The Oklahoma Insurance Department (OID) is an agency

Government agency

A government or state agency is a permanent or semi-permanent organization in the machinery of government that is responsible for the oversight and administration of specific functions, such as an intelligence agency. There is a notable variety of agency types...

 of the government of Oklahoma

Government of Oklahoma

The government of the US State of Oklahoma, established by the Oklahoma Constitution, is a republican democracy modeled after the Federal government of the United States. The state government has three branches: the executive, legislative, and judicial...

 under the Oklahoma Insurance Commissioner

Oklahoma Insurance Commissioner

The Oklahoma Insurance Commissioner is an elected executive officer of the state of Oklahoma. The Insurance Commissioner serves as the head of the Oklahoma Department of Insurance. The Insurance Department is charged with executing of all laws relating to insurance and insurance companies doing...

, a statewide elected official. OID is responsible for supervising and regulating all insurance

Insurance

In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...

 business in Oklahoma

Oklahoma

Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,751,351 residents as of the 2010 census and a land area of 68,667 square miles , Oklahoma is the 28th most populous and 20th-largest state...

.

The current Insurance Commissioner is John D. Doak

John D. Doak

John D. Doak is an American Republican politician from Oklahoma who is serving as the 12th and current Oklahoma Insurance Commissioner.- Biography :...

. John Doak was sworn in as Oklahoma’s 12th Insurance Commissioner on Jan. 10, 2011.

Responsibilities

OID is responsible for regulating and reviewing all insurance companies within Oklahoma to make sure they are solvent and comply with all insurance laws and regulations. The Department also educates consumers about insurance by publishing information and rate guides on all kinds of insurance coverage. It also is responsible for helping consumers when they have disputes with insurance companies.

One of the chief duties of the Department is to register and license agents who sell insurance products. The Department also requires agents to meet ongoing continuing education requirements. Other professions regulated by the Department include bail bondsmen

Bail bondsman

A bail bond agent, or bondsman, is any person or corporation that will act as a surety and pledge money or property as bail for the appearance of persons accused in court...

, real estate appraisers, funeral director

Funeral director

A funeral director , also known as a mortician or undertaker, is a professional involved in the business of funeral rites. These tasks often entail the embalming and burial or cremation of the dead, as well as the planning and arrangement of the actual funeral ceremony...

s, and insurance adjusters.

Budget

The revenue for Oklahoma Insurance Department's budget is generated primarily from the fees associated with the licenses. For the fiscal year 2009-2010, over 70 percent of the Department's 12.7 million budget was generated from fees. Another 20 percent comes from the State's general tax fund in the form of yearly appropriations, with the remaining 10 percent coming from grants from the United States federal government.

Organization

• Insurance Commissioner
  • Deputy Insurance Commissioner
    • Bail Bond Division - responsible for licensing and regulation of bail bondsmen
    • Claims and Consumer Assistance Division - responsible for investigates all complaints lodged against insurance companies by the public
    • Communications Division - responsible for providing public information and educational material
    • Comptrollers Division - responsible for the internal fiscal affairs of the Department
    • Information Technology Division - responsible for the internal information technology needs of the Department
    • Financial Division - responsible for ensuring insurance companies meet all legal requirements and collects all premium taxes and fees
    • Government Relations and Public Policy Division - responsible for maintain relations with the Oklahoma Legislature
      Oklahoma Legislature
      The Legislature of the State of Oklahoma is the biennial meeting of the legislative branch of the government of Oklahoma. It is bicameral, comprising the Oklahoma House of Representatives and the Oklahoma Senate, with all members elected directly by the people. The House of Representatives has 101...
      
      
    • Human Resources Division - responsible for overseeing all internal personnel needs of the Department
    • Investigation and Anti-Fraud Unit - responsible for investigating complaints against licensed insurance entities
    • Legal Division - responsible for providing interla legal advice to the Department and prosecuting violations of the insurance laws
    • Producers Licensing Division - responsible for licensing of resident and non-resident agents and adjusters to ensure they meet all legal requirements
    • Rate and Form Filing Compliance Division - responsible for approving all life, accident, health, property, marine, vehicle and casualty insurance products to ensuring policies and rates are in compliance with the law

Staffing

The Oklahoma Insurance Department, for fiscal year 2011, was authorized 135 full time employees.

Activity	Number of Employees
Administration	26
Regulatory	103
Medicare Grants Program	6
Total	135

External links

• Oklahoma Insurance Department official website