DIFS Office Responsibilities
The Department is composed of 8 program and regulatory offices: Banking, Consumer Finance, Consumer Services, Credit Unions, General Counsel, Insurance Evaluation, Insurance Rates and Forms, and Insurance Licensing and Market Conduct.
Office of Banking:
- Responsible for all aspects of the supervision, regulation and examination of state-chartered banks, savings banks, trust-only banks, and trust departments, including processing related corporate applications and requests. The office is also responsible for examining business and industrial development companies (BIDCOs).
Office of Consumer Finance:
- Responsible for the licensing, regulation, and examination of entities and individuals doing business under various Michigan consumer finance statutes, including mortgage brokers, lenders, and servicers, mortgage loan originators, money transmitters, deferred presentment providers, direct loan companies, motor vehicle installment sellers and sales finance companies, and other consumer finance providers.
Office of Consumer Services:
- Responsible for managing consumer information and outreach, inquiries, and complaints; investigations of insurance agents/entities; web development and maintenance; and, overseeing the communication center which serves as the initial point of contact for all incoming calls and visitors.
Office of Credit Unions:
- Dedicated to maintaining the public confidence in Michigan state-chartered credit unions, and to ensuring Michigan state-chartered credit unions provide safe, sound, and reliable financial services to their members.
Office of General Counsel:
- Responsible for providing legal advice and representation to the Director and DIFS staff with respect to: enforcement actions, formal administrative hearings, orders, rules, statutes, regulations, bulletins, declaratory rulings, health benefit claims, special projects, legislative research and analysis, and processing PRIRA appeals. The general counsel serves as FOIA coordinator and acts as liaison with the Attorney General and other state/federal agencies.
Office of Insurance Evaluation:
- Responsible for all aspects of monitoring and regulating the financial condition of risk bearing insurance entities including: the processing of applications for licensure filed by insurance companies; on-site financial examinations of domestic insurance companies; ongoing financial monitoring of licensed insurance companies and working with insurance companies reporting negative trends to take appropriate corrective measures. The office is also responsible for the licensing, monitoring and examination of captive insurers.
Office of Insurance Rates and Forms:
- Responsible for enforcing Michigan insurance statutes and regulations pertaining to rates and forms submitted by insurance companies and other licensed entities. The office is also responsible for reviewing all filings relative to the Patient Protection and Affordable Care Act (ACA).
Office of Insurance Licensing and Market Conduct:
- Responsible for licensing individual and agency insurance producers (agents), solicitors, counselors, adjusters, foreign risk retention groups, premium finance companies, purchasing groups, reinsurance intermediaries, and third party administrators. The office is also responsible for market conduct examinations of insurers, audits of insurance agents/entities and monitoring of all surplus lines tax filings and payments.