DARLINGTON, Wis. (AP) — A career state insurance regulator will receive a big pay raise to become a consultant to the state Office of the Insurance Commissioner.
The Milwaukee Journal Sentinel reports Lafayette County Judge William Johnston approved a contract that will pay Roger Peterson $600,000 annually, plus a $375,000 bonus after 40 months.
Peterson is paid just over $100,000 a year as a deputy division administrator for regulation and enforcement. Peterson’s new contract was approved Friday.
The state asked that Peterson become a full-time consultant so he could dedicate more time to the oversight of the restructuring of Ambac Assurance Corp., a bond insurance company.
Peterson will now be a full-time special deputy commissioner overseeing Ambac’s $42 billion segregated account — which is the portfolio of the company’s riskiest policies.
Information from: Milwaukee Journal Sentinel, http://www.jsonline.com