The Oklahoma Insurance Department is responsible for:
- Enforcing the insurance-related laws of the state.
- Protecting consumers by providing accurate, timely and informative insurance information.
- Promoting a competitive marketplace and ensure solvency of the entities we regulate. We also license and educate insurance producers and adjusters, funeral home directors, bail bondsmen and real estate appraisers.
The Oklahoma Insurance Department provides funding for:
- Firefighters Retirement System
- Police Retirement System
- Law Enforcement Retirement Fund
- State’s General Revenue Fund
To protect Oklahoma consumers by monitoring the financial stability and market conduct of Oklahoma insurers and regulated entities.
The Oklahoma Insurance Department will provide competent and trustworthy employees who will protect Oklahoma consumers by providing timely assistance and information and efficiently regulate the insurance industry’s market behavior and financial solvency while fostering a competitive insurance marketplace.
Our Core Values
The recorded history of insurance law in Oklahoma dates back to 1899 — the year the United States ratified a peace treaty with Spain, the paperclip was invented, and the Bronx Zoo opened.
When the Oklahoma constitution was adopted in 1907, it authorized the Legislature to create the office of Insurance Commissioner. The elected official regulated the insurance business in the areas of company formation, activities and coverage.
By 1917, 246 companies were licensed to sell insurance in Oklahoma. That year, new business topped $63 million. The biggest losses were due to fires. Insurers paid out more than $4.5 million in fire claims, the most in state history at that point.
By 1967, insurance was one of the state’s biggest industries with 35,000 licensed agents in the state. More than 1,000 firms held assets worth a combined $200 million. Oklahomans held policies worth $11.5 billion.
The department saw major growth in the decades that followed. By the mid–1980s, the department was responding to more than 80,000 consumer complaints a year. In 1993, the OID became nationally accredited and created the Senior Health Insurance Counseling Program. The OID established the EAGLE Mediation Program in 1998 and the Anti-Fraud Unit the following year.
Today, over 120 dedicated employees work at OID to oversee nearly 3,700 insurance and RIS companies and license more than 249,000 agents, brokers, adjusters, bail bondsmen and business entities. OID annually receives approximately 13,000 consumer assistance calls and investigates more than 1,200 consumer complaints. As a result, over $6 million were recovered for consumers in 2019.