Insurance commissioners are traditionally defined by two categories–either pro-business or pro-consumer, with the former most often identified as Republicans, and the latter usually being Democrats. However, New York's new insurance superintendent–placed in charge of a commission evaluating all financial services regulation in the Empire State–appears determined to steer a third course emphasizing pragmatism, effectiveness and efficiency.

Last week, Eric Dinallo, 43, sat down for an interview with editors from National Underwriter to discuss his regulatory philosophy as well as his broader charge in spearheading modernization of financial services oversight.

He also provided a peek into his role and that of his boss, Gov. Eliot Spitzer, in the behind-the-scenes negotiations that led to the settlement between seven insurers and Silverstein Properties of over $2 billion in lingering World Trade Center claims (see NU, May 28, as well as the accompanying story on page 14), while also addressing ongoing debates over federal versus state regulation and producer compensation.