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News: 2012 Press Release
For Release: January 5, 2012
Media Calls Only: 916-492-3566
Insurance Commissioner Dave Jones Names New Deputy Commissioner
Insurance Commissioner Dave Jones today announced that John Finston will be joining the Executive Team of the California Department of Insurance as Deputy Commissioner for Corporate and Regulatory Affairs.
Mr. Finston will serve as a top advisor to the Insurance Commissioner on issues related to State, Federal, and International oversight of insurance and reinsurance. Finston will also manage and lead the Department's Corporate Affairs Bureau, which is responsible for reviewing corporate and holding company transactions requiring Department approval, and will collaborate closely with the Financial Surveillance Branch, which is responsible for making sure that transactions subject to the Departments review are financially sound and that insurance companies remain solvent.
"Increasing globalization of markets, including insurance markets, requires even more national and international collaboration and cooperation between and among state and foreign countries' insurance regulators," Commissioner Jones said. "Global turmoil in the banking sector, which by and large was avoided in the insurance sector thanks to the success of our national system of state based regulation, has led to a renewed emphasis on improving international regulatory cooperation in the insurance sector. National and global insurance transactions have become increasingly complex and the regulatory system will need to adapt and improve to continue to effectively supervise the insurance industry. Protecting consumers becomes even more challenging as we navigate these changes. I am pleased to announce that John Finston will be joining my leadership team to assist us in addressing these challenges. John Finston brings to my leadership team his nationally recognized expertise and years of experience with insurance regulation and international and national insurance transactions."
For thirty-four years, John Finston has honed his legal skills practicing in the areas of insurance regulation, reinsurance transactions, and insurance insolvency. Mr. Finston, most recently headed the Insurance Regulation practice at SNR Denton. Finston is a nationally recognized expert in reinsurance and insurance insolvency, and in addition to practicing in these areas, he has published and lectured widely on topics related to them.
Mr. Finston is also an expert in financial surveillance, insurance company formation, regulatory compliance, and holding company compliance. He has extensive experience with rates and forms, as well as market conduct review.
Mr. Finston will begin work at the CDI on January 17th.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California, regulating the $123 billion insurance marketplace. In 2012 the California Department of Insurance received more than 160,000 calls from consumers and helped recover over $64 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP. Out-of-state callers, please dial 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.
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