The New York State Insurance Department will be looking for a new superintendent. Yesterday, New York Gov. David Patterson’s office announced the resignation of Insurance Superintendent Eric Dinallo, effective July 3.

Dinallo was appointed to the position in 2007 by then-Gov. Eliot Spitzer, and since has assisted in the reform of the state’s workers’ compensation, the facilitation of billions of dollars in new capital for the bond insurance industry and the rescue of AIG during the current financial crisis.

“Eric has earned the reputation as a national leader in the insurance industry, and I want to thank him for all he has done at the department to promote a competitive marketplace while also effectively protecting New York’s consumers,” Gov. Patterson said in a statement regarding Dinallo’s resignation.

Dinallo testified before Congress about efforts needed to protect AIG policyholders. He made his first major address following AIG’s downfall to members of the National Association of Mutual Insurance Companies at the association’s annual convention last October, reiterating that it was not the insurance sector that caused AIG’s woes, or any of the country’s financial problems for that matter.

“…Eric Dinallo has been a stalwart advocate for New Yorkers, a trusted advisor to me and my administration, and a committed public servant,” Gov. Patterson said in his statement.

Following the resignation, Dinallo will become a visiting professor of finance at New York University’s Stern School of Business. Gov. Patterson said that while the state is losing a valuable asset, NYU and its students are gaining “a reservoir of knowledge.”

“I appreciate the opportunity to have worked with Governor Paterson for the betterment of our state and our economy, and to have helped foster an insurance system that works fairly for all,” Dinallo said in the governor’s statement. “Our efforts aimed at financial fairness and economic protection for policyholders of all kinds, from new homeowners to the largest employers, are vitally important to New York’s future. It has also been a true privilege to work with the talented and dedicated staff of the New York State Insurance Department, the best insurance regulators in the world, and I know that they will continue their tremendous efforts on behalf of our fellow New Yorkers.”

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