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Fed Hires Former Connecticut Insurance Commissioner Sullivan

The Federal Reserve (Fed) has hired former Connecticut Insurance Commissioner Thomas Sullivan as a senior advisor in charge of insurance oversight within the Banking Supervision and Regulation Division at the Fed...
June 12, 2014

The Federal Reserve (Fed) has hired former Connecticut Insurance Commissioner Thomas Sullivan as a senior advisor in charge of insurance oversight within the Banking Supervision and Regulation Division at the Fed. Sullivan will be responsible for the Fed carrying out its new regulatory role for insurance companies that have been designated as systemically important financial institutions (SIFIs). Sullivan’s appointment drew praise from both insurers and the National Association of Insurance Commissioners (NAIC).

After his appointment was announced, Sullivan didn’t elaborate on how he would propose to regulate SIFIs. He noted he has a good relationship with Federal Insurance Office (FIO) Director Michael McRaith. “The FIO itself is not a regulator, as I will be,” Sullivan told Best’s News Service. “But it plays an important role in the insurance industry in the United States. Mike and I were colleagues together at the NAIC, so I know him quite well. I envision myself working closely with Mike on issues that are germane to both of us.” In 2009, Sullivan told Congress that states were doing a good job of regulating insurance companies. “State regulation of insurance has protected insurance consumers and companies from the worst of the financial crisis,” he said in testimony.

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