Help Wanted: U.S. Insurance Chief; Salary to $179K, Good Benefits; D.C. Office

September 29, 2010

The U.S. Treasury is looking for a Director of the Federal Insurance Office. The full-time job pays $119,554 to $179,700 per year depending on experience. Applications will be accepted from all qualified individuals until Oct. 20.

Those are some of the terms set forth in the job posting from the U.S. Treasury Department.

The position to run the federal agency charged with monitoring the property/casualty insurance industry was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law by President Obama in July.

The director will operate within Treasury, more specifically in federal bureaucratic jargon, the Federal Insurance Office acts under the direction of the Treasury Assistant Secretary for Financial Institutions and the Deputy Assistant Secretary for Financial Institutions Policy, as part of the Office of Domestic Finance.

Among the qualifications being sought:

  1. Expertise in insurance markets, products, and knowledge of insurance and reinsurance companies’ operations, accounting, financial reporting, solvency. Demonstrated understanding of economic, financial, and legal concepts associated with insurance and reinsurance companies and broad knowledge of insurance markets.
  2. Extensive knowledge of legal and regulatory framework for insurance and reinsurance companies: how they are examined, regulated, and supervised, and the U.S. State and the international regulatory environment associated with them, including applicable model and State laws and regulations. Demonstrated expert specific knowledge concerning State insurance regulatory authorities, and familiarity with current and anticipated Federal legislation and State initiatives impacting the insurance industry. Extensive knowledge of insurance company solvency laws and regulations: how insurance companies are conserved, rehabilitated, and liquidated; and knowledge of the State-based guarantee system.
  3. Demonstrated knowledge regarding financial institutions as a whole, including familiarity with all types of financial intermediaries and their structures, as well as the business environment and policy issues associated with financial institutions.
  4. Knowledge of the law and regulations governing not only insurance companies but also those governing financial institutions generally and securities markets, the Federal rule-making process, and the State and Federal financial regulatory structures, including the Office of Thrift Supervision, and the Board of Governors of the Federal Reserve System, as well as foreign regulatory authorities.
  5. Demonstrated leadership experience, including administration, project management and human resource management. Expertise in developing and guiding subordinate staff.

The Job Description

According to the job posting, the job of the Federal Insurance Office is to monitor all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system. The office has the authority to recommend to the Financial Stability Oversight Council (FSOC) that it designate an insurer (including affiliates) as an entity subject to regulation as a nonbank financial company supervised by the Board of Governors of the Federal Reserve.

The office also consults with the states (including state insurance regulators), regarding insurance matters of national importance and prudential insurance matters of international importance The office advises the Treasury secretary on major domestic and prudential international insurance policy issues.

In carrying out these functions, the office may receive and collect data and information on and from the insurance industry and insurers; enter into information-sharing agreements; analyze and disseminate data and information; and issue reports regarding all lines of insurance except health insurance.

The authority of the office shall extend to all lines of insurance except health insurance, long-term care insurance (except that which is included with life or annuity insurance components), and crop insurance.

The complete job listing with requirements and direction on how to apply is available here.

Topics USA Legislation Market Talent

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