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Office for financial regulation becomes department

Updated: Monday, March 18 2013, 10:27 AM EDT
LANSING, Mich. (AP) - Michigan's office dealing with financial and insurance regulation has been elevated to department status.
   
The Department of Insurance and Financial Services aims to provide greater focus on the tasks currently being handled by the Office of Financial and Insurance Regulations. That office had been part of the Department of Licensing and Regulatory Affairs.
   
Republican Gov. Rick Snyder announced plans for the new department in January. Snyder said at the time that the new department will be "dedicated to industry sustainability" and committed to "removing red tape from economic growth" in the state.
   
An executive order he issued to make the change took effect Monday. The office's previous Chairman Kevin Clinton is director of the new department.
   
Office for financial regulation becomes department


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