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New federal insurance office has vast power to collect data

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Over a year since the passage of the Dodd-Frank financial law, the new Federal Insurance Office, which has broad authority to collect data from the $934 billion industry, finally has a director.

Michael McRaith, the newly appointed head, is currently director of the Illinois Department of Insurance. Treasury Secretary Timothy Geithner announced the appointment last week.

While the insurance industry, which is regulated at the state level, largely escaped the reach of the new financial law. The one exception was the creation of the new office within the Treasury Department.

While not a regulatory body, the office will advise the ...

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