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NEW YORK--New York is working to improve the state's financial services regime, and State Insurance Superintendent Eric Dinallo has been tapped to lead the effort.
New York Gov. Eliot Spitzer last week signed an executive order creating a commission to identify ways for New York to retain and enhance its status as a world financial capital. Mr. Dinallo was appointed chairman.
The New York State Commission to Modernize the Regulation of Financial Services includes representatives from industry, consumer groups and government, and will review all current financial services statutes, regulations, rules and policies and propose legislative and other necessary changes.
"Current laws and regulations in New York do not work for the industry or the consumer....We must develop new laws and regulations that promote competition and the growth of business, while effectively protecting both consumers and honest businesses from unfair or unethical practices," Mr. Dinallo said in a statement.
Other members from the insurance community appointed to the commission by Gov. Spitzer, include: Martin J. Sullivan, president and chief executive officer of American International Group Inc.; C. Robert Henrikson, chairman, president and CEO, MetLife Inc.; Herbert M. Allison Jr., chairman, president and CEO, TIAA-CREF; and Christopher M. Condron, chairman and CEO, AXA Equitable Life Insurance Co.
The commission is slated to release recommendations for administrative and legal reform by June 30.