Oklahoma Insurance Commissioner John D. Doak News

Oklahoma Insurance Commissioner Clarifies Quake Coverage Moratoriums

Oklahoma Insurance Commissioner John D. Doak wants to alleviate concerns about six-month moratoriums on purchasing earthquake insurance. The concerns were raised after a 5.8 magnitude earthquake in Pawnee on Sept. 3. A moratorium is a temporary suspension on issuing new …

Oklahoma Supreme Court Rules Workers’ Comp Opt-Out Unconstitutional

The Oklahoma Supreme Court handed a major setback to proponents of workers’ compensation alternatives on Sept. 13, ruling that the state’s Opt Out Act is unconstitutional. The high court’s 7-2 ruling came in Vasquez v. Dillards, which was appealed to the …

Doak Deems Oklahoma Earthquake Insurance Market ‘Noncompetive’

Oklahoma’s top insurance regulator has determined that there’s a definite lack of competition in the earthquake insurance market in Oklahoma and ordered insurers to change the way they file rates for the coverage in the state. Commissioner John D. Doak’s order …

Oklahoma Insurance Commissioner: Man Scammed Moore Tornado Victims

An Oklahoma City man is facing felony charges for scamming a Moore couple out of $3,577.53. The money was part of the insurance settlement the couple received after their home was damaged in the March 25, 2015 tornado. “We will …

Oklahoma Insurance Commissioner: Department Can Fund Itself

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 …

Oklahoma Commissioner to Insurers: Clarify Earthquake Coverage

In response to a growing number of questions from consumers about earthquake coverage, Oklahoma Insurance Commissioner John D. Doak has asked property/casualty insurers in the state to send each policyholder a clarifying notice of earthquake coverage. In announcing the new requirement …

State Regulation Worked in Red Rock/Foster Jennings Case: Oklahoma Commissioner

The circumstances surrounding the liquidation of a small Oklahoma insurer highlight the concern over how effectively state insurance regulators are able assess potential buyers of insurance companies, according to a recent report in the Wall Street Journal. But Oklahoma’s insurance …

Oklahoma Commissioner to Seek NAIC Investment in Emergency Response Vehicles

Oklahoma Insurance Commissioner John D. Doak announced that he intends to ask the National Association of Insurance Commissioners (NAIC) to invest in Shared Emergency Response Vehicles (SERVEs) for education and disaster response. “These vehicles are a great way for the …

Johnson to Lead Oklahoma Insurance Agents Group; Ramsey to Retire

The Independent Insurance Agents of Oklahoma named Denise Johnson to lead the association upon the retirement of long time IIAO President/CEO Dan Ramsey. Johnson will join the IIAO on June 1 and take over the leadership role on Sept. 1. …

Oklahoma Sees Double Digit Decrease in Workers’ Comp Loss Costs

An annual filing most insurance carriers will use to develop rates for workers’ compensation insurance shows a dramatic decrease in loss costs, Oklahoma Insurance Commissioner John D. Doak announced. The overall loss cost decrease of 14.6 percent takes effect Jan. …