Department of Insurance and Financial Services
The Department of Insurance and Financial Services regulates the insurance and financial services industries in order to protect consumers, strengthen the state’s business climate, and position these industries for economic growth. The governor’s proposed budget for fiscal years 2016 and 2017 recommends total funding of $65.1 million ($150,000 general fund).
Highlights of Governor’s Budget Recommendation
• The governor recommends funding of $36.5 million for financial institutions and insurance evaluation, $14.3 million for enforcement and consumer protection, $8.9 million for department services and information technology, and $5.4 million for insurance and consumer finance licensing.
• Funding of $150,000 general fund is recommended to study and analyze the impact of the Healthy Michigan Plan on private market insurance rates.