The suspense is over! Governor-elect Eliot Spitzer has named one of his former subordinates to be New York's next insurance superintendent. Ironically, Eric R. Dinallo is currently in the insurance business, serving as general counsel of Willis Group Holdings. I never thought Mr. Spitzer would ever pick someone from the industry as his watchdog, but perhaps he let that slide because Mr. Dinallo hasn't been at Willis all that long, and this way the new regulator will have some first-hand experience on how the business operates.
As reported today by our own Mark Ruquet, Mr. Dinallo was chief of the Investment Protection Bureau for N.Y. Attorney General Eliot Spitzers office, in charge of a series of investigations into unethical practices of the financial services industry. Such unethical practices, of course, included bid-rigging and contingency fee abuse by major insurance brokers and carriers.
Mr. Dinallo served with the AG's office until September 2003, after which he joined Morgan Stanley as a managing director and head of regulatory matters. He took charge of legal and regulatory affairs globally for Willis just nine months ago.
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