US treasury seeks chief insurance regulator
The US treasury has advertised for the position of ‘federal insurance director’, following the creation of the role as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The job description was posted on a US federal website in September and October. The chosen candidate will run the Federal Insurance Office, a new department created to spot gaps in US insurance regulation and conduct talks with foreign jurisdictions.
At present, US insurance is overseen by individual state commissioners and their collective action is conducted by the National Association of Insurance Commissioners (NAIC).
Current and former commissioners are expected to be among the applicants for the role.
However, the person stepping into the job could find themselves walking into a political minefield.
On one hand, state insurance regulators expect to be able to retain regulatory power and for the new federal director’s office to simply enhance their scope. But on the other hand, there are fears that the Federal Insurance Office might be used by lawmakers to enforce a greater monitoring role by the US Government. The fears arise from the fact that any appointed federal insurance director is expected to report to Congress in early 2012 with plans of how insurance can be modernised and improved.
The job will pay between $119,554 and $179,700 a year. Applicants are expected to meet strict “technical qualifications” and to provide “narrative statements” to prove their expertise. Applications closed on October 20 and an appointment is expected in December.
