William (Bill) H. L. Woodyard, III (1945 - 2014) Inducted Into 2025 Arkansas Insurance Hall of Fame
October 17, 2025
(Little Rock, Ark.) Mitchell, Williams, Selig, Gates, & Woodyard, P.L.L.C. named partner William (Bill) H. L. Woodyard, III (1945 - 2014) was honored at the 2025 Arkansas Insurance Hall of Fame Induction Banquet on Thursday, Oct. 16, at the Thomas C. Courtway Student Recreation Center on the campus of the University of Central Arkansas.
The Arkansas Insurance Hall of Fame recognizes outstanding insurance professionals who demonstrate innovation, social responsibility, leadership, and excellence within their field; who have made substantial and enduring contributions to the advancement of the insurance industry; and who have had a meaningful impact on the lives of Arkansans. Woodyard’s distinguished career exemplified and surpassed these standards.
Woodyard was a transformative figure in American insurance regulation whose career spanned more than four decades and left an indelible mark on the industry in Arkansas, across the nation, and beyond. His legacy is one of leadership, innovation, and a steadfast commitment to public service, principles-based regulation, and industry integrity.
Woodyard’s insurance career began in earnest in 1976 when he was appointed as Insurance Commissioner of Arkansas by Governor David Pryor—a role he continued to hold under Governors Bill Clinton and Frank White. His appointment at a pivotal time for Arkansas’s insurance landscape set the stage for transformative change that would resonate for generations.
As Commissioner, Woodyard was renowned for his belief in “better regulation by regulating less.” He championed the ideals of a free market, tirelessly advocating for legislative reforms that prioritized both consumer protection and industry innovation. Among his signature achievements was spearheading legislation that ushered in the “open competition” law for auto, homeowners, and other property and casualty lines in Arkansas. This groundbreaking policy fostered a more competitive marketplace, resulting in lower insurance rates for consumers, while also streamlining regulatory burdens for insurers. Woodyard’s vision was clear: empower the market, but ensure that protection for policyholders remained paramount.
A crowning achievement during his tenure was leading the passage of the Arkansas Property and Casualty Guaranty Fund Act in the late 1970s. For the first time, Arkansas policyholders whose insurers faced insolvency were provided a safety net, anchoring trust in the insurance system and setting a precedent that other states would follow.
Woodyard’s influence extended well beyond Arkansas. Appointed by President Jimmy Carter to the Supplemental Health Insurance Panel for the Department of Health and Human Services, Bill played a vital role in shaping national health insurance standards. He also chaired the Insurance Reform Committee of the Arkansas Health Care Reform Task Force, displaying his expertise in navigating complex regulatory challenges at both the state and federal levels.
A committed leader within the National Association of Insurance Commissioners (NAIC), Woodyard’s service was distinguished and far-reaching. He held key positions, including Vice-Chairman of the NAIC Task Force on Variable Life Insurance Regulation, Chairman of the NAIC Subcommittee on Insurance Holding Companies, and ultimately, President of the NAIC. During his presidency, Woodyard led the restructuring and modernization of the NAIC at a critical juncture for both the association and state-based insurance regulation.
At a time when federal oversight threatened to subsume state regulatory authority, Woodyard’s strategic leadership was instrumental in preserving and strengthening state regulation. He spearheaded the expansion of the NAIC from a small, home-based operation in Milwaukee to a robust, full-service organization headquartered in Kansas City, Missouri. Under his stewardship, the NAIC grew from a two-person staff to more than 500 professionals, with an annual budget exceeding $175 million—a transformation that endures as one of his most lasting industry contributions.
In 1983, Woodyard joined Mitchell Williams Selig Gates & Woodyard, P.L.L.C., where he founded the firm’s insurance regulatory practice—the only one of its kind in Arkansas and soon, a model nationwide. His visionary leadership and deep regulatory knowledge transformed a single-lawyer practice into a multidisciplinary team of more than 20 lawyers and paralegals, with offices in Little Rock and Austin, and remote offices across the United States.
Woodyard’s practice was recognized nationally for its expertise in navigating the evolving landscape of insurance law. He advised clients on all aspects of insurance-related corporate, regulatory, and compliance matters: from designing new insurance products and securing regulatory approvals, to leading complex expansions, mergers, and acquisitions. His insight and counsel were sought by insurance companies and trade associations nationwide, and he was a trusted advisor in rate cases and regulatory hearings.
His distinguished achievements earned him appointment as the American Bar Association’s Vice-Chair of the Public Regulation of Insurance Law Committee within the Torts and Insurance Practice Section, as well as service on the Commissioner’s Insurance Industry Economic Development Task Force.
Woodyard’s influence is still felt across the regulatory world. The insurance regulatory practice he founded at Mitchell Williams continues to be nationally recognized for its depth of expertise, strong relationships with regulators, and unwavering dedication to clients in all 50 states, the District of Columbia, and Puerto Rico. Perhaps most enduring is the respect Woodyard commanded from state insurance regulators, industry leaders, and colleagues across the country. His career stands as a testament to the power of principled leadership, strategic vision, and commitment to advancing the public good. Bill Woodyard shaped the course of insurance regulation, not only in Arkansas but across the nation—always with an eye toward innovation, integrity, and betterment for all.
About the Arkansas Insurance Hall of Fame
The Arkansas Insurance Hall of Fame was created to recognize leaders of the insurance industry in Arkansas and is housed at the University of Central Arkansas, which has the only program offering a major in insurance and risk management in the state of Arkansas. The baccalaureate degree program serves as a valuable resource for the insurance and financial services industry throughout the region.
About Mitchell Williams
Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C. is a full-service law firm with Arkansas roots and national reach. For over 70 years, the firm has provided comprehensive legal counsel to corporations, organizations and individuals, handling routine business matters as well as highly complex corporate issues. From offices in Little Rock, Rogers and Jonesboro, Arkansas and Austin, Texas, Mitchell Williams provides strategic solutions and extensive experience to its valued clients. Learn more at MitchellWilliamsLaw.com.