Eric R. Dinallo
Eric R. Dinallo is New York based lawyer and former New York Insurance Superintendent. He was nominated by New York Governor Eliot Spitzer and confirmed by the New York State Senate on Apr. 18, 2007 as the 39th Superintendent of the New York State Insurance Department. It was announced on May 28, 2009 that he would resign from the position on July 3, 2009.
He is currently a partner with Debevoise & Plimpton LLP.
In September of 2008, Dinallo said he would start in January to regulate the part of the credit default swap market that is considered insurance. In November of 2008, however, he said that he'd come to believe that it would be counterproductive to have multiple regulators. He instead began to favor a broader regulatory plan.
In March of 2009, Dinallo added to calls by U.S. regulators to make it compulsory for trades in the $28,000 billion credit derivatives market to be cleared centrally. Dinallo said in a piece published in the Financial Times that credit default swaps (CDS) were the major cause of the collapse of insurer AIG. Dinallo's department regulates insurance arms of AIG but not its financial products division. Dinallo also said that making it compulsory for CDS to be cleared via a central clearing counterparty was one way to ensure there was sufficient capital behind the transactions.
Dinallo joined the New York State Insurance Department from Willis Group Holdings. Since 2006, he had been general counsel for the company, the world’s third largest insurance broker. A member of the Partners Group, the company’s global executive management committee, he was the primary legal advisor on value creation matters. His responsibilities included supervising general counsels, Global Compliance and the Internal Audit Department, as well as implementing corporate strategies, policies and procedures to ensure the effective management of regulatory and litigation matters.
From 2003 to 2006, Dinallo was the managing director, Global Head of Regulatory Affairs for Morgan Stanley. At Morgan Stanley, Dinallo chaired the Global Conflicts Committee and was the managing director on the Law Department Diversity Committee. He was also a member of the Franchise Committee and the Operational Risk Group.
Dinallo served at the Office of Attorney General Eliot Spitzer from 1999 to 2003. As chief of the Securities Bureau, he was charged with combining that bureau with the Real Estate Finance Bureau. The resulting bureau was named the Investment Protection Bureau and Dinallo was named its first chief. In that capacity, 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 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, 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, Dinallo clerked with the Honorable David M. Ebel of the United States Court of Appeals, Tenth Circuit in Denver.
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.
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