Michigan Annuity

The Michigan Insurance Department is responsible for administering the laws of their state. The Michigan Insurance Department also has a duty to sustain an active relationship with the states consumers which includes keeping consumers up to date and helping them adapt to industry changes.

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Michigan Insurance Commissioner

Ken Ross was appointed to Commissioner of the Michigan Department of Insurance by Governor Jennifer M. Granholm on February 22, 2008, and is in charge of overseeing the Office of Financial and Insurance Regulation (OFIR). Before his current position as Commissioner, Ross was the Deputy Commissioner for Policy. He 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). Ross graduated with a J.D., cum laude, from Thomas M. Cooley Law School. He also double majored in Philosophy and Political Science at the University of Michigan-Dearborn earning him his Bachelors.

Michigan Annuity Resources

Michigan is the first state to coordinate regulation of financial institutions, insurance, and securities industries under the federal Financial Services Modernization Act of 1999. The Office of Financial and Insurance Regulation (OFIR) is responsible for the regulation of Blue Cross Blue Shield, 26 HMOS, 118 banks, 174 domestic insurance companies, 204 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. OFIR can offer help to any Michigan consumers that have questions or complaints about credit unions, insurance companies, banks, securities, or HMOs. Any additional information needed can also be found at http://www.michigan.gov/dleg/.

 

Capital: Lansing
State Commissioner: Ken Ross
Insurance Hotline: (517) 373-9273
Annuity Guarantee Limit: $100,000
Website: http://www.michigan.gov/dleg/
Links: Financial Programs