First mooted in 2009, The
Federal Insurance Office (FIO) has taken a step closer to becoming
a factor in the US insurance industry with the appointment of its
first director Michael McRaith, the director of the Illinois
Department of Insurance.
The FIO, which falls under
the US Treasury Department, has no regulatory powers and will be
tasked with, among other things, advising the federal government on
insurance issues and participate in concluding bilateral trade
agreements on insurance with foreign countries.
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The FIO is also mandated to
conduct a study of insurance regulation and make recommendations to
Congress within 18 months of its launch.
Prior to his appointment as the director of the Illinois
Department of Insurance, McRaith worked 15 years in private
practice as an attorney in Chicago where he represented national
and regional financial institutions, including insurers, in
finance-related litigation.
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