Michigan has a new State Treasurer.
Kevin Clinton (pictured), currently the Insurance and Financial Services Director for the state was introduced this afternoon to succeed Treasurer Andy Dillon, who announced his resignation late last week.
Clinton has been serving as Director of Financial and Insurance Services since 2011. It had been the Office of Insurance and Financial Regulation prior to last year.
Before being appointed director, Mr. Clinton served for more than six years as president and CEO of American Physicians Capital, Inc. (APCapital), a publicly traded medical professional liability insurance provider based in East Lansing.
Dillon announced Friday that he was stepping down due to issues related to his recent divorce and what he called the "unfortunate acrimony associated with it" which also became a high profile media story.
Governor Rick Snyder accepted Dillon's resignation saying he has been instrumental in many of the comprehensive reforms that are contributing to Michigan's comeback. Clinton told the media Dillon will be an asset in helping Clinton get acclimated with the bankruptcy process in Detroit. He also wants to develop a "predictive modeling" system to give school districts and lower levels of government the ability to assess their financial needs five years or more in the future. "(They can) identify potential future problems and take the necessary steps to firm up their finances and eliminate the need for an Emergency Manager."
Ann Flood, the Deputy Director of DIFS is taking over the department. She said she's excited about the Snyder administration's hopes to create job growth in the greater Lansing area. "I would like to make inroads with colleges and universities to promote quality jobs in these industries and provide the education workforce they need to grow and expand in Michigan. She added she supports change in Michigan's "no fault" insurance law as unlimited catastrophic medical coverage, "I would like to look at options. Anything below unlimited would be a good idea and I would think maybe our consumers could go with some different PIP (Personal Injury Protection) options." Flood said the current requirements are unsustainable and too many residents cannot afford coverage.