Oklahoma to Adopt ACORD Form for Loss Reporting

Oklahoma Insurance Commissioner John D. Doak announced from the 2012 National Tornado Preparedness Summit his intent to standardize Oklahoma’s insurance industry by utilizing ACORD’s 1 – Property Loss Notice form.

“This form will allow citizens to fill out one form to notify their insurance companies of what they need without having to duplicate this process, saving people time and headaches,” said Doak.

ACORD, the Association for Cooperative Operations Research and Development, is a nonprofit standards development organization, which serves the insurance and financial services industries by developing data and form standards. ACORD works to accomplish its mission by improving data communications throughout these industries.

“By adding ACORD’s 1 – Property Loss Notice form to our tool-chest, the Oklahoma Insurance Department takes another step towards fulfilling the needs of Oklahomans, especially those suffering during times of natural disasters and man-made tragedies,” Doak said.

Topics Profit Loss Oklahoma