Colin M. Hayashida has been named the new state insurance commissioner effective Jan. 1, according to a statement today from the state Department of Commerce and Consumer Affairs Director Catherine P. Awakuni Colón.

Hayashida replaces Gordon Ito, who served as insurance commissioner from 2010 until the end of last year. Ito has returned to his previous role as chief deputy insurance commissioner, according to the DCCA statement.

The insurance division regulates the Hawaii insurance industry, which includes examining the fiscal condition of Hawaii-based companies, reviewing rate and policy filings, and investigating insurance complaints.

As head of the division, Hayashida now oversees 1,551 insurance companies and more than 73,000 insurance producers. The industry in Hawaii writes $19.8 billion in premiums.

“I’m honored to have this opportunity and look forward to undertaking the important role of overseeing and supporting Hawaii’s insurance marketplace,” Hayashida said in a written statement.

“With ongoing federal healthcare reform and the impacts of natural disasters in the state, the insurance industry remains fluid with significant issues that we must monitor and navigate,” he said in the statement. “The Insurance Division and its dedicated staff have consistently risen to the challenges before them, and it is my goal to maintain this level of commitment and service to Hawaii and its residents.”

Hayashida has worked in the insurance division since 2000, and has served as the insurance rate and policy analysis manager since 2011.