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Committee recommends merging Securities Department into Insurance Department, citing consumer protection concerns
Summary
House Industry, Business and Labor Committee voted to recommend passage of legislation that would move the state Securities Department under the Insurance Department, with supporters citing persistent enforcement and resource shortfalls.
The House Industry, Business and Labor Committee voted to send Senate Bill 2214 forward with a do‑pass recommendation to consolidate the state Securities Department into the Insurance Department, a change supporters say will strengthen enforcement, improve regulatory capacity and give the state greater ability to protect investors.
Senator Dale Patton introduced the bill, and Insurance Commissioner John Godfrey testified at length that the merger is intended to address what he described as "operational inefficiencies" and resource gaps that have hampered securities oversight. Godfrey said the…
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