workplace Safety Program saved Delaware employers an estimated $9.3 million in workers compensation premiums, and the Consumer Services Division recovered approximately $2.1 million for Delaware consumers. In 2014, Delaware's Bureau of Captive and Financial Insurance Products was ranked the third largest U.S. domicile in terms of premium, and sixth in the world. When Commissioner Stewart formed the Captive Bureau in July 2009 it had 38 captives; the Bureau expects to license its 1000th captive in 2015.