NU Online News Service, March 4, 9:00 a.m. EST ? Washington, D.C. officials say the District’s new agency combining its Department of Insurance and Securities Regulation with the Department of Banking and Financial Institutions will improve the city’s ability to serve the financial services industry.[@@]
D.C. Mayor Anthony Williams signed the measure establishing the merged entity on Monday. The new agency, which is titled the Department of Insurance, Securities and Banking, will be headed by Lawrence H. Mirel, currently the commissioner of Insurance and Securities.
William P. White, director, captive insurance for the agency, says the move “goes back to wanting to create an environment where D.C. can become more of a financial services center.”
D.C. is “not trying to displace anyone,” he adds. “We are just trying to pull together some resources that are already in the infrastructure right here in D.C.”