Micheal McRaith, the Illinois Director for the Department of Insurance, has been appointed as the inaugural Director of the US Treasury’s newly created Federal Insurance Office (FIO).

The FIO is part of the Dodd-Frank financial regulation bill, which was approved by Congress in July and will advise the US Government on insurance issues.

Mr McRaith will step down from his current position as Secretary-Treasurer of the National Association of Insurance Commissioners to take on the new role.

He will report back to Congress early next year on ways to modernise and improve US insurance regulation.