The Oregon Department of Consumer and Business Services has merged its Insurance Division and Division of Finance and Corporate Securities to create a new Division of Financial Regulation.

The division's mission is to protect consumers and regulate insurance, depository institutions, trust companies, securities and consumer financial products and services.

Insurance Commissioner Laura Cali has been selected to lead the new division. David Tatman, administrator of the Division of Finance and Corporate Securities, will lead a new enforcement team to investigate insurance and financial fraud cases. The teams consists of staff from both of the defunct divisions.

The change took effect Jan. 1.

"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 in a statement. "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

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