Bill > HB2210

This bill continues the Department of Insurance and Financial Institutions (DIFI) and establishes a contingent termination date, which will take effect only if voters approve a constitutional amendment repealing the department's authority. Specifically, if the voters approve such an amendment, the department will automatically terminate on July 1, 2033, and several related titles and chapters of Arizona law will be repealed on January 1, 2034. The bill also repeals section 41-3025.02 of Arizona Revised Statutes. The purpose of continuing the department is to administer insurance and financial institution laws, protect citizens who purchase insurance or do business with state financial institutions, encourage market competition, shield the public from unregulated insurers and financial institutions, and represent consumer interests. The bill's provisions will apply retroactively from and after July 1, 2025, meaning the legal changes will be considered in effect from that date. This legislation appears to be part of a routine legislative process to review and potentially extend the operation of a state department.

Budget and Finance, Business and Industry

https://apps.azleg.gov/BillStatus/BillOverview/81953