Michigan Gov. Jennifer Granholm, a Democrat, has appointed Linda Watters, president and CEO of Detroit Commerce Bank, as the new commissioner of the Office of Financial and Insurance Services (OFIS). She will begin April 28.
OFIS is responsible for the regulation of Blue Cross Blue Shield, 31 HMOs, 143 banks, 175 domestic insurance companies, 275 credit unions, 1,300 foreign insurance companies, 1,583 investment advisors, 2,164 securities broker-dealers, 6,000 consumer finance lenders, 75,000 insurance agents, and 120,715 securities agents.
Michigan coordinates the regulation of financial institutions, insurance companies, and securities industries consistent with federal financial services reform under the Gramm-Leach-Bliley Act of 1999. OFIS offers assistance to consumers who have questions or complaints about credit unions, insurance companies, banks, securities, and HMOs.
Watters, 48, a Dearborn resident, has more than 20 years of experience in the financial and banking industries.
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