Michael Consedine, the former Pennsylvania insurance commissioner and current AEGON NV executive, has been selected to lead the National Association of Insurance Commissioners, according to a source with knowledge of the matter.

Consedine and the NAIC, the regulatory standard-setting body for the U.S. insurance industry, did not immediately respond to a request for comment.

Consedine is currently global head of government policy and affairs for Aegon. He was previously mentioned as one of the rumored candidates for the NAIC's top spot.