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 It also includes a provision that, subject to voter approval, DIFI would be repealed on January 1, 2034.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 administering state 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the authority for DIFI, various titles and sections related to insurance and financial institutions would also be repealed on January 1, 2034. The new provisions aim to ensure that DIFI continues to serve its purpose effectively while also providing a clear timeline for its potential dissolution based on voter decision.

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