LANSING, Mich. (Michigan News Source) – On the third day of hew new term, Gov. Gretchen Whitmer has signed a bill package that gives the Michigan Department of Insurance and Financial Services (DIFS) the tools to ensure financial oversight of insurance companies based in the state.
DIFS says the package takes calculations that are meant to give more information to assess group risks and capital adequacy.
Officials say the changes were necessary to make sure the state complied with qualified standards set by the National Association of Insurance Commissioners. DIFS said it allows for inter-state cooperation and reduces regulatory redundancies.
People who have questions that can not be solved by their insurance company can contact DIFS at 877-999-6442 or file a complaint here.
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