HARRISBURG, Pa., Nov. 3, 2011 /PRNewswire-USNewswire/ -- State Insurance Commissioner Mike Consedine has been named to a new, 15-person committee that will advise the U.S. Department of Treasury's Federal Insurance Office.
"This appointment recognizes Pennsylvania's leadership role in the complex, global work of insurance regulation, as well as our state's very unique, diverse and innovative insurance marketplace," Consedine said. "It is my privilege to serve on this panel and to help promote further evolution of our state-based regulatory system."
Consedine is one of six state and District of Columbia insurance regulators to serve on the advisory panel, which is an outgrowth of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Its role is to monitor all aspects of the insurance industry, including identifying issues that could contribute to systemic risk to insurers or the U.S. financial system.
Pennsylvania is home to small mutual insurance companies as well as large international companies. The state Insurance Department supervises the operations of approximately 1,700 insurance companies. Pennsylvania has the world's 14th -largest insurance market, and the nation's fifth-largest premium volume.
Visit the Insurance Department online at www.insurance.pa.gov.
Media contact: Rosanne Placey or Melissa Fox, 717-787-3289
SOURCE Pennsylvania Department of Insurance