Governor Ducey has signed SB 1469, a bill sponsored by Senator David Livingston to consolidate the Department of Financial Institutions, the Automobile Theft Authority and the Department of Insurance. The agency will be named the Department of Insurance and Financial Institutions (DIFI).

"This is a best practices bill that will lower the number of government agencies, and at the same time save us money," said Senator Livingston. "States all around the country are seeing the benefits on consolidation. This will make things much more efficient."

The creation of Department of Insurance and Financial Institutions will not cause any layoffs. It will provide long-term operational efficiencies and the State will likely see only small, one-time implementation costs.