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WBK Industry News - State Regulatory Developments

Arizona Consolidates Department of Financial Institutions into Department of Insurance

Arizona lawmakers recently passed Senate Bill 1469 (SB 1469), which consolidates the Department of Financial Institutions (DFI) and the Automobile Theft Authority into the Department of Insurance.  The consolidated department has been renamed the Department of Insurance and Financial Institutions (DIFI).

DIFI will be headed by a Director who will appoint a Superintendent to oversee DIFI’s Financial Institutions Division.  Many of the duties and responsibilities previously assigned to the DFI Superintendent will now belong to the DIFI Director.  All rules adopted by DFI will remain in force until amended by DIFI.  SB 1469 will take effect on June 30, 2020.