Mich. Gov. Creates Insurance, Financial Services Department
|By Kathleen Gray, Detroit Free Press|
The department, whose duties had been under the umbrella of Licensing and Regulatory Affairs, is designed to give issues related to insurance and financial services more of a focal point in state government.
It also is meant to recognize the significance of those industries in
Snyder's executive order takes effect in 60 days.
The new department comes in tandem with Snyder's call for auto insurance reform that would include changes to the state's no-fault system.
Legislation died last year after emotional committee hearings. Consumers, doctors and other medical professionals testified that capping benefits would cause catastrophically injured people to quickly go bankrupt.
Snyder said Thursday that he hopes that once legislators and residents learn the gravity of the state's insurance costs, action will be taken. The average auto insurance claim in
"Something really needs to be done," he said.
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|Source:||McClatchy-Tribune Information Services|