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WASHINGTON—The Obama administration has named Illinois Insurance Director Michael T. McRaith to head the new Federal Insurance Office.
Treasury Secretary Timothy Geithner announced the appointment during a meeting of the Financial Stability Oversight Council on Thursday. In his new position, Mr. McRaith will serve as a nonvoting member of that body.
The new office, which is part of the Treasury Department, was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The office will advise federal authorities on insurance matters, prepare reports and analysis, and have some limited pre-emption power over state laws that affect international insurance arrangements.
The office also will oversee the federal government’s terrorism insurance backstop program.
WASHINGTON—A bipartisan group of congressmen sent a letter Wednesday to President Barack Obama expressing concern over the fact that two key insurance-related positions created by the Dodd-Frank Wall Street Reform and Consumer Protection Act remain unfilled.