Michigan Department of Insurance and Financial Services

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Department of Insurance and Financial Services
Department overview
Formed March 19, 2013 (2013-03-19)
Preceding department
  • Office of Financial and Insurance Regulation
Type department
Jurisdiction Michigan
Headquarters Lansing, Michigan
Department executive
Child agencies
  • Office of Banking
  • Office of Credit Unions
  • Office of Consumer Finance
  • Office of Consumer Services
  • Office of Insurance Licensing & Market Conduct
Key documents
Website www.michigan.gov/difs

Michigan Department of Insurance and Financial Services (DIFS), formerly the Office of Financial and Insurance Regulation, is a principal department in the Michigan executive branch with responsibility for insurance and financial institutions.

History

Office

Governor John Engler created the Office of Financial and Insurance Regulation as a Type I agency within the Michigan Department of Consumer and Industry Services to be headed up by a commissioner appointed to a four-year term. The Corporations, Securities and Land Development Bureau's security functions and all functions of the Insurance Bureau and Financial Institutions Bureau were transferred to the office.[2]

Department

On January 17, 2013, Governor Rick Snyder ordered that the Office of Financial and Insurance Regulation (OFIR) be transfer out of the Michigan Department of Licensing and Regulatory Affairs to form a new principal department, the Michigan Department of Insurance and Financial Services, effective March 19, 2013.[3] The Commissioner of the OFIR, Kevin Clinton, was selected to be the first department director. The Governor formed the department in hopes of better regulations thus drawing more insurance and banking companies to the state thus leading to more jobs.[4]

In May 2013, the DIFS ordered two unlicensed pay day loan operators to stop activities in Michigan.[5] In June, an Ingham County Circuit Judge order the liquidation of American Fellowship Mutual Insurance Co. from a request from DIFS with the Department Director selected as liquidator.[6] On November 1, OFIR chief deputy commissioner and department's chief deputy director Annette E. Flood was appointed to head the department.[1]

The department placed Clarkston Brandon Community Credit Union into Conservatorship with the National Credit Union Administration as conservator in January 2015 after $20 million was stolen by CFO Michael LaJoice since 2013.[7]

References

  1. 1.0 1.1 "Flood, Ann". MIRS Biographical Profiles. MIRS. Retrieved February 10, 2015. 
  2. Executive Order 2000-2.
  3. "Snyder creates insurance, financial services oversight department". The Detroit News. January 17, 2013. Retrieved 23 January 2013. 
  4. Gautz, Chris (January 17, 2013). "Snyder creates new insurance, financial services department". Crain's Detroit Business. Retrieved June 5, 2013. 
  5. Anders, Melissa (May 17, 2013). "Michigan regulators target unlicensed pay day lenders". Mlive. Retrieved June 5, 2013. 
  6. "Michigan Orders American Fellowship Mutual Insurance into Liquidation". Insurance Journal. June 19, 2013. Retrieved 7 July 2013. 
  7. Ridley, Gary (January 15, 2016). "Credit union under state control after alleged $20 million embezzlement". Flint Journal. Mlive Media Group. Retrieved February 4, 2016.