The Legislature has approved a proposal to have the state Insurance Commissioner’s office assume the duties of the state securities commissioner.
Insurance Commissioner Jon Godfread said it’s a good fit.
"They've been under-resourced for a number of years," Godfread said. "We've seen some more activity in that space, and some consumer protection issues. We're excited to bring them underneath our umbrella, and leverage some of the resources we have in the department."
Godfread said a number of financial advisors have insurance licenses.
"These industries are merging closer and closer together," Godfread said. "It makes sense to have a unified regulatory approach to that. We can provide that here in the Insurance Department."
The Securities department has 10 full time employees, and they will transfer to the Insurance department.
The bill awaits Governor Armstrong’s signature.
