Oklahoma Department of Insurance

Oklahoma Insurance Department

Great Seal of the State of Oklahoma
Agency overview
Formed 1907
Headquarters 3625 NW 56th, Suite 100
Oklahoma City, Oklahoma
Employees 132 unclassified
Annual budget $12 million
Minister responsible , Insurance Commissioner
Agency executive John D. Doak, Insurance Commissioner
Website Oklahoma Insurance Department

The Oklahoma Insurance Department (OID) is an agency of the government of Oklahoma under the Oklahoma Insurance Commissioner, a statewide elected official. OID is responsible for supervising and regulating all insurance business in Oklahoma.

The current Insurance Commissioner is John D. Doak. John Doak was sworn in as Oklahoma’s 12th Insurance Commissioner on Jan. 10, 2011.

Responsibilities

OID is responsible for regulating and reviewing all insurance companies 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 and rate guides on all kinds of insurance coverage. It also is responsible for helping consumers when they have disputes with insurance companies.

One of the chief duties 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 bondsmen, real estate appraisers, funeral directors, and insurance adjusters.

Budget

The revenue for Oklahoma Insurance Department's budget is generated primarily from the fees associated with the licenses. For the fiscal year 2009-2010, over 70 percent of the Department's 12.7 million budget was generated from fees. Another 20 percent comes from the State's general tax fund in the form of yearly appropriations, with the remaining 10 percent coming from grants from the United States federal government.

Organization

Staffing

The Oklahoma Insurance Department, for fiscal year 2011, was authorized 135 full-time employees.[1]

Activity Number of Employees
Administration 26
Regulatory 103
Medicare Grants Program 6
Total 135

See also

References

  1. FY 2011 State Budget, Oklahoma Office of State Finance

External links