OFIR Officially Becomes Department of Insurance and Financial Services (Misc News: March 28, 2013)
The Michigan Department of Insurance and Financial Services opened its doors on March 18, and Director Kevin Clinton emphasized his commitment to protect consumers while providing effective oversight in a manner that encourages industry growth.
The department was created by Executive Order 2013-1 changing what had been the Office for Financial and Insurance Regulation to its own department. It was signed by Gov. Rick Snyder in January. OFIR had previously been part of the Department of Licensing and Regulatory Affairs.
“The insurance and financial services industries are significant components of our state economy, directly employing over 150,000 Michigan residents and generating more than $9 billion in annual payroll,” Clinton said. “Being elevated to a state department signals the governor’s dedication to fostering economic growth within these industries while always ensuring the highest standards of consumer protection.”
Transforming the former insurance and financial office into a state department will:
- Expand the former agency’s mission to include job creation through partnerships with the insurance and financial sectors.
- Allow for the development of effective partnerships to address issues of insurance availability and affordability, including the areas of no-fault and health care reform.
- Enable direct advocacy and education of legislative proposals affecting the insurance and financial services sectors.
- Enable direct control of all aspects of programs designed to focus on consumer protection, education and outreach, and senior issues.
Click here to read the full text of Executive Order 2013-1.