WASHINGTON — A former insurance company executive who has testified before Congress in favor of an optional federal charter system is now the deputy secretary of the Treasury.
The Senate moved Monday to confirm Neal Wolin by unanimous consent.
In a statement about the confirmation vote, Treasury Secretary Timothy Geithner notes that Wolin has “strong managerial experience in both the private and public sectors.”
Wolin began working for Hartford Financial Services Group Inc., Hartford, as the company’s general counsel in 2001. When he left in December 2008 to work in the White House as a deputy counsel for economic policy, he was the president of Hartford’s property-casualty operations.
In November 2003, Wolin appeared on behalf of Hartford at a hearing of the capital markets subcommittee of the U.S. House Financial Services Committee.
Wolin testified that the government should give insurers the option of choosing between being regulated by the traditional state regulation system or being regulated by a new federal insurance regulatory system.
The National Association of Insurance Commissioners, Kansas City, Mo., and individual state insurance commissioners have been trying to modernize company solvency protection and consumer protection for at least 20 years, Wolin said.
The NAIC and the commissioners “have worked in good faith, but the actual reforms have been too slow in coming,” Wolin said.
Wolin has a bachelor’s degree and a law degree from Yale University, along with a master’s degree in development economics from Oxford University.
Before he began working for Hartford, he worked as the general counsel for the Treasury Department.
Allison Bell contributed to this report.