Oklahoma Insurance Department News

Industry Experts Gather at Inaugural Oklahoma Insurance Day

The Oklahoma Insurance Department (OID) hosted the inaugural Oklahoma Insurance Day in Oklahoma City on Dec. 14. The conference was held at the Embassy Suites Downtown Medical Center and attracted a total of 125 attendees from across the insurance sector …

Oklahoma Captive Program Grows 15% in 2022

The state of Oklahoma added 11 new captive insurance companies in 2022 and has already issued three additional captive insurer licenses in 2023, according to the Oklahoma Insurance Department (OID). Oklahoma also reported four captive dissolutions in 2022. The state …

Oklahoma Insurers to be Assessed $150 to Fund Market Assistance Program

All Property & Casualty insurers in Oklahoma will face a $150 assessment to fund the Oklahoma Market Assistance Program (OK-MAP) Plan of Operation, the Oklahoma Insurance Department announced this week. The OK-MAP Plan of Operation and the Oklahoma Insurance Code …

Second Insurance Business Transfer in U.S. Approved in Oklahoma

An Oklahoma court has approved Sentry Insurance Co.’s (Sentry) Insurance Business Transfer (IBT) Plan, insurance regulators say. This is the second IBT completed in the United States, according to the Oklahoma Insurance Department. The first was approved and authorized in …

Sentry’s Insurance Business Transfer Plan OK’d to Advance in Oklahoma

Wisconsin-based Sentry Insurance (Sentry) has gained approval from the Oklahoma Insurance Department to submit its Insurance Business Transfer (IBT) Plan to the District Court of Oklahoma County. This is the second IBT approved by an insurance commissioner in the United …

Commissioner: Oklahoma Completes First Insurance Business Transfer in U.S.

The District Court of Oklahoma County has approved Providence Washington Insurance Company (PWIC) to complete its Insurance Business Transfer (IBT) Plan, making it the first such transfer in the United States, according to Oklahoma Insurance Commissioner Glen Mulready. The Oklahoma …

Insurance Premium Relief Programs Have Saved Oklahoma Drivers over $164M

Refunds, dividends, credits, or other appropriate premium adjustments automobile insurance companies have offered to their customers due to the COVID-19 pandemic have saved Oklahoma drivers $164 million, the state insurance department reported on July 20. 99 Oklahoma property/casualty insurance companies …

Downs Named Chief of Staff at Oklahoma Insurance Department

Brian Downs has been tapped to serve as chief of staff for the Oklahoma Insurance Department (OID). Downs currently serves as the State Health Information Exchange director and special assistant to the Governor’s Front Porch Initiative. He previously served as …

Combs Named Chief of Staff at Oklahoma Insurance Department

Oklahoma Insurance Department Deputy Commissioner of Licensing Services & Policy Counsel Buddy Combs has been appointed to fill an upcoming chief of staff and first deputy commissioner vacancy at the department. The current Chief of Staff and First Deputy Commissioner …

Workers’ Comp Loss Costs to Drop 5% in Oklahoma Next Year

A 5.1% percent decrease in workers’ compensation insurance loss costs in Oklahoma for 2020 has been approved by Insurance Commissioner Glen Mulready, the state insurance department announced. Loss costs are the average cost of lost wages and medical payments of …