New York State
James J. Wrynn Superintendent of Insurance 25 Beaver Street New York, N.Y. 10004
|ISSUED 12/16/2009||FOR IMMEDIATE RELEASE|
New York State Insurance Superintendent James J. Wrynn today announced that Joseph Fritsch has been named Deputy Superintendent for Accounting and International Affairs. Fritsch was most recently the Insurance Department’s Director of Insurance Accounting Policy.
As Deputy Superintendent, Fritsch will advise the Superintendent and First Deputy on accounting policy. He is also responsible for coordination with regulators in other states, the National Association of Insurance Commissioners (NAIC) and officials from other countries on Department policies and global issues.
“Close cooperation among international regulators is vital to the proper regulation of multinational insurance companies and Joe Fritsch is superbly equipped to lead the Department’s efforts,” Wrynn said. “Joe has a distinguished record of advancing accounting policy and working with national and international regulators. He has long been an asset not just to this Department, but to insurance regulation.”
Deputy Superintendent Fritsch began his career with the Department in 1979 and has held various leadership positions. He represents the Department as Chair of the NAIC’s Statutory Accounting Principles Working Group which sets accounting standards nationally for the insurance industry. He was chair of the NAIC Property and Casualty Reinsurance Working Group that adopted additional disclosures for finite reinsurance and required CEOs and CFOs to attest that the contracts transferred risk.
Fritsch represents the NAIC and United States at the International Association of Insurance Supervisors, the body responsible for setting solvency and solvency-related standards, including those related to enterprise risk management, internal models and capital adequacy.
Fritsch has a bachelor’s degree in accounting from St. Francis College. He has been designated a Certified Financial Examiner by the Society of Financial Examiners, and is certified as an Associate in Reinsurance and an Associate in Insurance Accounting and Finance by the American Institute for Chartered Property Casualty Underwriters.