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Tom Considine

N.J. Commissioner Considine to Leave Post,N.J. Commissioner Considine to Leave Post,Will Be COO of MagnaCareWill Be COO of MagnaCareJanuary 30, 2012January 30, 2012

New Jersey Gov. Chris Christie announced this morning that Banking and Insurance

Department Commissioner Tom Considine will leave his post next month.

Considine, who became the Garden State’s top insurance and

financial regulator in March 2010, plans to return to work in the

private sector. He will become the new chief operating officer of

MagnaCare, a health plan management company, in March. Also

at his news conference in Trenton, N.J., this morning, Gov.

Christie nominated Ken Kobylowski to succeed Commissioner

Considine. Kobylowski has been serving as chief of staff to

Considine since 2010.

Rumors have circulated for months that Considine would be

leaving his post, following the departure of a number of other

cabinet members.

Considine is credited with leading the department’s effort to reduce regulatory red tape and

simplify the application procedures for new carriers entering the state and lower the new

product approval times. He has also spearheaded the department’s captive insurance

initiative. According to the New Jersey Department of Banking and Insurance, some 60 new

insurers have been admitted and new business lines to more than 64 companies have been

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extended during Considine’s two-year tenure.

At the national level, Considine has been leading the National Association of Insurance

Commissioners (NAIC) Reinsurance Task Fore to reform the collateral requirements for

non-U.S. reinsurers. The new model law was adopted by the NAIC last November.

PIP Reform Still ResolvedOne major reform initiative remained unfinished, however. The department’s effort to reform

personal injury protection insurance is still ongoing. The department’s 200-page-plus

proposed changes aim to close loopholes that are being exploited by some providers, and

cap PIP expenses and control the rising medical costs that insurers pay for auto accident

victims. The department has recently amended some 25 percent of its PIP rule proposals,

after reviewing and incorporating recommendations from more than 18,000 public comment

letters it received last year. The new, amended portions of the proposals will be published for

another, 60-day public comment period starting Feb. 21.

Considine was a vice president with MetLife legal affairs prior to serving as commissioner.

He had been with MetLife for 17 years. Prior to joining MetLife, Considine served as a

litigation associate at Connell, Foley and Geiser, a major New Jersey law firm.

Categories: East News

Topics: People, Tom Considine

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