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FOR IMMEDIATE RELEASE
March 18, 2013
Media Contact: Maureen Doyle at (517) 335-5834
Consumer Hotline: 877-999-6442
http://twitter.com/miofir
Agency begins operations as governor’s executive order takes effect
The Michigan Department of Insurance and Financial Services (DIFS) opened its doors today, and Director R. Kevin Clinton emphasized his commitment to protect consumers while providing effective oversight in a manner that encourages industry growth.
The department is created by Executive Order 2013-1, which takes effect today. It was signed by Gov. Rick Snyder in January. The department assumes oversight responsibilities of the previous Office of Financial and Insurance Regulation (OFIR), but also is dedicated to industry sustainability in recognition of the rapidly changing insurance and financial services fields.
“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.
The full text of Executive Order 2013-1 is available at www.michigan.gov/snyder.
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