In a move aimed at modernizing oversight and strengthening consumer protections, North Dakota Insurance Commissioner Jon Godfread announced today the official unification of the state’s Insurance and Securities departments. The merger, made possible through the passage of Senate Bill 2214 during the 2025 legislative session, consolidates regulatory authority under a single agency led by the insurance commissioner.
The landmark reform will streamline oversight of two of the most complex areas of the financial services industry—insurance and securities—enhancing the state’s ability to detect fraud, enforce compliance, and provide critical consumer education.
“This is a milestone moment for North Dakota,” said Godfread. “Bringing these two regulatory functions together under one roof allows us to better protect consumers, strengthen our oversight capabilities, and modernize how we serve the people and businesses of our state.”
Under the legislation, Godfread now also serves as the state’s Securities Commissioner, allowing for more unified and efficient regulation of the financial sector. Previously, the North Dakota Insurance Department and North Dakota Securities Department operated as separate entities, despite their shared mission to protect consumers and promote market integrity.
The newly combined department will continue all core functions—including fraud investigations, professional licensing, compliance enforcement, and consumer outreach—but with expanded capacity and coordination between divisions. Officials say the change will improve responsiveness to evolving financial threats and trends.
To support the agency’s broader mission, several key leadership appointments have been made:
- John Arnold, formerly Deputy Insurance Commissioner, will now oversee all regulatory operations across the agency.
- Matt Fischer, who served as Company Licensing Division Director and Chief Examiner, has been named Chief Director of Insurance Regulation.
- Cody Schmidt, a veteran examiner and investigator with the Securities Department, will serve as Chief Director of Securities Regulation.
“Insurance and investment decisions are among the most important financial choices people make,” Godfread said. “With this merger, we’re not only aligning regulatory expertise, we’re creating a smarter, more effective agency that’s ready to meet the challenges of a rapidly evolving market.”
North Dakotans can continue to access services and resources at Insurance.ND.gov and Securities.ND.gov, with updates to reflect the agency’s new structure rolling out over the coming months.
in Major Consumer Protection Overhaul
Bismarck, ND — In a move aimed at modernizing oversight and strengthening consumer protections, North Dakota Insurance Commissioner Jon Godfread announced today the official unification of the state’s Insurance and Securities departments. The merger, made possible through the passage of Senate Bill 2214 during the 2025 legislative session, consolidates regulatory authority under a single agency led by the insurance commissioner.
The landmark reform will streamline oversight of two of the most complex areas of the financial services industry—insurance and securities—enhancing the state’s ability to detect fraud, enforce compliance, and provide critical consumer education.
“This is a milestone moment for North Dakota,” said Godfread. “Bringing these two regulatory functions together under one roof allows us to better protect consumers, strengthen our oversight capabilities, and modernize how we serve the people and businesses of our state.”
Under the legislation, Godfread now also serves as the state’s Securities Commissioner, allowing for more unified and efficient regulation of the financial sector. Previously, the North Dakota Insurance Department and North Dakota Securities Department operated as separate entities, despite their shared mission to protect consumers and promote market integrity.
The newly combined department will continue all core functions—including fraud investigations, professional licensing, compliance enforcement, and consumer outreach—but with expanded capacity and coordination between divisions. Officials say the change will improve responsiveness to evolving financial threats and trends.
To support the agency’s broader mission, several key leadership appointments have been made:
- John Arnold, formerly Deputy Insurance Commissioner, will now oversee all regulatory operations across the agency.
- Matt Fischer, who served as Company Licensing Division Director and Chief Examiner, has been named Chief Director of Insurance Regulation.
- Cody Schmidt, a veteran examiner and investigator with the Securities Department, will serve as Chief Director of Securities Regulation.
“Insurance and investment decisions are among the most important financial choices people make,” Godfread said. “With this merger, we’re not only aligning regulatory expertise, we’re creating a smarter, more effective agency that’s ready to meet the challenges of a rapidly evolving market.”
By: DNU staff