The Deputy for the Company Supervision Division is an executive leader who manages a division of approximately 57 employees at two locations. This position is the highest authority within OIC with designated responsibility to direct the regulatory program and internal operations of the Company Supervision Division.
This position is responsible for the financial and market examination and supervision of all Washington organized insuring entities and all other insuring entities licensed to do business in this state. The position’s mission is to protect insurance consumers, the public generally, and the state’s economy by ensuring the safety and soundness of insuring entities, and to ensure that they comply with applicable law. This position has broad statutory discretion and specific statutory authority involving the registration/licensing, operation, supervision, receivership, liquidation, and merger of insuring entities.
Duties of this position include:
- Regulating and supervising all insuring entities organized in Washington to assure financial stability and compliance with consumer facing market activity regulations.
- Licensing, regulating, and supervising all insuring entities organized in other states or non-U.S. jurisdictions that do business in Washington to assure financial stability and compliance with consumer facing market activity regulations.
- Supervising programs designed to ensure protection of insurance consumers from the failure of insurers doing business in this state and from insurer deviation from legally required market practices. These programs include the management of financially troubled or insolvent insurers and the coordination with insurer guaranty associations.
- Exercising broad statutory discretion over laws and regulations regarding registration or licensing, operation, liquidation, merger or acquisition of insurers, and insurer activity in the Washington marketplace.