Rhode Island Superintendent of Banking and Insurance Joseph Torti III will leave his post at the end of the year and join Fairfax Financial as vice president of Regulatory Affairs.
Torti was appointed associate director and superintendent of Insurance for Rhode Island in 2002. In 2008, he was appointed the state’s deputy director and superintendent of Banking and Insurance.
Torti has served for more than 25 years with the Rhode Island Insurance Division, beginning his career as a senior examiner. He previously served as chief insurance examiner, managing the largest section of the Insurance Division. Prior to joining the Insurance Division, he was a bank examiner and worked as an auditor for the Department of Transportation.
He also currently serves as chair of the National Association of Insurance Commissioners’ (NAIC) Financial Condition (E) Committee and chair of the Audit Committee of the Interstate Insurance Product Regulation Compact (IIPRC). He also co-chairs the Principle-Based Reserving Implementation (EX) Task Force and is a member of the NAIC Audit Committee, and serves as a member of several other committees and working groups.
Torti’s successor will be chosen and appointed by the director of the Rhode Island Department of Business Regulation.
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