New Insurance Commissioners Take Posts in Michigan, Connecticut
|April 21, 2011|
Kevin Clinton was named commissioner of the Office of Financial and Insurance Regulation by Michigan Gov. Rick Snyder, while the Connecticut Senate confirmed Thomas Leonardi as head of the Connecticut Insurance Department in a unanimous vote.
In his role, Clinton will oversee the state agency charged with protecting consumers by ensuring insurance companies are financially solvent and able to pay claims. OFIR is also responsible for regulatory and investigative programs needed to make sure financial institutions are safe and reliable.
"Ensuring we have a strong, stable financial sector is one the most important factors of job growth," Snyder said. "As the new insurance and banking commissioner, Kevin Clinton's first priority is to make sure consumers are protected by making sure financial institutions are sound. He will also lead our effort to eliminate burdensome regulations that are preventing the industry from growing. More insurance companies doing business in the state means more jobs, more competition among insurance companies and banks, and better rates for consumers."
Clinton previously served as President and CEO of East Lansing based American Physicians Capital, Inc. During his tenure the company's rating was upgraded to "Excellent." In 2010 he led a successful merger between AP Capital and the Doctors Group.
Clinton earned a bachelor's degree in business administration and a master's degree in actuarial science from the University of Michigan.
In Connecticut, the senate’s vote confirmed Leonardi’s appointment by Gov. Dannel Malloy in early February. Leonardi is chairman and CEO of Northington Partners Inc, an insurance specialty venture capital and investment banking firm founded in 1989.
“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,” Leonardi said. “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.”