Governor Gretchen Whitmer 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.

According to the DIFS, the package takes calculations that are meant to give more information to assess group risks and capital adequacy. The changes were necessary to make sure the state remained in compliance with qualified standards set by the National Association of Insurance Commissioners, which the DIFS said allows for inter-state cooperation and reduces regulatory redundancies.

Anita Fox is the director of DIFS and said the Legislature came together in a bipartisan way.

“These changes will help DIFS protect policyholders through its regulatory oversight of insurance companies’ financial solvency, while ensuring Michigan remains an integral part of the state-based system of insurance regulation,” said Fox.

People who have questions that can not be solved by their insurance company can contact DIFS at 877-999-6442 or file a complaint on the DIFS website.