BISMARCK, N.D. – Today, Gov. Kelly Armstrong signed Senate Bill 2214 into law, merging the North Dakota Securities Department into the North Dakota Insurance Department.
SB 2214 consolidates regulatory authority under the state’s elected insurance commissioner. The merger of the two agencies will seek to improve investigative coordination of financial-related crimes, simplify licensing for financial professionals, and enhance insurance and investment protections for North Dakotans.
“This merger ensures North Dakotans receive the strong, streamlined oversight they deserve when it comes to financial products and services,” said Insurance Commissioner Jon Godfread. “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.”
The North Dakota Insurance Department regulates the state’s insurance industry by licensing companies and agents and overseeing the products they sell. The Securities Department enforces state securities laws to protect citizens from investment fraud and regulate firms and individuals offering investment opportunities.
At least 16 other states in the U.S. have insurance and investment oversight within the same agency.
Work to merge the agencies will take place over the coming months, with the official merger occurring on July 1, 2025.