New DCBS division to take broader look at financial industry
Salem -- The Department of Consumer and Business Services announced today the merging of the Insurance Division and Division of Finance and Corporate Securities into one division. The new division, named the Division of Financial Regulation, became effective on Jan. 1, 2016.
"This new structure will allow us to focus more effectively on consumer protection while still assuring competitive markets for financial products," DCBS Director Patrick Allen said. "The financial services industry, including insurance, has been evolving rapidly since before the dot-com era. By organizing this way, we can maintain our broad focus on the entire industry, and not just a few products."
The Division of Financial Regulation will protect consumers and regulate insurance, depository institutions, trust companies, securities, and consumer financial products and services. Insurance Commissioner Laura Cali will be the administrator of the new division.
"Laura is an extraordinary insurance commissioner and has led the Insurance Division through some of the biggest changes to the health insurance system in decades," said Allen. "Her commitment to consumer protection and providing a sound business environment make her the perfect person to lead the new division."
David Tatman, administrator of the Division of Finance and Corporate Securities, will leave his administrator role to create a new enforcement and investigation team to take on both insurance and financial fraud cases. This new enforcement unit will bring together staff from both divisions to take on larger cases and be more effective in protecting consumers.
"David has led the Division of Finance and Corporate Securities with distinction and I cannot think of a better leader to create the new enforcement team," said Allen.
The Division of Financial Regulation will continue to provide all the services to consumers and businesses previously provided by the two divisions. For more information, go to http://www.oregon.gov/DCBS/DFR/Pages/index.aspx
The Department of Consumer and Business Services is Oregon's largest business regulatory and consumer protection agency. For more information, visit www.dcbs.oregon.gov.
Jake Sunderland, 503-947-7897