N.Y. Gov.-Elect Spitzer Nominates Dinallo as Insurance Chief

Incoming New York Governor Eliot Spitzer will nominate Eric Dinallo, the former head of Spitzer’s own investment public protection division while he was attorney general and currently general counsel of Willis Group Holdings, to be superintendent of insurance in his administration.

Dinallo worked with Spitzer from 1999 to 2003, during which time he ran an investigation into investment research firms for potential conflicts of interest.

Dinallo is currently general counsel for global insurance broker Willis Group Holdings Ltd., and member of Willis Partners Group. He is the former managing director and head of regulatory affairs at Morgan Stanley.

In 2003, he joined Morgan Stanley’s regulatory affairs department, and this past March moved to Willis.

Dinallo, if confirmed, would replace Howard Mills.

The nomination won praise from Joe Plumeri, chairman and CEO of Willis. ” During Eric’s wide-ranging career in both the public and private sector, he has demonstrated the ability to cut through complex legal and regulatory issues and pursue a principle-based approach that promotes transparency and fair play. There is near-universal agreement that the regulation of the insurance industry needs reform and Eric is well-suited given his time with Willis and previously with Morgan Stanley to oversee this effort in New York,” said Plumeri.

The Independent Insurance Agents & Brokers of New York, Inc. praised Spitzer for acting quickly.

“As promised, Eliot Spitzer has swiftly presented New Yorkers with his choice to lead the Insurance Department,” said Richard A. Poppa, president and CEO of IIABNY. “We wish Eric all the best, and look forward to maintaining IIABNY’s tradition of working with him and the department.”

Dinallo is a graduate of Poughkeepsie’s Vassar College and New York University School of Law in Manhattan.

Outgoing Superintendent Howard Mills called Dinallo an “outstanding choice” and promised to cooperate in a smooth transition.