February 22, 2008
LANSING - Governor Jennifer M. Granholm today announced the appointment of Ken Ross as Office of Financial and Insurance Services (OFIS) commissioner.
"Ken's tremendous knowledge of complex financial and insurance issues and his tireless work as a public servant will ensure that OFIS continues to serve Michigan's citizens," Granholm said. "As commissioner, he will use his successful leadership skills and expertise to ensure that the agency continues to provide fair but firm regulation along with a high degree of consumer protection."
Ross, 40 of Dewitt, most recently served as OFIS acting commissioner, and prior to that appointment, he served as OFIS deputy commissioner for policy. Before coming to OFIS, Ross served as vice president of regulatory and legal affairs for the Michigan Credit Union League (MCUL).
In addition to Ross's tenure at OFIS and his work at the MCUL, his previous experience includes serving as an assistant attorney general under Attorneys General Frank J. Kelley and Jennifer M. Granholm. Previously, Ross served as a member of the DeWitt city council and as mayor pro tem for the city
Ross earned his law degree with honors from Thomas M. Cooley Law School and his bachelors degree, with a double major in philosophy and political science, from the University of Michigan-Dearborn.
The OFIS commissioner 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.
Michigan was one of the first states to coordinate regulation banking, insurance, and securities industries under the federal Financial Services Modernization Act of 1999.
Ross's appointment is effective immediately; he replaces Linda Watters who resigned in October.
Earlier this month, Governor Granholm signed Executive Order 2008-2, renaming the Office of Financial and Insurance Services (OFIS) the Office of Financial and Insurance Regulation (OFIR), effective April 6, 2008, and establishing the position of a new state insurance consumer advocate that will fight for affordable, reliable, and fair home and car insurance in Michigan. The consumer advocate position has not yet been filled but will be announce soon.
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