SB1469 Summary: Department of Insurance and Financial Institutions

• Consolidates the Department of Financial Institutions into the Department of Insurance, creating a new Department of Insurance and Financial Institutions effective July 1, 2020, with a director overseeing both insurance and financial institutions divisions.

• Transfers all authority, powers, duties, and responsibilities of the former department to the new consolidated department, including regulation of banks, credit unions, escrow agents, mortgage lenders, appraisers, and other financial entities.

• Establishes a superintendent position within the financial institutions division to assist the director, replacing previous autonomous department leadership structure.

• Updates numerous statutory references throughout Arizona law (titles 5-48) to reflect the new organizational structure and terminology changes from "department of financial institutions" to "department of insurance and financial institutions."

• Transfers the automobile theft authority from independent status to operation within the new consolidated Department of Insurance and Financial Institutions effective July 1, 2020.