OFIR is the regulatory agency responsible for the insurance, banking, and securities markets. It is housed within the Department of Energy, Labor and Economic Growth. OFIR’s chief executive carries the title “commissioner” and is appointed by the governor.
In regulating insurers, OFIR administers the Michigan Insurance Code and the regulations based on the Code. Key functions within OFIR include solvency regulation, market conduct regulation, agency and company licensing, and consumer services. OFIR also participates in public policy development through its legislative liaison to the state legislature and its participation in the National Association of Insurance Commissioners (see NAIC tab for further information).
OFIR regulates approximately 1,600 insurance companies, 175,022 insurance licensees, 25 HMOs and Michigan’s only non-profit health care company, Blue Cross and Blue Shield.
In addition to its insurance-related responsibilities, OFIR also regulates 123 banks, 210 credit unions, 1,799 investment advisors, 411 investment adviser representatives, 122,642 securities agents, 9,062 consumer finance licensees and registrants, and 2,004 securities broker-dealers.
OFIR serves a critical role in Michigan’s insurance marketplace by regulating the financial condition of companies doing business in Michigan to ensure they can fulfill the promises made to consumers. MIC companies value and support OFIR solvency regulation. Similarly, because bad actors in the marketplace can create ill-will and public dissatisfaction with insurers generally, MIC companies regularly work with OFIR’s consumer assistance personnel to resolve consumer issues that may arise. MIC would encourage OFIR to be a more active contributor to Michigan’s economic recovery by focusing on activities and policies that increase competition and encourage insurers to locate and do business in Michigan.
- Office of Financial and Insurance Regulation
611 W. Ottawa Street
P.O. Box 30220
Lansing, MI 48909-7720
- www.michigan.gov/dle (Follow link to Financial and Insurance Regulation)