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Federal Insurance Office Director Michael McRaith will step down when President-elect Trump takes office on Jan. 20.
The FIO was established in 2010 after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Mr. McRaith was the FIO’s inaugural director since being appointed in 2011 by then-Treasury Secretary Timothy Geithner. Prior to his appointment, he served more than six years as director of the Illinois Department of Insurance.
In his FIO role, Mr. McRaith was responsible for the coordination of federal efforts on insurance, such as the development of federal policy on prudential aspects of international insurance matters. He represented the United States at the International Association of Insurance Supervisors.
Insurer trade group the American Insurance Association commended Mr. McRaith’s efforts at the FIO.
“As the nation’s first director of the Federal Insurance Office, he has been a steadfast advocate for our industry,” said Leigh Ann Pusey, president and CEO of the American Insurance Association, in a statement.
Federal Insurance Office Director Michael McRaith has once again assured lawmakers that a long-delayed federal report on insurance regulatory modernization would be issued “soon.”