The insurance commissioner assuming the duties of the securities commissioner; to provide for a transfer; to provide an effective date; and to declare an emergency.
Impact
The passage of SB 2214 will significantly alter the regulatory landscape for financial services in North Dakota. By assuming the duties of the securities commissioner, the insurance commissioner will be empowered to enforce existing laws related to securities, while also managing insurance regulations. This centralization could lead to a more cohesive regulatory approach, with the potential to improve investor protection and oversight in financial matters. Stakeholders in the securities industry have expressed optimism that this change could result in better-coordinated regulations that facilitate growth and compliance.
Summary
Senate Bill 2214 aims to amend the North Dakota Century Code to consolidate the roles and responsibilities of the insurance commissioner with those of the securities commissioner. This bill intends to enhance efficiency in financial regulation by having a single commissioner oversee both areas, thereby streamlining operations and potentially reducing costs associated with maintaining separate offices. The proposal is seen as a way to modernize and improve the regulatory framework governing securities and insurance industries in North Dakota.
Sentiment
The sentiment surrounding the bill appears to be mostly positive among lawmakers who believe it will lead to operational efficiencies and a more effective regulatory environment. Policymakers have emphasized the importance of adaptive governance in the face of changing economic conditions. However, there are concerns among some advocacy groups about the implications of consolidating regulatory authority, fearing it may downplay the distinct needs of the securities sector compared to the insurance sector.
Contention
Key points of contention involve how effectively the new regulatory structure will serve the interests of both insurance and securities stakeholders. Critics are wary that prioritizing efficiency may come at the expense of specialized oversight that recognizes the unique challenges presented by each sector. The urgency of the bill, noted as an emergency measure, suggests a strong desire amongst legislators to implement these changes swiftly, further fueling debates about the appropriateness of hastily modifying such crucial regulatory frameworks.
A transfer of Bank of North Dakota profits to a water infrastructure revolving loan fund; to provide for a transfer; to provide an exemption; to provide for a legislative management study; to provide a report; to provide a penalty; to provide for application; to provide a retroactive effective date; to provide a contingent effective date; to provide an effective date; and to declare an emergency.
The salaries of the public service commissioners, the transfer and distribution of funds in the highway tax distribution fund, and siting process administrative fees; to provide a transfer; and to declare an emergency.
The salary of the state tax commissioner, property assessment increase notices, and use tax exemptions; to provide an exemption; to provide for a transfer; to provide an effective date; and to provide an expiration date.
The autism voucher; to provide a statement of legislative intent; to provide for a legislative management study; to provide for a report; to provide an effective date; and to declare an emergency.
The powers and duties of the state auditor and the salary of the state auditor; to provide for a legislative management study; to provide for a legislative management report; and to declare an emergency.
An Act Concerning Revisions To The Provisions Of The Securities And Business Investments Law Of Connecticut Governing Notice, The Denial, Suspension Or Revocation Of Registration, And The Disclosure To Purchaser-investors.
Health care entities required to report information on ownership or control to the commissioner of health, annual public reports required, enforcement provided, penalties authorized, and money appropriated.