Insurance Expert Michael McRaith New Director Federal Insurance Office

Secretary of the Treasury Timothy Geithner announced Thursday that the first director of the new Federal Insurance Office (FIO) will be Michael McRaith, currently insurance director of Illinois and formerly the secretary/treasurer of the National Association of Insurance Commissioners (NAIC). Prior to McRaith’s appointment, there was only a single spot on the FSOC panel filled by an insurance expert; that position was nonvoting. Criticism held that the FSOC was involved in matters that impacted the insurance industry without sufficient expertise on the council.

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