Holly Bakke received her B.A. degree from Drew University in 1973. She is a graduate fellow of the Institute for Court Management and graduated cum laude from Seton Hall University School of Law in 1982. Early in her career, Ms. Bakke served as Deputy Commissioner to the New Jersey Department of Insurance and a member of the Unsatisfied Claim and Judgment Fund board. As Executive Director of the NJ Property-Liability Insurance Guaranty Association she was part of the national system responsible for management of insolvent carrier claims. In this capacity, she also oversaw the Surplus Lines Insurance Guaranty Fund and the Medical Malpractice Reinsurance Association.
Holly Bakke has joined Purcell, Mulcahy, O'Neill & Hawkins, LLC as Of Counsel to supervise the firm's regulatory practice. She has an extensive background in the development and implementation of regulatory policies. Ms. Bakke previously served as New Jersey's Commissioner for Banking and Insurance. During her tenure, New Jersey enacted groundbreaking auto insurance reforms that included the nation's toughest penalties for auto insurance fraud, nationally recognized consumer protections, innovative methods for trimming the rank of uninsured motorists and steps to put downward pressure on rates for good drivers. The reforms promoted two carriers to enter New Jersey-Mercury and GEICO, the nation's fifth largest private passenger auto insurer-and encouraged State Farm to remain in the state. The reforms led to more than $300 million in rate reductions for more then two million New Jersey drivers. In addition, 41,000 previously uninsured drivers are insured and contributing to the system and 1,200 new agents began serving consumers across the state. Commissioner Bakke and the Department also began initiatives aimed at making health care coverage in New Jersey more affordable. The work of a health care task force researching the problems of the uninsured and the challenges of the individual and small group health care providers were completed as a basis for reform. She also introduced new regulations in the areas of real estate, consumer protection and lending practices.
Ms. Bakke currently serves as Principal with Strategic Initiatives Management Group, LLC. In this capacity, she travels globally, advising on financial services, banking and insurance regulation, and management of impaired companies. She is currently working on emerging market including Macedonia, Cyprus and Azerbaijan, as well as with American reinsurers.
Email: HBakke@pmohlaw.com