Linda A. Watters resigned from her post as Commissioner of the Michigan Office of Financial and Insurance Services (the “OFIS”) on October 15, 2007, effective October 31. Watters, who was named Commissioner of OFIS on April 11, 2003, will join the financial risk management practice of KPMG LLP in Chicago.
According to press reports, Michigan Governor Jennifer M. Granholm praised Watters for her commitment to Michigan consumers. During her time as Commissioner, Watters issued a study which examined competition in the Michigan home and automobile insurance marketplace, supported the Michigan Credit Union Act, an act which regulates Michigan’s credit unions, and launched the Investor Education at Your Library program, an outreach program aimed to educate Michigan consumers.
Governor Granholm has named Ken Ross as acting Commissioner of the OFIS. Ross joined the OFIS at the end of 2003 as chief of staff and is currently the Deputy Commissioner for Policy. As Commissioner of the OFIS, Ross will be responsible for regulating all financial services for Michigan, including 141 banks, 239 credit unions, 1,303 foreign insurance companies, 1,484 investment advisors, Blue Cross Blue Shield, 30 HMOs, 169 domestic insurance companies, 2,178 securities broker-dealers, 7,521 consumer finance lenders, 123,486 insurance agents and 107,991 securities agents.