Ian Katz from Bloomberg Businessweek reports:
Michael McRaith, director of the Illinois Department of Insurance, will be named to lead the new Federal Insurance Office, U.S. Treasury Secretary Timothy F. Geithner said today.
The office was created by last year’s Dodd-Frank financial overhaul law to gather data on the insurance industry and to negotiate internationally on its behalf. The office doesn’t have regulatory power.
Geithner made the announcement during a meeting of the Financial Stability Oversight Council in Washington today.