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A career state insurance regulator will receive a big pay raise to become a consultant to the Wisconsin Office of the Insurance Commissioner.

The Milwaukee Journal Sentinel reports that 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 on July 8.

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