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Department of Insurance and Financial Services

Department of Insurance and Financial Services. Teri Morante Chief Deputy Director. Executive Order 2013-1 established DIFS – formerly Office of Financial and Insurance Regulation (OFIR).

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Department of Insurance and Financial Services

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  1. Department of Insurance and Financial Services Teri Morante Chief Deputy Director

  2. Executive Order 2013-1 established DIFS – formerly Office of Financial and Insurance Regulation (OFIR). Insurance and financial service businesses are a vital part of the overall economic health of Michigan. By establishing a new department dedicated to industry sustainability, it further emphasizes the commitment to removing red tape from economic growth in Michigan. -Governor Rick Snyder “ ”

  3. Elevation to Department Status • Elevation of DIFS to Department and status recognizes industry’s importance to Michigan’s economic success. • The industry employs 155,000 Michigan residents, generating $9.7 billion in payroll. • As a department, DIFS will provide more emphasis on promoting economic growth within insurance and financial services industries.

  4. DIFS Mission Statement The mission of the Michigan Department of Insurance and Financial Services is to provide a business climate that promotes economic growth while ensuring that the insurance and financial services industries are safe, sound, and entitled to public confidence. In addition, the Department provides consumer protection, outreach, and education services to Michigan citizens.

  5. By The Numbers Michigan is the domicile for 149 companies providing life/annuity, property/casualty, and health insurance coverage. Michigan has 110 state-chartered commercial, savings, and non-depository trust banks. Michigan has 190 state-chartered credit unions with over 3.1 million members.

  6. Michigan Insurance Industry Weathers the Storm Source: Michigan Department of Insurance and Financial Services

  7. Economic Growth - Goals • Encourage economic activity in the insurance and financial services industries • Retain and grow established companies • Enhancing Michigan’s image nationally

  8. Economic Growth - Action Items • Analyze current footprint in the state • Establish DIFS as a partner in industry’s efforts for continued growth in Michigan • Foster the development of future industry leaders

  9. Why is Economic Development Important? • Retaining and growing our insurance and financial services industries means: • More economic activity providing more Tax Dollars for Schools, Roads, Communities • Jobs for Michigan residents that are well-paying, relatively recession-proof and green • More competition, which leads to increased choice and lower costs for consumers

  10. DIFS Consumer Services Call Center Consumer Complaint Resolution Consumer Outreach Online Resources

  11. New Issues • Governor’s Senior Initiative • Flood • Transportation Network Companies • Car Sharing • Ride Sharing

  12. Ongoing Issues • Affordable Care Act Implementation • Legislative efforts • Auto Insurance Reform

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