North Dakota is making a big change in how it manages insurance and securities regulation. Last week, Insurance Commissioner Jon Godfread announced that, following the passage of Senate Bill 2214 in the 2025 legislative session, the state will combine its Insurance and Securities departments into one.
This new law lets the insurance commissioner also take on the role of securities commissioner. Godfread explained that merging the two departments will create a more efficient way to oversee these important parts of the financial services industry. The goal is to improve consumer protection and strengthen the state’s ability to enforce rules and regulations.
Godfread called this move a milestone for North Dakota. He said bringing these two areas together will help protect consumers better, tighten oversight, and modernize the way the state serves individuals and businesses.
The combined department will keep handling key tasks like investigating fraud, enforcing laws, licensing professionals and companies, and providing reliable information to consumers. On top of that, there will be increased efforts to educate the public so they can better understand their insurance options, investments, and financial rights.
To lead this new department, several leadership roles have been assigned. John Arnold will act as Deputy Commissioner, overseeing all regulatory work across both the insurance and securities divisions. Matt Fischer, who used to be the director of the Company Licensing Division and chief examiner, is now the Chief Director of Insurance Regulation. He will manage day-to-day insurance oversight. Cody Schmidt, with years of experience as an investigator and examiner in the Securities Department, has stepped up as Chief Director of Securities Regulation.
This reorganization aims to make North Dakota’s financial oversight more streamlined and responsive to the needs of its residents. With clearer leadership and combined resources, the state hopes to provide stronger service and protection for everyone using insurance and investment products.