Eric R. Dinallo took office in January 2007 and was confirmed by the New York State Senate on April 18, 2007 as the 39th Superintendent of the New York State Insurance Department.
As Superintendent, he has been a national voice for efficient, effective regulation to protect both consumers and foster a healthy, competitive market for insurance. During his tenure, the Department was given the 2008 Esprit de Corps award by the National Association of Insurance Commissioners (NAIC) for outstanding service to state insurance regulation.
Under Superintendent Dinallo’s leadership, the Department effectuated the largest regulatory settlement in the U.S, a $2 billion insurance agreement settling a longstanding dispute stemming from the destruction of the World Trade Center. Superintendent Dinallo also led the task force that produced workers’ compensation reforms estimated to reduce the $5 billion annual cost for New York businesses by more than 25% while increasing benefits for injured workers.
Superintendent Dinallo and the Department have facilitated more than $15 billion in new capital for the bond insurance industry as well as two new entrants and the restructuring of industry giant MBIA. In addition, the Department recommended new state pension fund regulations to further safeguard the more than $154 billion in assets in that fund, reached an agreement that will protect nearly 11,000 accident victims and other individuals receiving annual payments from structured settlements and pensions from insolvent insurer ELNY, issued the first proposed principles-based regulations and was a leader in the successful effort to renew and extend the Terrorism Risk Insurance Act.
Along with Governor David A. Paterson, Superintendent Dinallo worked with the United States Treasury Department, the Federal Reserve Bank of New York and others in the rescue of financial services giant AIG. Superintendent Dinallo is chair of the 50-state task force of the NAIC charged with safeguarding AIG insurance interests during the federal government’s stewardship of AIG. He has served as chair of the NAIC’s Life and Annuities Committee since January 2008.
Superintendent Dinallo has testified to both Houses of Congress 11 times in less than two years, leading the call for regulation of the credit default swaps (CDS) that were integral to the creation of the current financial crisis.
Superintendent Dinallo joined the Department from Willis Group Holdings. Since 2006, he had been General Counsel for the company, the world’s third largest insurance broker. From 2003 to 2006, he was the Managing Director, Global Head of Regulatory Affairs for Morgan Stanley.
Superintendent Dinallo served at the Office of Attorney General Eliot Spitzer from 1999 to 2003. As Chief of the Securities Bureau, he led the reinvigorated Bureau’s investigations into the Wall Street Cases – conflicts of interest in the financial services industry, including research analyst cases and the spinning of hot initial public offerings. He produced more than 40 major civil and criminal matters, and led the Bureau through the beginning of the mutual fund industry investigations.
Before joining the Attorney General’s office, Superintendent Dinallo served as an Assistant District Attorney in the New York County District Attorney’s office from 1995 to 1999. He had primary responsibility for securities fraud and white collar and insider trading investigations and trial.
From 1991 to 1995, Superintendent Dinallo was a Litigation Associate with the Manhattan law firm of Paul, Weiss, Rifkin, Wharton & Garrison.
From 1990 to 1991, the Superintendent clerked with the Honorable David M. Ebel of the United States Court of Appeals, Tenth Circuit in Denver.
Superintendent Dinallo earned a Bachelor of Arts degree in philosophy from Vassar College in 1985, followed by a Master of Arts degree from Duke University School of Public Policy in 1987. In 1990, he earned his law degree from New York University where he was New York University Law Review and Essay Editor.
Superintendent Dinallo lives in Manhattan with his wife, Priscilla Almodovar, and children.