Gov. Rick Snyder taps Pat McPharlin to head state's Department of Insurance & Financial Services

Former CEO of MSUFCU to lead department as Ann Flood returns to private sector

Tuesday, April 7, 2015

LANSING, Mich. – Pat McPharlin, of Laingsburg, who has extensive experience in the private financial sector, has been named Michigan’s new director of the state Department of Insurance and Financial Services to replace outgoing Ann Flood, Gov. Rick Snyder said.

“Pat has an exemplary record of service in the private financial sector,” Snyder said. “His leadership in growing a company based on customer service and strong community relationships will bring great value to this role that connects directly with residents and employers. With Pat at the helm, we can continue to ensure strong consumer protection and information while helping position the insurance and financial services sectors for continued economic growth statewide.”

McPharlin joins state government after serving as CEO of Michigan State University Federal Credit Union, where he started early in his career in 1973 and has been its leader for the last 14 years. He retired from the credit union just last month, after the completion of a successful succession plan and transition. He holds a bachelor's degree in multidisciplinary social science from Michigan State University, and a master's degree in management from Aquinas College.

He replaces Ann Flood, who is returning to the private sector after serving as head of the Department of Insurance and Financial Services since October of 2013 and before that as chief deputy under the former Office of Insurance and Financial Regulation before Snyder’s 2013 executive order elevated it to a department.

“Consumers, communities and businesses alike have benefited from Ann’s public service,” Snyder said. “She’s worked tirelessly to ensure effective implementation of federal health care insurance regulations, protect and inform consumers and helped promote economic development within the insurance and financial industries. We look forward to her continued good work as she returns to the private sector.”

McPharlin begins his state service on Monday, May 18. Flood’s last day will be Friday, May 15. They will work together in the interim to ensure a smooth, seamless transition. The appointment is subject to the advice and consent of the state Senate.