FOR IMMEDIATE RELEASE
NEW YORKS MORIARTY WINS NAICS HIGHEST INDIVIDUAL HONORSuperintendent of Insurance Howard Mills today announced that Michael Moriarty, the director of the New York State Insurance Departments Capital Markets Bureau since 1999, has won the National Association of Insurance Commissioners (NAIC) 2005 Robert Dineen Award, the most prestigious individual honor the NAIC bestows.
The NAIC made the presentation to Mr. Moriarty at their Winter National Meeting in Chicago, Illinois (Dec. 3-6, 2005). The association cited the 26-year Insurance Department veteran for leading the successful reorganization of the NAIC's Securities Valuation Office (SVO), an effort which enables the SVO today to focus its resources more effectively on assessing insurers non-rated securities and portfolios as part of the regulatory process. In addition, Mr. Moriarty, as chair of the NAICs Risk Assessment Working Group, played a key role this year in responding to concerns about the insurance industry's use of finite reinsurance.
"The Dineen Award provides Mike Moriarty with the national recognition he so richly deserves," Superintendent Mills stated. "Mike's vision and creativity have helped to improve significantly the operations of the NAIC's Securities Valuation Office. The SVO is a more efficient, accountable and transparent organization thanks in large part to Mike's efforts."
"Michael J. Moriartys service, foresight and willingness to lead make him a distinguished state regulator. Mike is especially deserving of this recognition because of his outstanding work and leadership on the NAIC risk assessment initiative," NAIC President and Pennsylvania Insurance Commissioner Diane Koken said. "His contributions to the betterment of state insurance regulation have certainly benefited consumer protection, financial solvency and other important services of insurance regulation."
The award is named after Robert Dineen, a former New York State Superintendent of Insurance (1943-1950), and has been presented annually since 1989. Mr. Moriarty, the third New York regulator to win the Dineen Award, resides in Middle Village, Queens with his wife, Natalie, and their son, Daniel.