NAIFA issued the following statement on the appointment of Michael McRaith as director of the Federal Office of Insurance:
The National Association of Insurance and Financial Advisors (NAIFA) congratulates Illinois Insurance Director Michael McRaith on his selection as the first director of the newly created Federal Insurance Office (FIO). Treasury Secretary Timothy Geithner announced the appointment Thursday.
“NAIFA has worked closely with Mr. McRaith on a number of issues at the National Association of Insurance Commissioners, and we expect that he will deliver the same professionalism and leadership at the FIO that he has exhibited as the Illinois Insurance Director,” said Bill Anderson, NAIFA’s Senior Vice President of Government Relations.
“In Illinois, the director has been instrumental in advancing a number of important initiatives to protect consumers, including anti-STOLI and licensing-reform measures,” added Phil Lackman, NAIFA’s chief Illinois lobbyist. “We appreciate that Mr. McRaith has acknowledged the important job insurance agents do and helped us protect the agent’s role as Illinois establishes its health benefit exchange.”
Mr. McRaith’s duties in his new position will include gathering information about the insurance industry, including access to affordable insurance products by underserved communities, and monitoring the insurance industry for systemic risk purposes. He will also hold a seat on the Financial Stability Oversight Council and will work with the U.S. Trade Representative to negotiate insurance trade agreements.