Oklahoma Insurance Department Returns $22.5M to State

May 29, 2014

The Oklahoma Insurance Department (OID) has been able to return $22.5 million in unspent funds to the state legislature to help fill holes in the state budget, the department announced.

Insurance Commissioner John Doak said the department’s fiscal responsibility has enabled it to “build up a healthy savings.”

OID returned $8 million in fiscal year 2014, $5 million in fiscal year 2013 and $4 million in fiscal year 2012. For 2015, $5.5 million in OID funds will be returned for allocation to other state agencies.

“I am extremely proud of my staff,” Doak said in the announcement. “We have handled one of the worst disaster periods in Oklahoma history and have taken on new responsibilities, including workers’ compensation reform, all while excelling at our daily duties of serving and educating consumers, protecting seniors from fraud and regulating the insurance industry.”

Source: Oklahoma Insurance Department