Governor Kelly Armstrong signed Senate Bill 2214 into law today, officially approving the merger of the North Dakota Securities Department into the North Dakota Insurance Department. The consolidation aims to streamline regulatory oversight of the state’s financial services industry.
Under the new law, regulatory authority will be unified under the elected insurance commissioner. The merger is intended to improve coordination in investigating financial crimes, simplify licensing for financial professionals, and strengthen protections for both insurance and investment consumers in North Dakota.
The Insurance Department currently oversees the state’s insurance industry, including the licensing of companies and agents, while the Securities Department enforces investment laws and monitors financial firms to guard against fraud. By merging the two, state officials hope to increase efficiency and responsiveness in financial regulation.
North Dakota will join at least 16 other states that have integrated insurance and investment regulation under a single agency. The transition process will begin immediately, with the full merger set to take effect on July 1, 2025.
By: DNU staff