Ralph (Buddy) Iannaco

Ralph (Buddy) Iannaco

 

Buddy began his long and distinguished career in the public sector in 1964 upon his appointment as the Secretary of the Board of Appeals in the Division of Insurance by then Governor Endicott Peabody.

Over thirty plus years. Buddy served in several positions at the Division, each one expanding his decision-making responsibilities and hands-on involvement with the Massachusetts insurance system, including the role as the “chief liaison” to the Legislature’s Committee on Insurance, as well as the Office of the Attorney General, and the Registrar of Motor Vehicles.

Buddy served under twelve Commissioners; the first being C. Eugene Farnam, Sr. and the last, Linda L. Ruthardt. During the tenures of the various Commissioners, Buddy participated in a vast number of working groups, chairing several of them. One of the many accomplishments was the development of the surcharge appellate process, which is still in effect today. Throughout the years, Buddy presided over hundreds of adjudicatory hearings.

As Deputy Commissioner and Chief of staff, he assumed responsibility for the day-to-day operation and financial management of the Division. He was instrumental in standardizing all licensing renewal procedures including the development of the “lock box system” which produced a more expeditious and cost-effective method for the collection and deposit of all license fees.

In his capacity as First Deputy Commissioner, Buddy continued to develop agency policies, most notably he headed the project team in the establishment of a new Market Conduct Department in accordance with the NAIC guidelines, and led the Division’s task force on NAIC Re-accreditation. In addition, he served on the legislature’s House Subcommittee on Auto Insurance. Throughout his tenure, Buddy remained the Division’s chief point person for the Commonwealth’s SDIP and liaison to the Merit Rating Board.

In 1998, Buddy embarked upon a second career as the President of Commonwealth Automobile Reinsurers, bringing with him a hands-on management style. Drawing on his knowledge of due process and adjudicatory hearings, he implemented a new docket system for CAR. He established a mediation system for the resolution of many issues that formerly had to venture through the committee process. Company and producer educational seminars were initiated and conducted by staff throughout the state. In keeping with efforts to enhance CAR’s communication policy, resources were dedicated to the development of an application for the dissemination of information in the most timely and cost-effective manner. CAR’s website, heralded by many, is indicative of this effort. His fiscally conservative management philosophy has resulted in CAR’s annual operating budget continually remaining below the Consumer Price Index average.

An avid long-distance runner, Buddy completed fifteen marathons including Boston on four occasions, and New York twice, before taking up the athletic challenge of a triathlon. As a senior triathlon competitor (age 50-55), he competed in 37 varying distance races, culminating in a first place finish in the Iron Man Race, which is comprised of a 2.5 -mile swim, 112 miles by bike, and full 26 mile marathon. Buddy also captured first place in 33 other races, earning him All-American Honors and a National Ranking in 1989.

During his term as President of the Winthrop Golf Club, he initiated a youth golf program and enhanced the Club’s scholarship contribution, which is awarded annually to several local high school graduates.

Buddy has been married to his wife Joan for 35 years, and has two married children and three grandchildren. He served in the United States Army in 1959 and the Army Reserve until 1965.