Dinallo resigns as New York insurance superintendent

Eric R. Dinallo is resigning as superintendent of the New York state Insurance Department, effective July 3, to become the Henry Kaufman visiting professor of finance at New York University’s Stern School of Business. Gov. David A. Paterson, who made the announcement yesterday, gave no reason for Mr. Dinallo's departure. Mr. Dinallo was appointed by then-Gov. Eliot L. Spitzer in January 2007, and has been involved in many high-profile actions, most prominently in the bailout of megacarrier American International Group Inc. of New York. “Under Superintendent Dinallo’s leadership, the department effectuated the largest regulatory settlement in the U.S., played an integral part in the reform of the workers’ compensation system and facilitated more than $15 billion in new capital for the bond insurance industry, Mr. Paterson said in a statement. When contacted by The New York Times, Marissa Shorenstein, a spokeswoman for the governor, had no comment on who would succeed Mr. Dinallo. The superintendent was unavailable for comment, Andy Mais, a spokesman for insurance department, told the Times.