2019 DIFS Annual Report
1 2 From the Director The Honorable Gretchen Whitmer, Governor of Michigan State Capitol Building Lansing, Michigan 48933 Subject: 2019 Department of Insurance and Financial Services Annual Report Dear Governor Whitmer: The Annual Report, prepared pursuant to Section 238 of the Michigan Insurance Code of 1956, 1956 PA 218, MCL 500.238 and Section 2108 of the Michigan Banking Code of 1999, 1999 PA 276, MCL 487.12108, is a valuable reference for information about regulated entities engaged in the business of insurance, banking, and consumer finance in Michigan. The Department of Insurance and Financial Services (DIFS) is responsible for regulating Michigan's insurance and financial industries. The entities that DIFS regulated in 2019 included, 25 HMOs, 77 banks, 123 domestic insurance companies, 136 credit unions, 1,500 foreign insurance companies, 291,524 individual insurance agents, 20,833 insurance agencies, 14,377 mortgage licensees and registrants, 480 deferred presentment licensees, and 2,654 other consumer finance-related entities. This annual report is also available on the DIFS website at www.michigan.gov/DIFS under “Publications.” Sincerely, Anita G. Fox, Director Department of Insurance and Financial Services 3 Contents 5 Office Responsibilities 7 Budget and Revenue 9 Office of Consumer Services 11 Office of General Counsel Receivership Statistical 12 Information Office of Research, Rules and 13 Appeals Office of Insurance Licensing and 14 Market Regulation 16 Office of Consumer Finance 17 Office of Banking 23 Office of Credit Unions 30 Office of Insurance Evaluation 35 Entity Type Definitions 39 Regulated Entities 4 DIFS Office Responsibilities Office of Banking Responsible for all aspects of the supervision, regulation and examination of state- chartered banks, savings banks, trust-only banks, and trust departments, including processing related corporate applications and requests.
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