James Wrynn has been put forward as the nominee to take the role as superintendent of the New York State Insurance Department.

It comes after Mr Dinallo, resigned from the role after two years to move into academia but there is talk that he is gearing up to run as the state’s Attorney General.

Mr Wrynn has headed the state insurance fund for some time so the choice is not seen as a shock.

He takes up the role on Thursday as superintendent-designate but will need the approval of the New York Senate before officially taking up the post which is expected later this year.

He will earn $127,000 annually in his new role, according to the governor’s office.

In a statement, Gov. Paterson said:  “As an experienced insurance lawyer with expansive involvement in government, I am confident that he will serve both the department and state well.”

Mr Wrynn’s background is in the law and he is a founding partner of legal firm MacKay, Wrynn & Brady.

For a decade up until 1992, He worked as a trial attorney, specialising in civil trials and appellate practice related to professional malpractice, subrogation, property and casualty coverage disputes, liabilities and insurance.

Mr Wrynn is admitted to the federal courts, including the Supreme Court, as well as state courts in New York and New Jersey. He has received an associate’s degree in risk management and in captive insurance.