Agency will continue to protect and serve Michigan consumers under new name

FOR IMMEDIATE RELEASE
April 7, 2008
Contact Jason Moon: 517-335-1700

LANSING – Under Governor Jennifer M. Granholm’s Executive Order 2008-2, the Office of Financial and Insurance Services (OFIS) has been reorganized and renamed the Office of Financial and Insurance Regulation (OFIR). The executive order went into effect April 6, 2008 at 12:01 a.m.

“Renaming OFIS the Office of Financial and Insurance Regulation should reinforce for Michigan consumers and businesses the fact that we’re in the business of financial oversight of the Michigan financial service sector—including banking, insurance and securities,” OFIR Commissioner Ken Ross said. “New name—same focus—protecting Michigan consumers.”

The agency’s website has been changed to www.michigan.gov/ofir. The name change will also be reflected in the agency’s logo, email addresses, website content, templates and forms. As a convenience to consumers, many of the items changed will be interchangeably as they pertain to OFIR and OFIS. Previous legal documents, including rules, orders, decisions and bulletins will not be changed.  The agency’s toll free number remains 877-999-6442.

OFIR is responsible for the regulation of Blue Cross Blue Shield, 27 HMOS, 139 banks, 169 domestic insurance companies, 233 credit unions, 1,303 foreign insurance companies, 1,750 investment advisers, 2,100 securities broker-dealers, 7,772 consumer finance lenders, 146,419 insurance agents, and 115,000 securities agents.

Granholm’s executive order also created the new position of Automobile and Home Insurance Consumer Advocate that will fight for affordable, reliable and fair home and car insurance in Michigan and will be housed in OFIR. The Governor recently appointed Butch Hollowell to the position.

Michigan was one of the first states in the nation to coordinate regulation of financial institutions, insurance, and securities industries under the federal Financial Services Modernization Act of 1999.

OFIR is part of the Department of Labor & Economic Growth (DLEG) and is primarily fee-funded, requiring minimal public tax dollars for its regulatory and consumer assistance activities.

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