The newly-created Department of Insurance intends to safeguard consumers by aiding assistance and information
Pat Quinn, Governor of Illinois, has appointed Michael McRaith as the Director of the newly created Department of Insurance – reported in Insurance Journal.
As a consequence of Governor Quinn’s Executive Order 4, the Department of Insurance (DOI) is alienated from the Illinois Department of Financial and Professional Regulation (IDFPR). In addition, the Governor has asked Brent Adams to serve as acting Secretary of financial and professional regulation.
The newly-created Department of Insurance intends to safeguard consumers by aiding assistance and information, regulating the insurance industry’s market behavior and financial solvency.
While previously serving as Director, insurance division and acting Secretary of IDFPR, Mr. McRaith supported in developing and advocating for health insurance modernisation in Illinois and on the national level.
At IDFPR, Mr. Adams served the consumers by chairing the Mortgage Fraud Task Force, co-ordinating the Mortgage Relief Project, and drafting legislation to protect against predatory auto title loans, payday loans, and mortgage fraud.