Mixed Outlook for NYS's Insurance Industry

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Last week a New York official was grilled by Senators about his role in overseeing the failed insurer AIG.

DINALLO: I'm proud of how the regulators maintained themselves.

REPORTER: Eric Dinallo is the state superintendent of insurance. He told the Senators his agency kept a close eye on AIG's regular insurance division and that what really did AIG in was an unregulated product called credit default swaps.

WNYC's Ilya Marritz spoke by phone with Dinallo and asked him about the way forward.