Illinois Insurance Director Michael McRaith was appointed as the first director of the Federal Insurance Office, a move that drew praise from insurance industry members.
Treasury Secretary Tim Geithner announced McRaith's appointment at a March 17 meeting of the Financial Services Oversight Council. The FIO post was created under the Dodd-Frank financial services reform law.
In addition to serving as Illinois' top insurance regulator, McRaith is also currently secretary/treasurer of the National Association of Insurance Commissioners (NAIC).
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