The Office of Financial and Insurance Regulation (OFIR) is responsible for the regulation of Blue Cross Blue Shield, 27 HMOS, 139 banks, 169 domestic insurance companies, 223 credit unions, 1,303 foreign insurance companies, 1,750 investment advisers, 2,100 securities broker-dealers, 7,772 consumer finance lenders, 146,419 insurance agents, and 115,000 securities agents.

Michigan is the first state to coordinate regulation of financial institutions, insurance, and securities industries under the federal Financial Services Modernization Act of 1999.

Overseeing the Office of Financial and Insurance Regulation (OFIR) is Commissioner Ken Ross. Governor Jennifer M. Granholm appointed Mr. Ross Commissioner effective February 22, 2008. Prior to being named Commissioner, Mr. Ross was the Deputy Commissioner for Policy. Mr. Ross 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). Mr. Ross earned a J.D., cum laude, from Thomas M. Cooley Law School and a Bachelors degree, double majoring in Philosophy and Political Science from the University of Michigan-Dearborn.

The Office of Financial and Insurance Regulation operates under two distinct offices - The Office of Financial Evaluation and The Office of Policy, Conduct and Consumer Assistance. The position of Acting Chief Deputy Commissioner for the Office of Financial Evaluation is held by Peggy Bryson. Frances K. Wallace serves as Chief Deputy Commissioner for the Office of Policy, Conduct and Consumer Assistance.

OFIR can offer assistance to consumers if they have questions or complaints about credit unions, insurance companies, banks, securities, and HMOs.

In the upcoming years, OFIR is seeking to create functional regulation for the financial services industry. Government regulators often apply a model of regulation to modern organizations that is a result of 130 years of experience. With changing complexities in banking and insurance companies, the old-fashioned model cannot maintain a pace consistent with the industries. Regulators must become adept at interpreting and regulating complex service enterprises that did not even exist five years ago.

It is OFIR' duty to sustain an active relationship with Michigan's consumers. This involves keeping consumers informed and helping them adapt to industry developments. Most consumers are not aware of the complex changes occurring in the financial industry.

Through adaptability and consumer communication, the staff members of the Office of Financial and Insurance Regulation strive to be the preeminent financial service regulators in the United States.