WASHINGTON, Nov. 29 -- The National Association of Insurance Commissioners issued the following news release:

The National Association of Insurance Commissioners (NAIC) today presented Joseph Fritsch of the New York State Department of Financial Services with the organization's most prestigious individual honor. Fritsch received the Robert Dineen Award during the Opening Session of the NAIC Fall National Meeting.

"Joe's dedication to insurance regulation and his exemplary record of service has been displayed on numerous fronts throughout his nearly 35-year career," said Kevin M. McCarty, NAIC President and Florida Insurance Commissioner. "His expertise in statutory accounting and solvency issues was critically important during some of the most challenging economic times. Also notable was Joe's early understanding of the global insurance marketplace and the importance of identifying the regulatory challenges of cross-border insurance business."

Fritsch serves as Chair of the NAIC Statutory Accounting Principles Working Group and Vice Chair of the Emerging Accounting Issues Working Group. He worked closely with regulators and NAIC staff regarding AIG and securities lending programs at the height of the financial crisis, and played a key role in the NAIC's reinsurance modernization proposal.

Established in 1989 and named in honor of the founder of the NAIC's Support and Services Office - now its Central Office - the Robert Dineen Award is presented to an individual in recognition of his or her outstanding achievement as a career regulator.

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