North Dakota Insurance Commissioner Jon Godfread announced last week that the state’s Insurance and Securities are unifying into following the passage of Senate Bill 2214 during the 2025 legislative session.
The new law allows the insurance commissioner to assume the role of securities commissioner. Godfread said the combined department will provide more efficient and coordinated oversight of two of the most complex and critical sectors of the financial services industry: insurance and securities.
“This is a milestone moment for North Dakota,” said Godfread. “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 combined department will continue its essential work investigating fraud, enforcing compliance, licensing professionals and firms, and serving as a trusted source of consumer information. It will also enhance public education efforts to help North Dakotans better understand their insurance policies, investment options, and financial rights, the North Dakota Insurance and Securities Department said.
As part of the reorganization, several leadership appointments have been made to guide the department’s expanded mission.
Deputy Commissioner John Arnold will oversee all regulatory operations for the agency, providing strategic direction across both insuranceand securities divisions. Matt Fischer, previously the Company Licensing Division Director and Chief Examiner, will serve as Chief Director of Insurance Regulation, managing the day-to-day regulation of North Dakota‘s insurance market. Cody Schmidt, a longtime investigator and examiner with the Securities Department, has been appointed Chief Director of Securities Regulation, bringing deep industry knowledge to the role.
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