BISMARCK, N.D. – North Dakota Governor Kelly Armstrong signs a bill into law merging the state’s Securities Department into its Insurance Department on July 1.
The Insurance Department says it aims to improve investigations of financial crimes, simplify licensing for financial professionals and enhance insurance and investment protections.
“By bringing these two regulatory arms under one roof, we’re building a smarter, more efficient government, one that’s ready to meet the challenges of the evolving financial landscape,” North Dakota Insurance Commissioner Jon Godfread said.
The Insurance Department regulates the state’s insurance industry by licensing companies and agents and overseeing the products they sell. The Securities Department enforces laws to protect people from investment fraud and regulate firms and people offering investment opportunities.
Sixteen other states have insurance and investment oversight in the same agency.
