Michael T. McRaith , Acting Secretary of IDFPR and Director of the Department of Insurance   Prior to his appointment, Director McRaith worked fifteen years in private practice as an attorney in Chicago. Director McRaith represented national and regional financial institutions, including insurers, in finance-related litigation.

Director McRaith led the Department’s investigation into the practice of contingent commission payments by insurers to brokers and negotiated national settlement agreements on behalf of the Department and the National Association Of Insurance Commissioners (NAIC) with insurance producers and carriers.  McRaith supervises the solvent run-off of Kemper Insurance Group, the largest insurer run-off in US history.  He serves as President of the Board Of Directors for the Illinois Comprehensive Health Insurance Plan (a high risk health insurance pool). 

McRaith’s NAIC-related work ensures that Illinois consumers and domestic industries are nationally represented.  Among other committee assignments, McRaith is Chairman of the Property and Casualty (C) Committee, serves on the Health Insurance and Managed Care Committee (B), the Financial Condition Committee (E), the International Insurance Relations Committee (G), the Senior Issues Task Force, the Military Sales Working Group, and numerous other task forces and working groups.

He directs the State’s Senior Health Insurance Program (SHIP), and has actively participated in developing, drafting and advocating for statewide and national health insurance modernization.

McRaith represented the NAIC at the international Organization For Economic Cooperation And Development (OECD), represents the NAIC on the International Association Of Insurance Supervisors (IAIS) Corporate Governance Subcommittee, and is the NAIC designee to the Joint Forum. 

On behalf of the State of Illinois, McRaith testified before the US Senate Special Committee on Aging regarding the need for regulation of the life settlement industry.  McRaith testified on behalf of the NAIC before the US Senate Committee on Banking, Housing and Urban Affairs regarding both renewal of the Terrorism Risk Insurance Act and Insurance Regulatory Reform.  He testified on behalf of the NAIC before the US Senate Committee on The Judiciary and the President’s Antitrust Modernization Commission, in both instances describing the consumer protections and benefits of state-based insurance regulation afforded by the McCarran-Ferguson Act.  McRaith also testified before the US Senate Committee on Finance regarding marketing and sales abuses by Medicare Advantage and prescription drug plans.  McRaith testified for the NAIC before the House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises regarding both the Insurance Information Act of 2008 and Systemic Risk and the Insurance Sector.

McRaith serves on the Executive Committee of the AIDS Foundation Of Chicago and the American Foundation For Suicide Prevention, Chicago Chapter.  McRaith received a Bachelor Of Arts Degree from Indiana University in Bloomington and received a law degree from Loyola University School Of Law In Chicago.