New York State Insurance Superintendent James J. Wrynn announced that Joseph Fritsch has been named deputy superintendent for Accounting and International Affairs. Fritsch was most recently the director of Insurance Accounting Policy.
As deputy superintendent, Fritsch will advise on accounting policy and is also responsible for coordination with regulators in other states, the National Association of Insurance Commissioners (NAIC) and officials from other countries on department policies and global issues.
Fritsch began his career with the department in 1979 and has held various positions. He chairs the NAIC’s Statutory Accounting Principles Working Group which sets accounting standards nationally for the insurance industry. He was chair of the NAIC Property and Casualty Reinsurance Working Group that adopted additional disclosures for finite reinsurance.
Fritsch represents the NAIC and U.S. at the International Association of Insurance Supervisors, the body responsible for setting solvency and solvency-related standards, including those related to enterprise risk management, internal models and capital adequacy.
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