The Office of Financial and Insurance Regulation (OFIR) is responsible for the regulation of Blue Cross Blue Shield, 26 HMOS, 127 banks, 174 domestic insurance companies, 211 credit unions, 1,427 foreign insurance companies, 1,858 investment advisers, 2,036 securities broker-dealers, 6,172 consumer finance lenders, 171,443 insurance agents, and 123,604 securities agents.

Michigan is the first state to coordinate regulation of financial institutions, insurance, and securities industries under the federal Financial Services Modernization Act of 1999.

Overseeing the Office of Financial and Insurance Regulation (OFIR) is Commissioner Ken Ross. Governor Jennifer M. Granholm appointed Mr. Ross Commissioner effective February 22, 2008. Prior to being named Commissioner, Mr. Ross was the Deputy Commissioner for Policy. Mr. Ross came to OFIR as the Commissioner’s Chief of Staff in December 2003 after serving as the Vice President of Regulation and Legal Affairs for the Michigan Credit Union League (MCUL). Mr. Ross earned a J.D., cum laude, from Thomas M. Cooley Law School and a Bachelors degree, double majoring in Philosophy and Political Science from the University of Michigan-Dearborn.

OFIR can offer assistance to consumers if they have questions or complaints about credit unions, insurance companies, banks, securities, and HMOs.

In the upcoming years, OFIR is seeking to create functional regulation for the financial services industry. Government regulators often apply a model of regulation to modern organizations that is a result of 130 years of experience. With changing complexities in banking and insurance companies, the old-fashioned model cannot maintain a pace consistent with the industries. Regulators must become adept at interpreting and regulating complex service enterprises that did not even exist five years ago.

It is OFIR's duty to sustain an active relationship with Michigan's consumers. This involves keeping consumers informed and helping them adapt to industry developments. Most consumers are not aware of the complex changes occurring in the financial industry.

Through adaptability and consumer communication, the staff members of the Office of Financial and Insurance Regulation strive to be the preeminent financial service regulators in the United States.