Psst. Illinois Insurance Director Michael McRaith is Likely Candidate for 1st Federal Insurance Office Chief, Says Wall Street Journal

(Chicago, IL) — September 30, 2010. The name of Illinois Insurance Director and Chicago resident Michael McRaith is being floated as the first chief of the new Federal Insurance Office, according to a report in the Wall Street Journal.

“It’s a pretty historic opportunity, since whoever gets the job will be the first to run this new federal office,” said Howard Mills, an ex-New York State Insurance Superintendent. “I think there are a lot of former state insurance regulators and a lot of industry luminaries would take a stab at it if they got the chance.”

Regarding McRaith, the only potential candidate named in the story, the newspaper reports:

One candidate whose name is being circulated as a likely candidate is Michael McRaith, the director of the Illinois Department of Insurance, who has frequently testified before Congress. Illinois has often been cited by insurers as a regulatory regime they prefer because of the relative freedom they have to set their own rates. McRaith declined to comment on speculation he’s a candidate.

The job will pay between $119,554 and $179,700 a year.

Prior to his appointment as Illinois Insurance Director, McRaith, who received a law degree from Loyola University School Of Law, worked fifteen years in private practice as an attorney in Chicago. McRaith serves on the Executive Committee of the Board of Directors for the AIDS Foundation Of Chicago and serves on Board of Directors for the American Foundation For Suicide Prevention, Chicago Chapter.

Considering the tottering political position of McRaith’s current boss, Governor Pat Quinn, the federal gig would come at a good time.