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 January 10, 2011.
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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.
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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
- Insurance Commissioner
- Deputy Insurance Commissioner
- Bail Bond Division - responsible for licensing and regulation of bail bondsmen
- Claims and Consumer Assistance Division - responsible for investigates all complaints lodged against insurance companies by the public
- Communications Division - responsible for providing public information and educational material
- Comptrollers Division - responsible for the internal fiscal affairs of the Department
- Information Technology Division - responsible for the internal information technology needs of the Department
- Financial Division - responsible for ensuring insurance companies meet all legal requirements and collects all premium taxes and fees
- Government Relations and Public Policy Division - responsible for maintain relations with the Oklahoma Legislature
- Human Resources Division - responsible for overseeing all internal personnel needs of the Department
- Investigation and Anti-Fraud Unit - responsible for investigating complaints against licensed insurance entities
- Legal Division - responsible for providing interla legal advice to the Department and prosecuting violations of the insurance laws
- Producers Licensing Division - responsible for licensing of resident and non-resident agents and adjusters to ensure they meet all legal requirements
- Rate and Form Filing Compliance 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
- Deputy Insurance Commissioner
Staffing
The Oklahoma Insurance Department, for fiscal year 2011, was authorized 135 full-time employees.
Source of the article : Wikipedia
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