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Committee backs bill to merge Securities Department into Insurance Department
Summary
The House Appropriations Committee gave Senate Bill 2,214 a due-pass recommendation after hearing sponsors argue the move would strengthen enforcement capacity and provide succession depth amid financial-fraud investigations.
Chairman Jonathan Warrie, presenting Senate Bill 2,214, told the House Appropriations Committee the measure would merge the state Securities Department into the Department of Insurance. “What this bill does is it merges the securities department into the insurance department,” Warrie said, noting the change was recommended by a legislative policy group and requested by Governor Armstrong.
The bill’s supporters said the primary rationale is enforcement capacity. Warrie and other supporters said the Department of Insurance has deeper enforcement staff and legal capacity than the…
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