Oklahoma Insurance Commissioner John Doak has named Buddy Combs the new deputy commissioner of insurance business transfers at the Oklahoma Insurance Department.
The move is in preparation for the new Insurance Business Transfer (IBT) law, which becomes effective in November. The IBT law creates a way for insurers to transfer entire blocks of business to Oklahoma based insurance companies. The law is expected to bring an economic boost to Oklahoma, the OID’s announcement stated.
On Aug. 21, the OID hosted an international forum of insurance experts to discuss the IBT law.
“Oklahoma’s IBT law is unique to the United States, and I believe that this law will put us on the map as part of the global insurance industry,” Doak said in the departmental release. “We invited industry experts to explain how the law works, discuss the opportunities it can bring to the state, and we’ve already received positive feedback from attendees.”
Combs previously served as OID deputy commissioner.
Source: Oklahoma Insurance Department
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