Mirel Stepping Down as D.C. Insurance and Securities Regulator

August 15, 2005

Lawrence H. Mirel, insurance commissioner for the District of Columbia, is stepping down from the post he has held for the past six years, the office of D.C. Mayor Anthony Williams has confirmed.

Vincent Morris, a spokesman for the mayor, said no successor has yet been named. Mirel is leaving Sept. 30.

As commissioner, Mirel is also head of the Department of Insurance, Securities and Banking whose seven offices and five bureaus that regulate insurance, securities, banking and other financial services businesses in the District.

During his tenure, Mirel has been instrumental in establishing D.C. as a center for captive insurers.

Last month, Mirel approved the sale of NCRIC, Inc., the District’s largest writer of medical malpractice insurance, to ProAssurance, Corp., an Alabama-based company.

Mayor Williams appointed Mirel as Commissioner of Insurance and Securities Regulation in July of 1999. In March of 2004, banking regulation was added to his responsibilities. DISB has a budget of more than $11 million a year and a staff of approximately 125.

Under Mirel’s leadership the District has made a bid to become a major national and international center for insurance, banking and other kinds of financial services. He engineered a plan to modernize the regulatory system that included a captive insurance law to take advantage of the District’s unique status as the nation’s capital, the location of the World Bank and other international financial institutions, and the home of thousands of national and international trade and non-profit associations.

Mirel has been active in the National Association of Insurance Commissioners, where he has been an advocate of better cooperation among state regulators and for improved financial reporting by insurers.

Before becoming commissioner, Mirel was a lawyer in private practice and was the founder and executive director of the District of Columbia Insurance Federation (DCIF), a state insurance trade association.

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