The eye of the storm
State-level US insurance supervision once seemed like a backwater, even in New York. But then the credit crunch hit, and superintendent of insurance, Eric Dinallo, found himself dealing with monolines, AIG and credit derivatives. Nicholas Dunbar reports
Life & Pensions: What happened at the start of the crisis?
Eric Dinallo: In the summer of 2007, deputy superintendent Michael Moriarty came to me and said 'the MBIA wants a dollars 1 billion extraordinary dividend from the insurance company to the holding company'. In other words, there's excess capital there based on our solvency analysis and they want to surplus that out to shareholders. We do
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