Previous Story
Commerce seeks to beef up insurance staff
|
Posted on Nov 20 2008
The Department of Commerce is hiring officials to oversee regulation of insurance companies in the Commonwealth.
Commerce Secretary Michael J. Ada, in a letter to Gov. Benigno R. Fitial, said the department’s Insurance Section is currently staffed with only one individual serving in an acting capacity. The Insurance Section licenses and regulates 58 companies and numerous general agents, subagents, brokers, and solicitors.
“The demands of the office have made it very difficult for one staff to keep up with the daily workload from fielding calls, reviewing and processing licenses, reviewing and processing insurance certification clearances, entertaining complaints, as well as monitoring licenses for compliance,” Ada said.
He said the department needs an insurance administrator and an insurance licensing officer to help do the work.
“In order for the department to fulfill its mandate of regulating the insurance industry, [these positions are] critical to ensure that the CNMI admits and licenses legitimate and capable insurance firms in providing service to CNMI consumers,” Ada said.
In addition, the Commerce Department is looking to hire a bank licensing specialist to assist the banking administrator in licensing and regulating the banking and financial industry. The Banking Section licenses and regulates banks, financial institutions, money service businesses, pawnbrokers, securities broker-dealers, and investment advisers.
