This bill proposes to update current statutes by continuing the Department of Insurance and Financial Institutions (DIFI) for an additional eight years, retroactively effective from July 1, 2025, until July 1, 2033. It also includes a provision that, subject to voter approval, DIFI would be repealed on January 1, 2034. The bill repeals the existing statute at section 41-3025.02 and introduces new language that outlines the responsibilities of DIFI, emphasizing its role in regulating the insurance industry and financial institutions, as well as protecting consumers.

Additionally, the bill specifies that if voters approve a constitutional amendment to repeal the authority for DIFI, the department will terminate on July 1, 2033, and various titles and chapters related to insurance and financial institutions will be repealed on January 1, 2034. The legislation aims to ensure that DIFI continues to serve the public interest by administering state laws related to insurance and financial institutions, promoting competition, and safeguarding consumers against unregulated entities.

Statutes affected:
Introduced Version: 41-3025.02, 41-3033.02
House Engrossed Version: 41-3025.02, 41-3033.02