Dinallo To Leave N.Y. Insurance Dept. For NYU

NU Online News Service, May 28, 4:25 p.m. EDT

New York Insurance Department Superintendent Eric Dinallo, who is reported as a likely candidate for elective office will resign his post July 3 to take an academic post, Gov. David Paterson announced today.

Mr. Dinallo, who has been a high profile activist as superintendent, will become the Henry Kaufman Visiting Professor of Finance at New York University's Stern School of Business.

"Since January, 2007, when he was appointed as Superintendent of the New York State Insurance Department, Eric Dinallo has been a stalwart advocate for New Yorkers, a trusted advisor to me and my administration and a committed public servant," said Gov. Paterson in his announcement.

Mr. Dinallo, during his tenure as superintendent, has been involved in negotiating insurance issues involving disputes over the World Trade Center, encouraging Berkshire Hathaway to enter the municipal bond market, and has pushed for a revision in collateral requirements for reinsurers.

Mr. Paterson said Mr. Dinallo "is no stranger to New York University. In 1990, he earned his law degree from NYU where he served as Law Review and Essay Editor. Though New York is losing a valuable and passionate public servant who has served our state in numerous capacities for more than a decade, the students of NYU are gaining a professor with a unique perspective and a reservoir of knowledge from which to learn."

Mr. Dinallo, reportedly a possible candidate for New York State Attorney General, said, "I appreciate the opportunity to have worked with Governor Paterson for the betterment of our state and our economy, and to have helped foster an insurance system that works fairly for all. Our efforts aimed at financial fairness and economic protection for policyholders of all kinds, from new homeowners to the largest employers, are vitally important to New York's future.

"It has also been a true privilege to work with the talented and dedicated staff of the New York State Insurance Department, the best insurance regulators in the world, and I know that they will continue their tremendous efforts on behalf of our fellow New Yorkers."

A spokesman for the department had no comment beyond the governor's statement.