(Bloomberg) -- New York’s financialregulator promoted Scott Fischer to be the state’s top insurancewatchdog, a position that involves overseeing about 1,700 companieswith more than $4 trillion of assets.

Fischer, 44, a former corporate attorney, was named executivedeputy superintendent for insurance, reporting to Maria Vullo, theacting superintendent of the New York State Departmentof Financial Services, the regulator said Thursday in astatement. Laura Evangelista was named deputy superintendent forinsurance and will report to Fischer.

The New York role is one of the most important regulatory postsin the industry, given the size of the market and the department’sreputation for strict oversight and capital standards. Former DFSSuperintendent Benjamin Lawsky worked to crack down onintra-company life insurance transactions that he said could maskrisk.

(Photo at right: Scott Fischer, courtesy of LinkedIn)

Lawsky, who stepped down in 2015 after extracting morethan $6 billion in settlements from financial institutions overfour years, also demanded increased policyholder protections whenprivate-equity firms purchased insurers.

“We welcome Scott and Laura, with their deep insurance and legalbackgrounds,” Vullo said in the statement. “Together they bringinvaluable government and industry experience to the pool oftalented professionals.”

Liquidation bureau

Fischer was the special deputy superintendent at the New YorkLiquidation Bureau, where he helped oversee the wind-down of morethan 25 domestic insurers and managed a staff of more than 200. Hepreviously worked at the European Bank for Reconstruction &Development in London, and as an assistant attorney general inNew York. He received a bachelor’s degree from Dickinson Collegeand a law degree from New York University, according to thestatement.

Evangelista previously worked as vice president and assistantgeneral counsel at Nausch, Hogan & Murray Inc. She has abachelor’s degree from Trinity College and a law degree fromHofstra University.

Related: Meet the 16 women who run state insurancedepartments

U.S. insurers are regulated by individual states, rather than bya national overseer, and smaller jurisdictions often follow thelead of the most prominent departments. Regulators weigh companies’requests for rate increases, protect consumers against abuses andmake sure insurers have enough capital to back policyholderobligations.

Robert Easton previously led the New York insurance divisionbefore stepping down last year, according to Richard Loconte, aspokesman for the department.

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