COMMISSIONER BAKKE RESIGNS:

Acting Gov. Richard J. Codey has accepted the resignation of Banking and Insurance Commissioner Holly C. Bakke. In her resignation letter, Bakke indicated her desire to spend more time with her son and to become more involved with her community. Her resignation is effective March 1. Bakke was appointed in February 2002 by then-Gov. James E. McGreevey. During Bakke’s tenure, New Jersey enacted auto insurance reforms that prompted several carriers to enter New Jersey and encouraged State Farm to remain in the state. The reforms have led to more than $300 million in rate reductions for more than two million New Jersey drivers.In addition, 41,000 previously uninsured drivers are now insured and contributing to the system and 1,200 new agents are now serving consumers across the state. The department also began initiatives aimed at making healthcare coverage in New Jersey more affordable.