NU Online News Service, Sept. 30, 4:10 p.m. EDT
The Treasury Department is moving quickly to create a Federal Insurance Office (FIO), with existing staff laying the groundwork while the department conducts a public search for a director, deputy Treasury Secretary Neal Wolin told Congress today.
He also said that Treasury "will make every effort to ensure a cooperative and collaborative relationship with the National Association of Insurance Commissioners [NAIC]."
He also disclosed that the Financial Stability Oversight Council, established by the law, will hold its first open meeting at 2:30 p.m. at the Treasury Department, with Secretary Timothy Geithner presiding.
Among the members of the panel are John Huff, the Missouri insurance commissioner. Mr. Huff is a non-voting member.
Mr. Wolin said senior Treasury officials and staff "are engaging frequently with the NAIC as well as other interested parties."
He added that the Treasury is establishing with NAIC a framework within which the FIO and the states, as the functional regulators, "can work hand-in-hand," he said.
He also said that Treasury is working to engage effectively with representatives of other countries on insurance prudential issues and will also be working closely with the United States Trade Representative, as required by the law.
Mr. Wolin made his comments today at a hearing before the Senate Banking Committee on implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
The department posted a notice for the FIO director position on Sept. 28. The full-time job will pay from $119,554 to $179,700 per year, depending on experience. Applications will be accepted from all qualified individuals until Oct. 20.
Under the law, Mr. Wolin said, the director of this office must be a senior career civil servant.
He said the agency will "move as fast as the civil service hiring process allows."
He added that Treasury is also making plans for a system that will provide FIO with industry and insurer data and information, including data to monitor access to affordable insurance products by traditionally underserved communities and consumers, minorities, and low- and moderate-income people.
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