Formed 1907 Annual budget $12 million | Employees 132 unclassified | |
 | ||
Minister responsible , Insurance Commissioner Agency executive John D. Doak, Insurance Commissioner | ||
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.
Contents
The current Insurance Commissioner is John D. Doak. John Doak was sworn in as Oklahoma’s 12th Insurance Commissioner on January 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.