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Committee backs moving securities duties into insurance department, 4‑1
Summary
The committee voted 4‑1 to recommend moving the securities commissioner’s duties under the elected insurance commissioner. Supporters cited administrative efficiencies and access to enforcement resources; one senator opposed citing concerns about independence and appointment versus election.
The Senate Industry and Business Committee voted 4‑1 to recommend that the insurance commissioner assume the duties of the securities commissioner, a change supporters said would provide enforcement capacity and administrative efficiency.
John Godfrey, North Dakota Insurance Commissioner, told the committee the merger is ‘‘cut and dry’’ from the department’s perspective and stressed the potential for added resources and redundancies the insurance department can provide to securities enforcement. Godfrey said securities currently operates without an attorney and without a fraud division; folding…
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