Michigan Insurance Information Portal
Insurance in the State of Michigan is regulated by the Michigan Department of Insurance and Financial Services (DIFS), which was established in 2013 to oversee both the insurance and banking industries. Prior to the creation of DIFS, insurance in Michigan was regulated by the Office of Financial and Insurance Regulation (OFIR), under the Michigan Department of Licensing and Regulatory Affairs.
DIFS issues licenses to all insurance companies and agents who offer their services to the residents of Michigan. It also regulates the insurance rates, guaranteeing that the same rates are offered to all state residents and businesses, without discrimination.
Michigan’s Department of Insurance and Financial Services is among the few states fully accredited by the National Association of Insurance Commissioners (NAIC), consistently since 1995.
MICHIGAN INSURANCE 101
General information about the insurance industry in Michigan
What is the Purpose of Insurance in Michigan
The purpose of insurance in Michigan is to protect businesses and individuals from personal risks, liability risks, or property risks that may otherwise lead to larger losses. Insurance contracts function to allow you (the insured) to transfer your risks to the insurance provider, by paying a fee (premium) for this protection.
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What Organizations Provide Protection to Insurance Consumers in Michigan and What Do They Do?
The State of Michigan protects its residents on the insurance market in multiple ways. Besides the overall regulation through the Michigan Department of Insurance and Financial Services (DIFS), state guaranty associations also play a pivotal role in the stability of the industry as a whole.
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How Insurance Works in Michigan
Insurance in Michigan is offered by the government, private, and public organizations...
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The Most Important Insurance
The desire to feel safe and secure is one of the basic human needs. Insurance helps us do just that, by making sure that we ourselves, the people around us, and our stuff are covered, in case of an emergency, loss, or damage.
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Things you should know about Michigan insurance
How To Save Money on Insurance
The best thing one can do to save money on insurance Michigan insurance, by type: Health, Auto, Home, Life, and Commercial.
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