Press Release

July 2, 2019

DFS SUPERINTENDENT LACEWELL ANNOUNCES NEW EXECUTIVE APPOINTMENTS

Steven F. Kluger to Lead Capital Markets Division

James V. Regalbuto Promoted to Deputy Superintendent for Insurance

Alice Wang McKenney Promoted to Deputy Chief, Health Bureau

Department of Financial Services (DFS) Superintendent Linda A. Lacewell today announced new executive appointments.  Steven F. Kluger has been appointed Executive Deputy Superintendent for Capital Markets, James V. Regalbuto has been promoted to Deputy Superintendent for Insurance, the second ranking position in the Insurance Division, and Alice Wang McKenney has been promoted to Deputy Chief of the Health Bureau.

“With their invaluable government and industry experience Steven, James and Alice will strengthen the Executive team at DFS,” said Superintendent Lacewell. "I am pleased to work with our new team members to serve the public, accomplish the mission and goals of the Department, and continue to move New York financial services regulation forward."

Steven F. Kluger has been appointed Executive Deputy Superintendent for Capital Markets for the New York State Department of Financial Services, reporting directly to the Superintendent. Mr. Kluger will be responsible for overseeing the Capital Markets Division, which identifies emerging risks and trends, provides expertise with respect to capital markets products, enterprise risk management, financial analysis and research, and regulatory accounting, as well as working in partnership with other business units on specialized Department examinations.  Mr. Kluger most recently served as a senior leader for several large private-equity firms, investment managers and family offices, in founder roles of start-ups and in operating executive roles for portfolio companies. Prior to 2007, Mr. Kluger was President and Chief Executive Officer of GE Capital Markets Services, Inc., a Vice President of the General Electric Company, and a member of GE's strategic planning team. He also served as a member of the International Monetary Fund’s Capital Markets Consultative Group formed for crisis prevention post-9/11. After 20 years at GE, Mr. Kluger joined Aquiline Capital in 2007 as a Senior Advisor. With his extensive experience in managing risk in a variety of settings, Mr. Kluger is well positioned to partner with the DFS executive team to identify and react to industry-wide trends and emerging market risks. Mr. Kluger received his B.A. and M.A. degrees from Vassar College and an MBA from New York University.

James V. Regalbuto has been appointed Deputy Superintendent for Insurance for the New York State Department of Financial Services, reporting to Laura Evangelista, Executive Deputy Superintendent for Insurance.  In Mr. Regalbuto’s new role, he will have greater management responsibility and will help to position the Insurance Division with respect to new technologies and other matters of significant public concern. He brings a wide array of practical experience to his new role. As Deputy Superintendent for Life Insurance at DFS, he oversaw the regulation of over 190 licensed life insurers and accredited reinsurers, 12 retirement systems, over 350 charitable annuity societies and 23 life settlement providers. Mr. Regalbuto also implemented groundbreaking policy initiatives such as the best interest regulation for life insurance and annuity products and DFS’s first-in-the-nation guidance with respect to the use of big data and algorithmic underwriting in life insurance.  Prior to joining DFS in 2015, Mr. Regalbuto worked for two different New York-based insurers and previously was licensed as an insurance agent. He holds a Master of Business Administration from the SC Johnson Graduate School of Management at Cornell University and a Bachelor of Business Administration from the University of Miami.

Alice Wang McKenney has been appointed Deputy Chief, Health Bureau.  She joined DFS as an Excelsior Fellow, working on various health initiatives, such as the recent passage of the IVF mandate.  In her new role, Ms. McKenney will be responsible for operations and initiatives in the New York City health office, including oversight of financial solvency as well as exams and compliance of health insurers.  Ms. McKenney joined DFS in 2017 after serving most recently as a vice president and before that as an associate on the Private Wealth Global Management team at Goldman Sachs & Co. There, she drove various financial, regulatory, and infrastructural initiatives by partnering with internal groups across the organization’s international footprint, including the Investment Strategy Group, GS Trust Company, Equity Compensation Group, Strategy and Finance Group, as well as the technology, operations, legal and compliance teams.  Prior to that, she served as a senior analyst at Goldman, conducting roadshows to pitch asset allocation and client relationship management tools.  Ms. McKenney received a Juris Doctorate from Fordham University School of Law, where she was the recipient of the Archibald R. Murray Public Service Award, summa cum laude, and is a magna cum laude graduate of John Jay College of Criminal Justice with a Bachelor of Arts.

Separately, the DFS Consumer Assistance Unit has been transferred to the new Consumer Protection and Financial Enforcement Division to better align with the unit’s mission and priorities.

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