The proposed bill would 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 It also includes a provision that, subject to voter approval, DIFI would be repealed on January 1, 2034.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 administering insurance and financial institution laws, protecting consumers, and promoting market competition.

Additionally, the bill specifies that if the 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will terminate on July 1, 2033, and various titles and chapters related to insurance and financial institutions will be repealed on January 1, 2034.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 bill's provisions aim to ensure the continued regulation of the insurance industry and financial institutions in Arizona while also addressing potential future changes based on voter decisions.

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