Gennet Purcell was confirmed as commissioner for the District of Columbia Department of Insurance, Securities and Banking (DISB), following a unanimous vote by the D.C. Council.
Gennet Purcell
Purcell took over as acting commissioner of the department Aug. 28, after her predecessor, Thomas E. Hampton, was dismissed by the mayor’s office. Hampton told IFAwebnews.com in August, that a representative of Mayor Adrian Fenty told him there was a desire to “go in a different direction” with the operation of the DISB.
In a statement, Purcell said she was “humbled by this show of support by the [D.C.] Council.
“And I am appreciative of this opportunity given to me by the mayor to serve as the District’s chief regulator of the financial-services industries,” she said.
Purcell served as deputy commissioner for the DISB beginning in 2008 and is an attorney and member of both the State of Maryland Bar and the Commonwealth of Virginia Bar. As deputy, she oversaw various aspects of the agency’s operations, including insurance and securities.
One of her first acts as acting commissioner was to oversee a two-day hearing in September, reviewing the surplus levels of CareFirst affiliate, Group Hospitalization and Medical Services (GHMSI). Following the hearing, Purcell announced that the DISB would delay any action on the matter until Maryland regulators completed their review of the surplus, which was expressed in a report issued Nov. 4.
As for future goals, the DISB said Purcell will focus on “realigning and centralizing” the consumer protection and advocacy functions of the agency. Other goals include ensuring that financial services in the District are more affordable and accessible and that the momentum of captive insurance in the District is ongoing, according to the agency.
Prior to joining District government, Purcell was a partner in her own privately owned law firm, covering various areas including insurance, surety bond financing and estate planning.
Purcell confirmed as new D.C. insurance commissioner via IFAwebnews .
