The Office of Financial and Insurance Regulation (OFIR) administers 29 public acts and regulates a variety of individual licensees and entities, including Blue Cross Blue Shield, 25 HMOs, 114 banks, 171 domestic insurance companies, 195 credit unions, 1,458 foreign insurance companies, 1,778 investment advisors, 1,969 securities broker-dealers, 194,835 insurance agents, 131,194 securities agents, 9,214 investment advisor representatives, 3,958 mortgage licensees and registrants, 656 deferred presentment companies and 2,387 other consumer finance-related entities.

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

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.