HONOLULU -- Gov. Linda Lingle on Monday announced she has picked Gordon Ito to be the insurance commissioner for the state Insurance Division as of last week.

Ito will oversee 1,000 insurance companies and 40,000 insurance agents. Ito has served as chief deputy insurance commissioner since 2000.

"We are fortunate to have Gordon Ito accept the important position of insurance commissioner," Lingle said. "Mr. Ito has been with the Department of Commerce and Consumer Affairs for more than 17 years, and is highly experienced in all areas of insurance."

"The Insurance Division is faced with many challenges due to the current economic climate, health care reform, and the financial services reform on the horizon," said Ito.

He takes over for J.P. Schmidt who resigned in June.

Ito is a University of Hawaii William S. Richardson School of Law graduate.