State Insurance Commissioner Thomas B. Leonardi, who led a dialect for scarcely 4 years and trafficked widely as an attention expert, is resigning to take a pursuit with a New York investment firm.
Leonardi, 60, is holding a pursuit during Evercore Partners Inc., a New York-based tellurian investment banking advisory firm, as a comparison confidant focusing on insurance.
Gov. Dannel P. Malloy pronounced he would confirm on a deputy in a entrance weeks. Leonardi’s final day will be Dec. 11.
Leonardi was allocated commissioner in Feb 2011 and fast set about to give a bureau an general profile.
“I consider we have been really effective … though a travel, and a work, and a appetite that we gave to this job, it takes a toll,” Leonardi pronounced in a phone interview. “There’s no question. And we felt, for me personally, this was a right time.”
The Courant published an essay on Sept. 28 formed on an conference of papers submitted to a Office of State Ethics shows that from Jun 2011 to Aug 2014, Leonardi reported 64 trips, some-more than double a series reported by any other state employee. Those annals uncover that Leonardi spent 17 of 20 days on a highway in Jun of 2013. In 2012 and 2013, he also took trips to Amsterdam, Geneva, Frankfurt, Vienna and a Virgin Islands, among other destinations.
In many cases Leonardi was attending house meetings for dual general word groups: a National Association of Insurance Commissioners and a International Association of Insurance Supervisors, headquartered in Basel, Switzerland. In other cases, Leonardi was asked to pronounce during conferences.
Earlier this fall, Leonardi shielded his visit transport by observant it lifted a form of a state’s word elect in a state famous for a word business.
On Wednesday, Leonardi pronounced that he hasn’t had any critique about his tellurian travels and that it did not cause into his preference to take a new job.
“The administrator has been really bargain of what we’ve been doing here,” Leonardi said, adding that consumers and a word attention know a significance of his purpose in general systemic risk designations.
Leonardi is a usually U.S. word regulator to have parallel sat on 3 committees of a International Association of Insurance Supervisors: a Executive, Technical and Financial Stability committees.
In announcing Leonardi’s departure, Malloy praised a commissioner as one of a many outspoken opponents of attempts by European Union policymakers to need a U.S. to contention to an “equivalency” analysis to Europe’s Solvency II, that pertains to collateral mandate for word companies to revoke a risk of insolvency.
“There’s only no doubt that a transport was intensely important,” Leonardi said.
Malloy said, “Thanks to a attention of Thomas Leonardi’s work in my administration, Connecticut has reclaimed a repute as a word collateral of a world, and a general change has never been higher.”
Before a Nov. 4 election, rumors swirled about Leonardi’s depart as people wondered aloud if would also meant a depart of his wife, Claire R. Leonardi, who is CEO of Connecticut Innovations, a state-funded try collateral account and lender. “Claire hasn’t told me she’s going any place,” Leonardi pronounced Wednesday.
A mouthpiece for Connecticut Innovations pronounced Claire Leonardi would be staying with a quasi-public agency.
Malloy orator Andrew Doba pronounced before a choosing they knew zero about Leonardi’s withdrawal for a pursuit in a private sector. Leonardi pronounced he told Malloy about his new pursuit dual days after a election. Leonardi pronounced he wanted to give a administrator adequate time to consider about a replacement, though he didn’t wish a new pursuit to be a daze to his department. He also didn’t wish to be a “lame duck” commissioner, he said.
“I’m not certain when a [job] offer was made, though we’ve had several discussions,” Leonardi pronounced of Evercore’s offer to him.
Leonardi doesn’t devise to immigrate for his new job. “I will have an bureau in New York, and will be operative out of a New York and London offices,” he said.
Leonardi led a Insurance Capital’s regulatory group during vital sea changes that roiled a word industry. The biggest of those were doing of sovereign health caring remodel and post-recession vigour to tie law on vast financial institutions.
The Affordable Care Act, mostly called Obamacare, introduced new mandate on health skeleton and ushered in unconditional changes to a health word market, including open health word exchanges.
The Insurance Department, during Leonardi’s tenure, sealed a minute chit of bargain with a Connecticut Health Insurance Exchange, now called Access Health CT, to yield legal, actuarial and technical assistance to a exchange. Access Health CT has been praised as a indication instance of how a state health word sell should operate.
Speaking about a Affordable Care Act, Leonardi pronounced Wednesday: “I only can’t even fathom how most some-more work it caused. If we consider about it, it’s a whole new structure of traffic with a companies, traffic with consumers. The volume of misinformation about what a health word law means to people was daunting. … we give a consumer affairs dialect A-pluses for what they did.”
Malloy’s bureau commended Leonardi for being a “leading voice among U.S. word regulators on general systemic risk designations.”
After a financial crisis, there was larger inspection of vast financial institutions and a call for larger slip on a inhabitant and general level. Insurance in a U.S. is regulated by states, and any of a 50 states has opposite rules. Malloy and Leonardi have been advocates for safeguarding a state-based law system.
“The tellurian collateral standards and a systemic risk designations abroad … it is a series one emanate for a attention because, if it goes a wrong way, it would have really deleterious impacts for consumers, for a markets, for product availability, a cost of products. It would be terrible,” Leonardi said.
Leonardi testified during a conference of a Federal Insurance Office’s Insurance Modernization news before a U.S. House Subcommittee on Housing and Insurance. He met with President Barack Obama in a Oval Office and spent 3 years on a U.S. Treasury’s initial Federal Advisory Committee on Insurance.
The dialect also mutated and reduced due rates by health word companies during a time when a rising cost of health caring has been a weight nationally.