WASHINGTON (March 17, 2011) The National Association of Mutual Insurance Companies (NAMIC) commented today on the announcement that former Director of the Illinois Department of Insurance Michael McRaith has been named to head the newly created Federal Insurance Office.
“Director McRaith brings a wealth of knowledge and experience with him to Washington as he transitions from a regulatory role to that of the director of the FIO,” said Charles M. Chamness, president and CEO of NAMIC. “With over 100 member companies in Illinois, NAMIC is well known to him. We look forward to continuing our relationship in his new role.”
“As both a state regulator and an officer of the National Association of Insurance Commissioners, Director McRaith knows that state insurance departments and the NAIC have an enormous amount of data to draw from, and he knows where to find it,” said Chamness. “With this knowledge we believe he will be able to fulfill the mandate of FIO without costly, duplicative requests for the same data collected by the states.”
The FIO was created under the Dodd-Frank act to provide federal policymakers with information and expertise on insurance and coordinate on international issues. Under the law, the agency has no regulatory authority and is required to seek out information from available sources before requisitioning it directly from an insurer. As the head of the FIO, McRaith will also serve on the Financial Stability Oversight Council, although he will not have a vote in FSOC decision making.
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Posted: Thursday, March 17, 2011 6:00:46 PM. Modified: Wednesday, March 23, 2011 9:20:37 AM.
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