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Leonardi Reflects on Tenure As Connecticut Commissioner

December 16, 2014

Leonardi photoThomas Leonardi worked his last day as Connecticut Insurance Commissioner on December 11. Leonardi is going back to investment banking, this time on Wall Street. The man who immersed himself in international insurance matters and won the plaudits of professional insurance agents took time to reflect on his accomplishments in an interview with the Hartford Business Journal.

Leonardi cautioned that a worrisome financial storm is brewing as a result of "super low interest rates"' and crushing debt borne by the U.S. and other developed nations, stemming from the billions they used to plug holes from the last financial crisis. "If [financial markets] stumble again, we may be out of tools in the toolbox that we can use," he said. Asked if his peers globally share his worry, Leonardi said, "I've not heard anyone else in the regulatory world express that concern. I hope I'm wrong."

Despite his background as an investment banker, Leonardi has been a vocal supporter of state-based insurance regulation. That gained the appreciation of Farmington broker Augusto Russell, immediate past president of the Professional Insurance Agents of Connecticut. "Tom has sought to preserve the current state-based insurance regulatory system in place, in light of federal and international pressures to make it more federally governed. The state-based system has served well all parties concerned," he said.

PIA of Connecticut presented Leonardi with a resolution in recognition of his service to the State of Connecticut and its insurance sector on his last day in office. PIACT thanked Commissioner Leonardi for his service and wished him well in his future endeavors.

Leonardi and PIACT

PIACT Honors Leonardi (left to right) PIACT Advisory Council Chair Pat Walsh;
PIA Government Affairs Counsel Campbell Wallace, Esq.;
Connecticut Insurance Commissioner Thomas B. Leonardi;
and PIACT Immediate past President Augusto Russell, CIC

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