NU Online News Service, July 8, 3:22 p.m. EDT
Illinois Governor Pat Quinn has named Michael McRaith director of the newly formed Department of Insurance.
On July 1 Gov. Quinn issued Executive Order 4, which separated the department from the Illinois Department of Financial and Professional Regulation.
Director McRaith headed the Division of Insurance when that agency was within the IDFPR. He also was acting secretary of the IDFPR.
The newly created department announced that its mission is to "protect consumers by providing assistance and information, efficiently regulating the insurance industry's market behavior and financial solvency, and fostering a competitive insurance marketplace."
Gov. Quinn said separating the department from the IDFPR would yield benefits to consumers without any additional cost to taxpayers.
"Mike McRaith's expertise in insurance will be an asset as we work to protect insurance consumers," said Gov. Quinn.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.