GOVERNMENT: Federal insurance office director starts work

Former Illinois Insurance Commissioner Michael McRaith started work last month as the first director of the new Federal Insurance Office. McRaith previously worked in various capacities in connection with the National Association of Insurance Commissioners, and was an attorney in private practice for 15 years in Chicago, representing insurers and other financial institutions.
McRaith leads a new federal office with little regulatory power but that will report to Congress next year on gaps in the existing state-based regulation of insurers.