The Oklahoma Insurance Department (OID) is an

agency Agency may refer to: Organizations * Institution, governmental or others ** Advertising agency or marketing agency, a service business dedicated to creating, planning and handling advertising for its clients ** Employment agency, a business that ...

of the

state of Oklahoma Oklahoma (; Choctaw: ; chr, ᎣᎧᎳᎰᎹ, ''Okalahoma'' ) is a state in the South Central region of the United States, bordered by Texas on the south and west, Kansas on the north, Missouri on the northeast, Arkansas on the east, New M ...

under the

Oklahoma Insurance Commissioner The Oklahoma Insurance Commissioner is an elected executive officer of the state of Oklahoma. The Insurance Commissioner serves as the head of the Oklahoma Insurance Department. The Oklahoma Insurance Department is charged with executing all laws ...

, a statewide elected official. The Oklahoma Insurance Department is responsible for supervising and regulating all

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

business in

Oklahoma Oklahoma (; Choctaw language, Choctaw: ; chr, ᎣᎧᎳᎰᎹ, ''Okalahoma'' ) is a U.S. state, state in the South Central United States, South Central region of the United States, bordered by Texas on the south and west, Kansas on the nor ...

Oklahoma Insurance Commissioner Glen Mulready

The current Insurance Commissioner is

Glen Mulready Glen Mulready (born November 21, 1960) is an American politician who has served as the Oklahoma Insurance Commissioner since 2019. He was first elected in 2018. He previously served in the Oklahoma House of Representatives from the 68th district ...

. Glen Mulready was sworn in as Oklahoma's 13th Insurance Commissioner on January 14, 2019.

Responsibilities

The Oklahoma Insurance Department is responsible for regulating and reviewing all

insurance companies Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

within Oklahoma to make sure they are solvent and comply with all insurance laws and regulations. The department also educates consumers about insurance by publishing information, providing rate guides on homeowners and auto insurance, hosting community events and answering general insurance inquiries. The OID is also responsible for helping consumers when they have disputes with insurance companies. Another duty of the department is to register and license agents who sell insurance products. The department also requires agents to meet ongoing continuing education requirements. Other professions regulated by the department include bail bond professionals,

real estate appraiser Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value). Real estate transactions often require appraisals because they occur infrequently and every prop ...

funeral director A funeral director, also known as an undertaker (British English) or mortician (American English), is a professional involved in the business of funeral rites. These tasks often entail the embalming and burial or cremation of the dead, as w ...

s, and

insurance adjuster A claims adjuster, desk adjuster, field adjuster, or general adjuster (claim adjuster, claims handler, claim handler or loss adjuster in the United Kingdom, Ireland, Australia, South Africa, the Caribbean and New Zealand) investigates insurance cl ...

Budget

The revenue for Oklahoma Insurance Department's budget is generated from the fees associated with the licenses
Since 2016
the OID has been non appropriated. According to the OID'
2018 Annual Report
the department's operations have produced $46.5 million to be given back to the State of Oklahoma budget for use by other state agencies.

Organization

*Insurance Commissioner **Deputy Insurance Commissioner ***Anti-Fraud Unit - investigates insurance-related crimes and regulatory violations; educates the public about insurance fraud ***Bail Bond Division - licenses, regulates and supervises all bail bond professionals ***Consumer Assistance/Claims Division - investigates all complaints lodged against

by the public; answers general insurance questions and educates

policyholder Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

s through various of outreach efforts ***Communications Division - handles media relations, public relations, crisis communications, employee communications, and event planning ***Comptroller Division - manages the internal fiscal affairs of the Department ***Insurance Service Office - evaluates, educates and helps fire departments throughout the state improve their ISO rating. ***Financial Division - monitors the financial condition of all domestic and foreign insurance companies operating in Oklahoma; oversees securities deposited by domestic insurance companies; and performs market conduct examinations and financial examinations of insurance companies and regulated entities ***Public Policy Division - works closely with state lawmakers to represent the interests of the OID at the

State Capitol This is a list of state and territorial capitols in the United States, the building or complex of buildings from which the government of each U.S. state, the District of Columbia and the organized territories of the United States, exercise its ...

***Legal Division - responsible for providing internal legal advice to the department and prosecuting violations of the insurance laws ***Medicare Assistance Program - provides counseling and assistance on Medicare and other related health coverage plans ***Producer Licensing & Education Division - responsible for licensing of resident and non-resident agents and adjusters to ensure they meet all legal requirements; responsible for administering and regulating continuing education credits ***Rate and Form Division - responsible for approving all life, accident, health, property, marine, vehicle and casualty insurance products to ensuring policies and rates are in compliance with the law ***Real Estate Appraiser Board - ensures that appraisers and appraisal management companies meet federal requirements; supervises continuing education

Staffing

The Oklahoma Insurance Department, for fiscal year 2018, was authorized 121 full-time employees.FY 2011 State Budget

Oklahoma Office of State Finance The Oklahoma Office of Management and Enterprise Services (OMES) is a government agency which manages and supports the basic functioning of the government of Oklahoma. Under the leadership of the Oklahoma Secretary of Agency Accountability, OMES ...

References

External links

Oklahoma Insurance Department official website
{{DEFAULTSORT:Oklahoma Insurance Department Insurance, Department of Government agencies established in 1907 *