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New York Backs Off Credit Default Swap Regulation

November 20, 2008

Washington — In Congressional testimony today, New York Insurance Superintendent Eric Dinallo edged away from plans to regulate part of the credit default swap market. 

In September, Dinallo said in that the state planned to begin regulating the market in January, deeming the contracts as a legitimate part of an insurer regulator’s purview. Terming multiple regulators of heretofore-unregulated market impractical, Dinallo said he preferred a broader, federal regulatory plan.

“It would not be effective or efficient for New York to regulate some transactions under the insurance law, while other transactions are either not regulated or regulated under some other law," Dinallo testified.

 

Source: Reuters

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