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FOR IMMEDIATE RELEASE

NEW YORK REGULATOR EARNS NAIC'S HIGHEST INDIVIDUAL HONOR

NATIONAL HARBOR, Md. (Nov. 29, 2012) — The National Association of Insurance Commissioners (NAIC) today presented Joseph Fritsch of the New York State Department of Financial Services with the organization's most prestigious individual honor. Fritsch received the Robert Dineen Award during the Opening Session of the NAIC Fall National Meeting.

"Joe's dedication to insurance regulation and his exemplary record of service has been displayed on numerous fronts throughout his nearly 35-year career," said Kevin M. McCarty, NAIC President and Florida Insurance Commissioner. "His expertise in statutory accounting and solvency issues was critically important during some of the most challenging economic times. Also notable was Joe's early understanding of the global insurance marketplace and the importance of identifying the regulatory challenges of cross-border insurance business."

Fritsch serves as Chair of the NAIC Statutory Accounting Principles Working Group and Vice Chair of the Emerging Accounting Issues Working Group. He worked closely with regulators and NAIC staff regarding AIG and securities lending programs at the height of the financial crisis, and played a key role in the NAIC's reinsurance modernization proposal.

Established in 1989 and named in honor of the founder of the NAIC's Support and Services Office - now its Central Office - the Robert Dineen Award is presented to an individual in recognition of his or her outstanding achievement as a career regulator.

 

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About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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