The Illinois Senate voted 53-0 to confirm Fernando E. Grillo as head of the new super-department into which the state’s insurance department has been consolidated. Grillo will head the Department of Financial and Professional Regulation, which combines the former Departments of Professional Regulation, Insurance and the Office of Banks and Real Estate.
The administration of Democratic Gov. Rod Blagojevich has estimated that the consolidation will save the state nearly $14 million in its first year. Blagojevich proposed the move last April, and it went into effect July 1. The new department has 800 employees and oversees the regulation of 100 occupational fields along with insurance.
Topics Legislation Illinois
Was this article valuable?
Here are more articles you may enjoy.
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer 
State Farm Adjuster’s Opinion Does Not Override Policy Exclusion in MS Sewage Backup 
Lemonade Books Q4 Net Loss of $21.7M as Customer Count Grows 
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
