LANSING – Acting the day after his State of the State address, Governor Rick Snyder on Thursday signed Executive Order 2013-1, creating a new Department of Insurance and Financial Services. The order establishes that the new department will have authority over all insurance and banking issues in the state.
In announcing the order, Snyder confirmed that current Financial and Insurance Regulations director Kevin Clinton will be director of the new department.
“Insurance and financial services businesses are a vital part of the overall economic health in Michigan,” Snyder said in a release. Together the two industries employ more than 150,000 people in Michigan and generate more than $9 billion in salaries.
The order splits off the new department from the current Department of Licensing and Regulatory Affairs. It takes effect in 60 days unless rejected by the House and Senate. Majority Republicans in the Legislature are supportive of the change.
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