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ISSUED: 10/4/99 FOR IMMEDIATE RELEASE

LEVIN APPOINTS MICHAEL MORIARTY AS DIRECTOR OF FINANCIAL SOLVENCY STRATEGY

Superintendent Neil D. Levin today announced the appointment of Michael Moriarty as the Department’s Director of Financial Solvency Strategy. In this position, Mr. Moriarty will oversee development of initiatives to strengthen the financial solvency oversight of insurers.

This appointment is the latest in the Department’s series of continuing efforts to direct regulatory strategies towards more risk-based financial review and real-time oversight of the industry’s financial practices. These initiatives include:

  • Assisting in the continued development of risk-based analyses and examinations;
  • Strengthening the review of asset/liability management practices of insurers;
  • Coordinating NYID policy on insurance securitization;
  • Coordinating the development of NYID responses to catastrophes and capital markets shocks;
  • Coordinating a dialogue with the Federal Reserve and other federal regulatory agencies on issues such as cross industry mergers, and financial modernization legislation;
  • Working with the NAIC, state insurance regulators, foreign regulators and rating agencies on financial solvency issues; and
  • Assisting in the development of the Department’s new Capital Markets Bureau and that Bureau’s integration in the monitoring of insurers’ risk management strategies.

Mr. Moriarty was previously the Assistant Chief Examiner in the Property Bureau, responsible for aiding in the oversight of financial solvency regulation of the more than 900 property/casualty insurers licensed in New York State. He is an active participant in NAIC task forces and working groups and currently represents the Department as Vice Chairman of the NAIC Securitization Working Group.

Mr. Moriarty received his B.S. degree in accounting from the City University of New York and holds an Associate in Reinsurance and an Associate in Insurance Accounting & Finance from the Insurance Institute of America.

 

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