The Property Casualty Insurers Association of America reports that it has been informed that the Rhode Island Insurance Superintendent, Joseph Torti, will be leaving the state’s Department of Business Regulation at the end of this year to assume a senior position with an insurer. This move was unexpected and could affect regulation of both insurers and banks in Rhode Island, given that Torti also served as Superintendent of Banking. The Insurance Superintendent is a classified position appointed by the Governor, which means that it enjoys a degree of protection from removal. The state will post the position in the coming days to allow interested persons to apply.
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