Governor Malloy’s appointment for Insurance Commission misses the mark.
The job of the insurance commissioner is to approve rates, monitor licensing, ensure that insurance companies have adequate reserves to pay claims, and approve coverage forms. Economic development of the insurance industry is not one of its responsibilities nor is the staff or office trained or equipped to handle that role.
To see the purpose and duties of the CT Insurance Department as posted on their website go to http://www.ct.gov/cid/cwp/view.asp?q=254384
Per the governor’s press release:
“It is important to have someone in this position who can strike the appropriate balance between consumer protection and business development,” Malloy said, adding that Leonardi’s “significant business development experience” will be instrumental in finding “new and innovative ways in which we can grow the insurance sector in our state.”
Leonardi said “there are more than 65,000 people who work in the insurance industry in Connecticut, and that number is down by almost 25 percent over the past 20 years. The insurance industry has been such a key part of the fabric of our economy and our state for over 150 years. We need to reverse this decline and bring new insurance jobs to Connecticut. Connecticut’s families need affordable and reliable insurance coverage and they need good jobs. My goal as Insurance Commissioner will be to do everything within my power to make sure they get both.”
See the actual press release at http://www.governor.ct.gov/malloy/cwp/view.asp?Q=473302&A=4010