This news from the Michigan Office of Financial and Insurance Regulation:
Michigan Office of Financial and Insurance Regulation (OFIR) Commissioner Ken Ross announced today that he will leave his position effective April 15, 2011.
Governor Jennifer Granholm appointed Ross as OFIR Commissioner in February 2008. He has continued as Commissioner in Governor Rick Snyder’s administration.
“For three years, Ken Ross has carried out the functions of the position with integrity and an extensive understanding of the complex issues facing the financial service industry,” Governor Snyder said. “We wish him well as he moves forward in his professional life and appreciate his service to the State of Michigan.”
“Despite the many challenges that we faced during this economic downturn, Michigan’s financial service industry remained fundamentally stable, strong and well-regulated,” Ross said. “In some small part, this stability during a time of extreme stress, was maintained due to the hard work, dedication and professionalism of the OFIR staff, which I have proudly associated myself in my years with the agency.”
Since his appointment, Ross worked successfully on a legislative package that protects Michigan consumers from mortgage fraud by requiring the registration of mortgage loan officers. He also oversaw the passage of the re-codified Michigan Uniform Securities Act that provides enhanced penalties against perpetrators of securities fraud. Other significant achievements include taking enforcement actions against a number of high-profile Ponzi schemes, brokering the creation of a Michigan high risk insurance pool, transitioning OFIR to electronic form and insurance producer licensing filings, and initiating a variety of innovative consumer education and protection initiatives.
Before being appointed Commissioner, Ross served as the OFIR Deputy Commissioner for Policy and the OFIR Commissioner’s Chief of Staff. Prior to coming to OFIR, Ross served as the Vice President of Regulatory and Legal Affairs for the Michigan Credit Union League and also as an Assistant Attorney General.