Michael McRaith, director of the Federal Insurance Office (FIO) in the Treasury Department, has been named to head the Technical Committee of the International Association of Insurance Supervisors (IAIS), its influential policy-developing body.
His selection took place during a telephone meeting last week.
Among other candidates for the post was Kevin McCarty, Florida insurance commissioner and president of the NAIC.
He succeeds Swiss citizen Monica Mächler, who has retired.
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In response, McCarty said, “I congratulate Director McRaith on his appointment as the IAIS Technical Committee chair and I look forward to continuing the work the FIO and the NAIC have been doing on this committee as well as the other areas where our regulatory boundaries may cross.”
Industry officials said one reason McRaith was selected is that the international players are striving for transparency.