New York State
Insurance Department


ISSUED 5/08/2007

FOR IMMEDIATE RELEASE

MICHAEL MORIARTY PROMOTED TO DEPUTY SUPERINTENDENT
Will run Property, Capital Markets; Peltonen tapped as successor as Bureau Director

        Superintendent of Insurance Eric R. Dinallo today announced that Michael Moriarty has been named Deputy Superintendent for Property and Capital Markets with responsibilities including overseeing the licensing, examination and regulation of all property-casualty insurers and related entities, oversight of the capital markets and risk management of insurance companies. In addition, Moriarty will oversee the regulation of captive insurance companies in New York.

        "I look forward to working closely with Michael in his new leadership position," Superintendent Dinallo said. "He has long been an asset to this Department and his experience and expertise will be of great benefit as we address issues important to the state, including the availability of coastal flood insurance and terrorism cover. He is an outstanding example of the excellence of the career public servants at this Department."

        Matti Peltonen has been named Acting Director of the Capital Markets Bureau, assuming Deputy Superintendent Moriarty’s previous position. Before joining the Capital Markets Bureau in November 2000, Acting Director Peltonen worked as Vice President in Credit Suisse First Boston’s International Bank Group, Treasurer of Leonia Bank New York, head of Leonia Bank’s financial engineering unit in Finland and as Eurobond trader with Citicorp Investment Bank in London. He has a master’s degree in International Economics from Helsinki School of Economics.

        "Michael and Matti exemplify the outstanding career employees we are fortunate to have in this Department," Superintendent Dinallo said.

        Deputy Superintendent Moriarty began his career in the Department in 1979 after receiving a Bachelor of Science Degree in accounting from the City University of New York. Since then, he has served in a number of positions, most recently as the Director of the Department’s Capital Markets Bureau. The Capital Markets Bureau has been operational since 2000 and oversees the capital markets and risk management activities of New York-licensed insurers. He has worked on the development of new initiatives to enhance the financial solvency oversight of licensed insurers in New York, including accelerating the trend towards reliance on risk-based analyses/examinations and coordinating the Department’s policy on investments, derivatives and insurance securitization.

        Prior to that, Mr. Moriarty served as the Assistant Chief Examiner of the Property Bureau. In that position he coordinated the financial analysis of the property-casualty industry in New York.

        Mr. Moriarty participated in task forces and working groups of the National Association of Insurance Commissioners (NAIC). He represented the Department as Chair of the Risk Assessment Working Group, which is charged with developing the national risk-focused approach to financial solvency regulation, and as Chair of the Valuation of Securities Task Force, which establishes policy on the regulation of insurance industry investments.

        Deputy Superintendent Moriarty was the 2005 recipient of the NAIC Robert Dineen Award for Outstanding Service and Contribution to the State Regulation of Insurance, the most prestigious honor bestowed by the NAIC. He lives in Middle Village, NY with his wife, Natalie and their son, Danny.


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