New York DFS Superintendent Lacewell Announces New Executive Appointments

July 8, 2019

New York Department of Financial Services (DFS) Superintendent Linda A. Lacewell has announced new executive appointments.

Steven F. Kluger has been appointed executive deputy superintendent for Capital Markets, James V. Regalbuto has been promoted to deputy superintendent for Insurance – the second ranking position in the Insurance Division – and Alice Wang McKenney has been promoted to deputy chief of the Health Bureau.

“With their invaluable government and industry experience, Steven, James and Alice will strengthen the executive team at DFS,” said Superintendent Lacewell in a DFS press release. “I am pleased to work with our new team members to serve the public, accomplish the mission and goals of the department, and continue to move New York financial services regulation forward.”

Kluger will report directly to the Superintendent and will be responsible for overseeing the Capital Markets Division, which identifies emerging risks and trends, provides expertise with respect to capital markets products, enterprise risk management, financial analysis and research, and regulatory accounting, as well as working in partnership with other business units on specialized department examinations.

He most recently served as a senior leader for several large private-equity firms, investment managers and family offices, in founder roles of start-ups and in operating executive roles for portfolio companies.

Prior to 2007, Kluger was president and CEO of GE Capital Markets Services Inc., a vice president of the General Electric Company, and a member of GE’s strategic planning team. He also served as a member of the International Monetary Fund’s Capital Markets Consultative Group formed for crisis prevention post-9/11.

After 20 years at GE, Kluger joined Aquiline Capital in 2007 as a senior advisor.

Regalbuto will report to Laura Evangelista, executive deputy superintendent for Insurance. In his new role, he will have greater management responsibility and will help to position the Insurance Division with respect to new technologies and other matters of significant public concern.

He brings a wide array of practical experience to his new role. As deputy superintendent for Life Insurance at DFS, he oversaw the regulation of more than 190 licensed life insurers and accredited reinsurers, 12 retirement systems, more than 350 charitable annuity societies and 23 life settlement providers.

Regalbuto also implemented policy initiatives, such as the best interest regulation for life insurance and annuity products and DFS’s first-in-the-nation guidance with respect to the use of big data and algorithmic underwriting in life insurance.

Prior to joining DFS in 2015, Regalbuto worked for two different New York-based insurers and previously was licensed as an insurance agent.

McKenney joined DFS as an Excelsior Fellow, working on various health initiatives, such as the recent passage of the IVF mandate. In her new role, McKenney will be responsible for operations and initiatives in the New York City health office, including oversight of financial solvency, as well as exams and compliance of health insurers.

McKenney joined DFS in 2017 after serving most recently as a vice president, and before that, as an associate on the Private Wealth Global Management team at Goldman Sachs & Co.

While there, she drove various financial, regulatory and infrastructural initiatives by partnering with internal groups across the organization’s international footprint, including the Investment Strategy Group, GS Trust Company, Equity Compensation Group, Strategy and Finance Group, as well as the technology, operations, legal and compliance teams.

Prior to that, she served as a senior analyst at Goldman, conducting roadshows to pitch asset allocation and client relationship management tools.

Separately, the DFS Consumer Assistance Unit has been transferred to the new Consumer Protection and Financial Enforcement Division to better align with the unit’s mission and priorities.

Source: New York Department of Financial Services

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