New York State Insurance Superintendent Eric Dinallo is keeping his post, despite the sudden departure of the official who appointed him.
Gov. Eliot Spitzer today responded to reports that he has been a regular patron of a prostitution service by announcing that he will step down Monday.
New York Lt. Gov. David Paterson is set to succeed Spitzer.
Paterson, a former member of the state Senate, has a bachelor’s degree from Columbia University and a law degree from Hofstra University. He is legally blind, and he has been a strong advocate for improving enforcement of the Americans with Disabilities Act.
From 1999 to 2003, while Spitzer was the New York attorney general, Dinallo served as the chief of the securities bureau within the attorney general’s office.
Dinallo left for the private sector in 2003.
In 2007, when Spitzer nominated Dinallo to succeed Gregory Serio as New York insurance superintendent, Dinallo was the general counsel at Willis Group Holdings Ltd., London.
Dinallo and Paterson teamed up in February to announce the expansion of a pilot program that helps women-owned and minority-owned businesses get the surety bonds necessary to bid for public construction contracts.
Dinallo “has no plan to resign,” Dinallo spokesman David Neustadt said in an e-mail.
Richard Poppa, president of the Independent Insurance Agents and Brokers of New York, says he would be surprised if the change in governors leads to “any wholesale changes.”
For the insurance industry, “long term, I don’t see this having any impact,” Poppa says. “Short term, there will be a period of transition that will impact the legislative process and also the regulatory process as the new governor sorts through the issues and provides the guidance department heads will need. There probably won’t be any significant shift.”
Poppa says he has no knowledge about whether Paterson would want to make changes in personnel, but “my opinion would be he will probably want to keep the team intact as much as possible.”