McRaith Named to Head New Federal Insurance Office

FIO, also created by Dodd-Frank, had not had its top slot, which also occupies a position on the FSOC, filled until now. There had been criticism from both Democrats and Republicans that the FIO position on the FSOC, as well as another position designated for an independent insurance expert, remained unoccupied. Prior to McRaith’s appointment, there was only a single spot on the FSOC panel filled by an insurance expert; that position was nonvoting. Criticism held that the FSOC was involved in matters that impacted the insurance industry without sufficient expertise on the council.

The FIO will share negotiating authority, according to the report, on bilateral insurance trade agreements with the U.S. Trade Representative. McRaith will, in addition to his other duties, be responsible for monitoring the insurance industry and for advising Congress and other federal entities about insurance matters.