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Treasury's Federal Insurance Office Director Dreyer Departs

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Steve Dreyer is leaving his position as the relatively new director of the Treasury Department’s Federal Insurance Office. His last day is Friday.

“Although we have been able to accomplish quite a bit during my time here, upon reflection, I have recognized that working in government turned out to be quite different from my time in the private sector, and I believe that my experiences can be best applied in other pursuits,” Dreyer said in an email to associates late Wednesday afternoon.

(Related: Blackstone Hires Former Federal Insurance Office Head)

Dreyer, who became FIO director in June after a long and intensive vetting process, had recently returned from an International Association of Insurance Supervisors (IAIS) meeting in Luxembourg. As FIO director, Dreyer represents the U.S. at the IAIS.

The FIO director, a position created by the Dodd-Frank Act, advises the Treasury secretary, can negotiate international covered agreements and promotes access to insurance products with the exception of health insurance and is a nonvoting member of the Financial Stability Oversight Council. Dreyer participated in discussions on financial stability risk.

Dryer had begun leading meetings of the Federal Advisory Committee on Insurance and coordinating a Treasury-led, multi-agency long-term care task force.

Dreyer is the second FIO director. Michael McRaith, who became the first FIO director in 2011, left on the last day of the Obama administration, and the job had been vacant for nearly a year and a half, with Steve Seitz serving as acting director.

A Treasury official said that Seitz “will make sure the work of the office will continue just as he did for the 18 months when the previous director departed.”

Dreyer’s almost quarter-century career before Treasury was in credit ratings and analysis at Standard & Poor’s Ratings Services, which is now S&P Global. He specialized in the insurance industry, as well as infrastructure and enterprise risk management.

Dreyer oversaw S&P’s North American Insurance Ratings from 2000 to 2006 and U.S. Utilities & Infrastructure Ratings from 2007 to 2015, according to his bio on the Treasury website, which was still live on Thursday morning.

— Read Republican Questions Constitutionality of Insurance Regulatory Systemon ThinkAdvisor.

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