Gov. Rick Snyder wasted no time implementing one of his proposals from Wednesday night's State of the State address, signing an executive order Thursday to create the new state Department of Insurance and Financial Services.
The Department, which had been under the umbrella of Licensing and Regulatory Affairs, is designed to give insurance and financial service related issues more of a focal point in state government.
It also is meant to recognize the significance of the insurance and financial services industries in Michigan's economy. The two industries employ 150,000 people in Michigan and generate $9 billion in annual payroll. There are 300 state banks and credit unions, and 149 insurance companies in the state.
Snyder's executive order becomes effective in 60 days.
Kevin Clinton, who serves as the Office of Financial and Insurance Regulation commissioner, will become the director of the new department, but will have to be approved by the Michigan Senate.
Distributed by MCT Information Services
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