Mr. McRaith, whose appointment was announced earlier this week, previously was director of the Division of Insurance within the Illinois Department of Financial and Professional Regulation, where financial and professional regulation had been consolidated since 2004.
Illinois Governor Pat Quinn re-established the Insurance Department as a separate agency effective June 1. In his April executive order, the Democratic governor said the cost of regulating insurance is borne by an assessment on the industry. “Without any cost to taxpayers due to the industry assessment, substantial benefit to consumers can be achieved by transfer” of the functions of the Division of Insurance to the new department, according to the executive order.
In a statement, the Insurance Department said its “mission is to protect consumers by providing assistance and information, efficiently regulating the insurance industry's market behavior and financial solvency, and fostering a competitive insurance marketplace.”
Mr. McRaith had been director of the Division of Insurance since 2005 and had been acting secretary of the Department of Financial and Professional Regulation since 2008.