Help Wanted: U.S. Insurance Chief; Salary to $179K, Good Benefits; D.C. Office
The U.S. Treasury is looking for a Director of the Federal Insurance Office. The full-time job pays $119,554 to $179,700 per year depending on experience. Applications will be accepted from all qualified individuals until Oct. 20.
Those are some of the terms set forth in the job posting from the U.S. Treasury Department.
The position to run the federal agency charged with monitoring the property/casualty insurance industry was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law by President Obama in July.
The director will operate within Treasury, more specifically in federal bureaucratic jargon, the Federal Insurance Office acts under the direction of the Treasury Assistant Secretary for Financial Institutions and the Deputy Assistant Secretary for Financial Institutions Policy, as part of the Office of Domestic Finance.
Among the qualifications being sought:
According to the job posting, the job of the Federal Insurance Office is to monitor all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system. The office has the authority to recommend to the Financial Stability Oversight Council (FSOC) that it designate an insurer (including affiliates) as an entity subject to regulation as a nonbank financial company supervised by the Board of Governors of the Federal Reserve.
The office also consults with the states (including state insurance regulators), regarding insurance matters of national importance and prudential insurance matters of international importance The office advises the Treasury secretary on major domestic and prudential international insurance policy issues.
In carrying out these functions, the office may receive and collect data and information on and from the insurance industry and insurers; enter into information-sharing agreements; analyze and disseminate data and information; and issue reports regarding all lines of insurance except health insurance.
The authority of the office shall extend to all lines of insurance except health insurance, long-term care insurance (except that which is included with life or annuity insurance components), and crop insurance.
The complete job listing with requirements and direction on how to apply is available here.