Michigan Insurance Department Recovers $17 Million in 2008

Michigan Insurance Commissioner Ken Ross recently announced that the Office of Financial and Insurance Regulation (OFIR) had recovered $17,487,531.

According to Ross, $6,782,777 of the recoveries involved insurance and securities products and the remaining $10,704,754 involved mortgage and banking products. The $17 million in consumer recoveries is a record for the agency, which was created in 1999. The recoveries were based on 7,113 complaints resolved by the agency during the year.

OFIR consumer protection recoveries include dollars recovered by OFIR for consumers filing insurance, security, bank, credit union and mortgage company complaints.

OFIR staff also answered nearly 110,000 consumer calls in 2008 and has answered more than 1 million calls since the agency’s inception.

Source: Michigan Office of Financial and Insurance Regulation