NU Online News Service, Dec. 21, 1:47 p.m. EST
New York State Insurance Superintendent James J. Wrynn announced that Joseph Fritsch has been named deputy superintendent for accounting and international affairs.
Fritsch, who was most recently the department's director of insurance accounting policy, in his new post 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," said Superintendent Wrynn
He added that Mr. Fritsch "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."
Mr. 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.
The deputy 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.
He also 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.
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