New York Insurance Superintendent Eric Dinallo told a congressional panel his state will postpone plans to regulate a segment of the credit default swap market in light of progress that federal authorities are making in overseeing that controversial sector.

In testimony before the House Agriculture Committee, Mr. Dinallo said his discussions with lawmakers and members of the President's Working Group on Financial Markets have shown a commitment to clear oversight at the federal level and a complementary legislative framework on which that oversight will be based.

"As this process unfolds during the next Congress, my office will be actively following and assisting the federal government's efforts," he said. "Accordingly, New York will delay indefinitely our plan to regulate part of this market."

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