Oklahoma Insurance Commissioner John D. Doak has requested that the Oklahoma Insurance Department (OID) no longer receive appropriated funds from the state.
He said his office as the has the ability to function on the licensing fees it collects. With the state facing a budget crisis, Doak said “it only makes sense for our appropriation to go elsewhere.”
Since Doak took office in 2011, the OID has received a total of $9,047,632 in appropriated funds. In that same time period, the Legislature has taken $28,500,000 from the OID’s revolving account.
“I’m very proud of the fact that we have been well below budget every year I’ve been in office,” said Doak. “Due to efficiency and conservative spending, our unspent funds went to the other agencies and programs that desperately needed it. We will continue to do all we can to help Oklahoma weather this financial storm.”
The OID also is on track to spend less this fiscal year than any other year of Doak’s tenure, despite new responsibilities. Since 2011, the OID has taken on the regulation of pharmacy benefit managers, the Oklahoma Option and new captive insurance statutes.
Doak’s request was made in a letter to Gov. Mary Fallin and the Legislature, which is posted below.