Federal Insurance Office director’s speech at Global Insurance Symposium closed to public
May 21, 2014 by Matthew Patane, mpatane@dmreg.com
A speech by a publicly-appointed federal official will be closed to the press later today during the first Global Insurance Symposium.
Michael McRaith, the director of the Federal Insurance Office, is scheduled to speak before symposium attendees later today, but McRaith’s office has made it a requirement that the session be closed, the Register has learned.
A reason for the closed speech was not provided.
McRaith’s speech is expected to focus on supervision over the insurance industry and the role the federal office plays both in the U.S. and abroad. It is scheduled for 1 p.m. today.
In his position as director, McRaith serves as an adviser to the U.S. Treasury Secretary on insurance-related issues. McRaith was appointed as director in June 2011 by then-U.S. Treasury Secretary Timothy Geithner.
Legislation passed in 2010, known as Dodd-Frank, established the Federal Insurance Office, giving the office the authority to oversee the insurance industry to try and prevent the same events that led to the most recent financial crisis.
McRaith is also a non-voting member of the Financial Stability Oversight Council. Before serving as director for the Federal Insurance Office, McRaith was the director of the Illinois Department of Insurance.