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House approves consolidation of securities and insurance regulators, 88-1
Summary
Senate Bill 22-14, consolidating the North Dakota Securities Department into the Insurance Department, passed the House 88-1 on April 1, 2025. Sponsors said the merger would enhance consumer protection and operational efficiency and carried an emergency clause.
The North Dakota House of Representatives approved Senate Bill 22-14 on April 1, 2025, by a vote of 88-1. The bill consolidates the North Dakota Securities Department into the Department of Insurance and declares an emergency clause.
Representative Warrie, speaking for the measure, argued the merger would improve consumer protection and efficiency by placing securities oversight in an agency with existing infrastructure for market conduct exams and fraud investigations. Warrie said many financial professionals already operate under both insurance and securities rules and that merging regulators would reduce duplication and speed enforcement.
Committee testimony and sponsors referenced other states that have merged similar regulators, including South Dakota, Iowa, Kansas and Minnesota. The House Appropriations Committee recommended amendments and a do-pass vote; the final action included passage with the emergency clause carrying.
Outcome: The House passed SB 22-14, 88-1, and carried the emergency clause.
