A career state insurance regulator will receive a big pay raise to become a consultant to the Wisconsin Office of the Insurance Commissioner.
The Milwaukee Journal Sentinel reports that Lafayette County Judge William Johnston approved a contract that will pay Roger Peterson $600,000 annually, plus a $375,000 bonus after 40 months.
Peterson is paid just over $100,000 a year as a deputy division administrator for regulation and enforcement. Peterson’s new contract was approved on July 8.
The state asked that Peterson become a full-time consultant so he could dedicate more time to the oversight of the restructuring of Ambac Assurance Corp., a bond insurance company.
Peterson will now be a full-time special deputy commissioner overseeing Ambac’s $42 billion segregated account — which is the portfolio of the company’s riskiest policies.
Information from: Milwaukee Journal Sentinel
Was this article valuable?
Here are more articles you may enjoy.
Abbott Presses Congress for Legal Shield Over Preemie Baby Formula Lawsuits 
One of Highest Property Claims Severity Recorded in Q3 on Low Volume, Says Verisk 
Aon Adds to List of Brokers Suing Howden US for Alleged Poaching, Theft 
Zillow Deleting Home Climate Risk Scores Reveals Limits of Flood, Fire Data 
