The office will take on the duties currently handled by the Office of Financial and Insurance Regulation and the Department of Licensing and Regulatory Affairs.
Snyder says the move will reduce government red tape to help Michigan’s economy grow. He noted that insurance and financial services businesses are vital to the economy. Michigan is the home to over 300 state banks and 149 insurance companies.
The order goes into effect in 60 days. Snyder plans to appoint current Insurance Commissioner Kevin Clinton as the new department’s director, subject to advice and consent of the Senate.
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