How North Dakota Is Streamlining Insurance And Securities

Signing Senate Bill 2214 into law on Thursday, Governor Kelly Armstrong combined the North Dakota Securities Department into the North Dakota Insurance Department.

SB 2214 transfers regulatory power to the elected insurance commissioner for the state. Combining the two agencies will try to simplify licensing for financial professionals, provide insurance and investment protections for North Dakotans, and improve investigative cooperation in financial-related crimes.

Insurance Commissioner Jon Godfread stated at the signing that "this merger guarantees North Dakotans receive the strong, simplified oversight they deserve when it comes to financial products and services." "We are creating a smarter, more efficient government ready to meet the demands of the changing financial scene by aggregating these two regulating arms under one roof."

The North Dakota Insurance Department controls the state's insurance market by licensing businesses and brokers and supervising the products sold. Enforcing state securities regulations, the Securities Department controls companies and individuals presenting investment prospects as well as guards against investment fraud.

At least sixteen additional states in the union have insurance and investment control housed inside the same agency.