ID H0854

Director of the Department of Insurance will concurrently serve as Director of the Department of Finance effective July 1, 2027, consolidating leadership of both regulatory agencies under one appointed official.

Cross-departmental efficiencies must be implemented in administrative services, financial and accounting support, and information technology between the two departments.

The director may administratively combine divisions or employees of the Department of Finance with the Department of Insurance to achieve the duties of either department.

Neither the director nor any division administrator may own or have direct or indirect financial interest in any banking or insurance corporation supervised by the departments.

Repeals Section 28-44-111, Idaho Code, relating to cooperation between departments, and removes the Director of Finance as a separate gubernatorial appointment requiring senate confirmation.