Senate committee debates bill to give Insurance Commissioner securities duties; no final vote

The Senate Industry and Business Committee discussed legislation that would transfer the duties of the state Securities Commissioner to the Insurance Commissioner, but the committee did not record a final vote during the session.

Supporters said combining the two offices could reduce duplicative oversight and give regulators a fuller view of wealth-management activities that cross insurance and securities lines. John Arnold, deputy insurance commissioner, told the committee that a single regulator could “have a more holistic view of an examination” and reduce the need for firms to deal with two separate regulators.

Proponents also said the consolidation could help the state respond to evolving financial products such as certain annuities and other…