On Thursday, May 28, 2009, it was announced that Eric Dinallo, Superintendent of the New York State Insurance Department (“NYSID”), intends to resign effective as of July 3, 2009. Dinallo has accepted a position as a visiting professor at New York University’s Stern School of Business. Appointed in January 2007, Dinallo has been actively involved with several important insurance industry issues including: the regulation of credit default swaps; leading the AIG Task Force; the possible revival of the New York Insurance Exchange; the reduction of collateral requirements for alien reinsurers; the NAIC’s development of model regulations for variable annuities; addressing concerns regarding the financial condition of bond insurers; and the treatment of same-sex couples. The NYSID also entered into several cooperation agreements with foreign insurance regulators during Dinallo’s tenure. A successor has not yet been identified by New York Governor Patterson.
