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Michigan governor taps insurance, financial services head for state treasurer

(Reuters) - Michigan Governor Rick Snyder reached inside his administration for a new state treasurer, announcing on Tuesday the appointment of Kevin Clinton, who has headed the state's insurance and financial services department since it was created last year.

Clinton, who has a background as an actuary, told reporters that he plans on developing mathematical models to predict future financial needs of municipalities and school districts in Michigan.

"We want to stop the need for emergency managers," he said.

As treasurer, Clinton will also oversee much of the state's debt issuance.

Current Treasurer Andy Dillon resigned last week citing personal reasons, including an acrimonious divorce.

Dillon, a former Democratic speaker of the Michigan House of Representatives before being appointed treasurer by Snyder in 2011, was a key player in putting Detroit under the control of an emergency manager, who ultimately took the city to federal bankruptcy court in July.

Snyder, a Republican, said Clinton's post as treasurer will be effective November 1 and that Dillon will help with the transition process. Clinton's appointment is subject to approval by the State Senate.

Snyder appointed Clinton's chief deputy director in the insurance department - Ann Flood - as his replacement.

(Reporting By Karen Pierog; Editing by Bernard Orr)

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