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Member, Beacon International Group, Ltd.
ALBANY, N.Y.—Eric Dinallo, superintendent of the New York Insurance Department since January 2007, will resign his position at the beginning of July to become a visiting professor at New York University’s Stern School of Business, Gov. David Paterson announced Thursday.
Mr. Dinallo is perhaps best known for his work with federal regulators last year in developing plans to rescue American International Group Inc. In addition, he headed a task force that made many recommendations—later adopted—to reform New York’s workers compensation system. He also began discussions about reviving the New York Insurance Exchange, a Lloyd’s of London-style marketplace for reinsurance and other insurance products that originally shut down in 1987.
Mr. Dinallo “has earned the reputation as a national leader in the insurance industry, and I want to thank him for all he has done at the department to promote a competitive marketplace while also effectively protecting New York consumers,” Gov. Paterson said in a statement.
A successor has not been named.