Four former superintendents of the New York Insurance Department (NYID) argued Sunday that the regulating body didn’t have the authority to approve bond insurer MBIA’s February 2009 restructuring.

Eric Dinallo — the NYID superintendent who approved the decision and now teaches at New York University’s Stern School of Business  — said in February 2009 that his department had performed “a lot of stress-testing” before allowing MBIA to restructure.

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