Peace Garden News

North Dakota has unified its Insurance and Securities departments, a move aimed at enhancing consumer protection against fraud and financial risk. This development follows the approval of Senate Bill 2214 in the 2025 legislative session, which enabled the insurance commissioner to also take on the role of securities commissioner.

"This is a milestone moment for North Dakota," said Jon Godfread, North Dakota Insurance Commissioner. "Bringing these two regulatory functions together under one roof allows us to better protect consumers, strengthen our oversight capabilities, and modernize how we serve the people and businesses of our state."

The merger aims to provide more efficient oversight of the insurance and securities sectors by combining efforts previously managed by separate agencies. Both departments shared objectives such as consumer protection, market integrity, and education before unification.

The new department will continue investigating fraud, enforcing compliance, licensing professionals and firms, while also serving as a source of consumer information. It plans to enhance public education efforts regarding insurance policies, investment options, and financial rights.

Leadership changes accompany this reorganization. Deputy Commissioner John Arnold will oversee all regulatory operations for both divisions. Matt Fischer has been appointed Chief Director of Insurance Regulation, responsible for managing day-to-day regulation in North Dakota's insurance market. Cody Schmidt takes on the role of Chief Director of Securities Regulation.

"Insurance and investment decisions are among the most important financial choices people make," Godfread stated. "With this merger, we're not only aligning regulatory expertise; we're creating a smarter, more effective agency that's ready to meet the challenges of a rapidly evolving market."

Services remain accessible at Insurance.ND.gov or Securities.ND.gov with updates on the agency’s new name and structure expected throughout the year.