South Carolina DOI Director Ray Farmer Retires after Half-Century in the Insurance Arena

Ray Farmer would probably never be accused of being a “caretaker” government official or a mere bureaucrat.

“He’s accomplished a lot in the position. He’ll be leaving behind some big shoes to fill,” said Russ Dubisky, executive director of the South Carolina Insurance Association.

After more than nine years as director of the South Carolina Insurance Department, Farmer last week was recognized by the state General Assembly. Lawmakers passed a resolution marking Farmer’s retirement and commending him for his work since taking office in 2012.

The highlights cited by the lawmakers and by others include Farmer’s push for the state’s data security law, considered the first in the nation to require insurance companies to have a comprehensive plan to protect consumer data – a law the National Association of Insurance Commissioners used as a model for its own model data security legislation.

Farmer served as president of NAIC in 2020 and was honored by the association for his leadership.

Farmer also championed South Carolina’s Private Flood Insurance Act of 2020, which encouraged more flood policies by allowing insurers to test products in the market and to have more flexibility on coverage requirements. The director has pushed for stronger building codes to reduce flood damage, and has advocated for greater use of parametric insurance to fill coverage gaps as storms and flooding grow worse in parts of the country.

He also oversaw the establishment of an Insurance Fraud Division at the department in 2021.

“The number of carriers that have come into South Carolina under his watch has created more competition and has benefited consumers, I’d say,” Dubisky said Tuesday after South Carolina Gov. Henry McMaster made Farmer’s retirement announcement official.

Farmer was named DOI director by then-Gov. Nikki Hayley, and McMaster in 2018 asked him to stay in the job for another few years.

“Through innovative consumer protection policy, natural disaster education programs, and by expanding career advancement opportunities for SCDOI employees, Director Farmer has led the agency to new heights and built a strong foundation for the future,” McMaster said in a statement.

Farmer, who has spent a half-century in the insurance world, is a native of Atlanta. He earned his bachelor’s degree from the University of Southern Mississippi and his law degree from John Marshall School of Law in Atlanta.

“I can say that after 53 years in the insurance industry, this is truly the best job I’ve ever had,” Farmer said in a statement. “It has been an honor to work alongside my team of dedicated public servants for the last nine years as we strived to make life better for every consumer in the Palmetto State.”

Farmer leaves office April 15. Michael Wise, who has worked at the department since 2009, will now serve as acting director, the governor said. Wise is the deputy director of actuarial and market services at the DOI.

Top photo: Farmer when he was appointed by Hayley in 2012.

Topics Agribusiness South Carolina