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.
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
‘Structural Shift’ Occurring in California Surplus Lines 
Trump Demands $1 Billion From Harvard as Prolonged Standoff Appears to Deepen 
Trump’s Repeal of Climate Rule Opens a ‘New Front’ for Litigation 
