Posts by: Britney Han

Insure Your New Bling

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Oklahoma Insurance Department

For Immediate Release:
January 23, 2023

Insure Your New Bling

By Oklahoma Insurance Commissioner Glen Mulready

You’ve just purchased a beautiful, expensive piece of jewelry that you want to protect if lost, damaged or stolen. So, you ask your insurance agent to add a condition to your home insurance policy. As a small business owner, you make an addition to your insurance policy that would exclude or eliminate coverage for your company’s particular type of risk. These examples require changing your current, existing insurance policy; you can do that with an endorsement. An endorsement, also known as a rider, adds, deletes, excludes or changes insurance coverage to increase coverage by way of an endorsement/rider. The endorsement/rider takes precedence over the standard limits of coverage over the original agreement or policy.

TOP CONSIDERATIONS

How an insurance endorsement/rider works. An insurance endorsement/rider is an amendment to an existing insurance contract that changes the original policy’s terms. An endorsement/rider can be issued at the time of purchase, mid-term or at renewal time. An endorsement may affect insurance premiums, and premiums may change as a result.

You can have an endorsement/rider on your homeowners and renter’s policy, life insurance, and auto insurance policies. Endorsements/riders may include adding or deleting people and locations to your current insurance policy. Endorsements/riders are important because they address issues or items not included in the original contract or policy.

  • Additional Coverage – An endorsement that adds or includes coverage that would otherwise be excluded.
  • Exclusions – Some endorsements exclude coverage for certain types of claims.
  • Modification of Coverage – An endorsement can expand the scope of existing coverage.

WHAT YOU SHOULD KNOW 

Be informed of any insurance policy changes. An endorsement can vary depending on the insurance company and the type of insurance to which the endorsement applies. If you receive a document stating there is an endorsement to your policy, be sure to compare it to your original policy, and talk with your insurance agent or representative about the changes to make sure you understand them.

Educate yourself on how an endorsement can protect your belongings. If you have expensive jewelry, like a diamond engagement ring or vintage necklace, you might want to consider an endorsement/rider. It will take over and protect these items, where a traditional home insurance policy might end. Other things worthy of an endorsement/rider may include antiques, fine art, and priceless stamp or coin collections, to name a few.

For instance, many home insurance policies exclude coverage for mold or sump pump overflow. An endorsement to your insurance policy could give you that added protection. Many home insurance policies exclude coverage for mold or sump pump overflow. An endorsement to your insurance policy could give you that added protection.

An optional endorsement that protects the rebuild cost of your home is an inflation guard endorsement. These endorsements are common and automatically increase the amount of insurance on your home by a certain percentage each year to account for the disparity caused by inflation.

THREE THINGS TO REMEMBER

  • An endorsement/rider alters the policy and becomes part of your legal insurance contract.
  • Always keep a copy of the endorsement and the change notice that accompanies the endorsement along with your copy of the original policy since it remains in force until the contract expires.
  • Endorsements can reduce or increase your policy premium.

For more information, please contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov.

 

Questions or comments should be directed to
Communications Director, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221

Commissioner Mulready Sworn In For Second Term

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Oklahoma Insurance Department

For Immediate Release:
January 9, 2023

Commissioner Mulready Sworn In For Second Term

 

OKLAHOMA CITY – Oklahoma Insurance Commissioner Glen Mulready has been sworn into office for his second term by Oklahoma Supreme Court Chief Justice M. John Kane, IV on the steps of the Oklahoma Capitol Building today. Commissioner Mulready was the only statewide elected official to run unopposed during the last election cycle. Today’s inauguration ceremony reconfirms Mulready’s commitment to serving and protecting Oklahoma’s citizens for the next four years.

“I am humbled and honored by the opportunity to continue to serve as Oklahoma Insurance Commissioner,” Mulready said. “Over the next four years, I pledge to work tirelessly to protect Oklahoma consumers, keep our Oklahoma market competitive and healthy and ensure Oklahoma is disaster ready.”

Commissioner Mulready has outlined some of his top priorities for his second term:

  • Help Oklahomans get ready for natural disasters and mitigate risks.
  • Visit all 77 counties to meet with local insurance agents, fire departments, and municipal leaders through Coffee with the Commissioner.
  • Bring more insurance sector jobs to Oklahoma.
  • Educate and protect vulnerable citizens from falling victim to insurance fraud.
  • Continue raising awareness of the importance of having different types of insurance—health, auto, life, etc.

If you have insurance questions, please contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov.

 

Questions or comments should be directed to
Chief of Communications, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221

PSI Special Notice

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Oklahoma Insurance Department

PSI Special Notice

The Oklahoma Insurance Department is announcing a contract award to PSI to administer the insurance licensing examinations for the State of Oklahoma beginning on February 16, 2023. Candidates may contact PSI starting Wednesday, February 1, 2023, at https://test-takers.psiexams.com/okins or (833) 333-4754 to schedule their examination.

Testing will begin February 16, 2023. (Candidates who wish to examine on or before February 15, 2023, will continue examining through Prometric https://www.prometric.com/oklahoma/insurance).

In addition to offering multiple in-person testing centers, PSI will also offer remote testing for all examinations except bail bondsmen. The Oklahoma Insurance Department encourages the use of the online portal which allows for easier access and flexibility to candidates. You can view additional information regarding this testing option at https://test-takers.psiexams.com/okins.

Study Materials

The producer and adjuster licensing examinations are based on the latest version of the Kaplan study manuals, available for purchase through the Oklahoma Insurance Department. The Department recently lowered the cost of the study manual to $35 and may be purchased at https://www.oid.ok.gov/licensing-and-education/. (Applicants may choose to complete an examination preparation course which may or may not use the Kaplan material).

In addition, the PSI Candidate Information Bulletin which provides you with information about the process for taking the examination including the content outlines can be found at https://test-takers.psiexams.com/okins.

Questions concerning scheduling the exam for any candidate wishing to examine on or after February 16, 2023, can contact PSI at https://test-takers.psiexams.com/okins or (833) 333-4754.

Questions regarding licensure for producers or adjusters can be directed to the Oklahoma Insurance Department Licensing & Education webpage at https://www.oid.ok.gov/licensing-and-education/.

Questions concerning licensure for bail bondsmen can be directed to the Oklahoma Insurance Department Bail Bonds webpage at https://www.oid.ok.gov/regulated-entities/bail-bonds/.

PSI will be administering in-person examinations at the following PSI locations: 

ENID
1201 West Willow Road, Enid, OK 73703		 LAWTON
4500 West Lee Blvd, Lawton, OK 73505
McALESTER
21 East Carl Albert Parkway,McAlester, OK 74501		 OKLAHOMA CITY (1)
3800 North Classen BoulevardOklahoma City, OK 73118
OKLAHOMA CITY (2)
2400 South Vermont AvenueOklahoma City, OK 73108		 OKLAHOMA CITY (3)
13301 S. Pennsylvania AvenueOklahoma City, OK 73170
NORMAN
4701 12th Avenue NW Norman, OK 73070		 PONCA CITY
2101 North Ash, Ponca City, OK 74601
TULSA (1)
9810 East 42nd Street, Tulsa, OK 74146		 TULSA (2)
2840 East 51st Street, Tulsa, OK 74105
TULSA (3)
200 Lear Jet Lane. Tulsa, OK 74132		 WEATHERFORD
1001 North 7th St., Weatherford, OK 73096
WOODWARD
1915 Oklahoma Ave., Woodward, OK 73801

BULLETIN NO. 9-2022

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Oklahoma Insurance Department

BULLETIN NO. 9-2022

To: All Workers’ Compensation Companies
Re: Workers’ Compensation Residual Market
From: Glen Mulready, Insurance Commissioner
Date: December 12, 2022

 

The Oklahoma Insurance Department (Department) is releasing this bulletin to inform all workers’ compensation insurers of the changes made to 36 O.S. 2021, Section 995, effectuated by Senate Bill 524.  Effective November 1, 2022, Senate Bill 524 directs the Department to administer and develop an assigned risk plan to provide workers’ compensation insurance coverage to employers who are unable to procure coverage in the voluntary market.  The transition of the residual market from CompSource Mutual Insurance Company to the Department must occur no later than June 1, 2024.

Additionally, the new section of law created by Senate Bill 524 and codified in the Oklahoma Statutes as Section 608.2 of Title 36, states, in part, “The Insurance Commissioner may designate a third party including a private carrier or rating organization with substantial experience in developing and administering similar programs in other states, to develop and administer the assigned risk plan for a three-year period beginning on the effective date of this act.”

Effective November 1, 2022, the Department has designated National Council on Compensation Insurance, Inc. to develop and administer the assigned risk plan for Oklahoma.

Questions concerning this bulletin should be directed to Kim Hunter, General Counsel, at kim.hunter@oid.ok.gov

How to Protect Your Holiday Deliveries from Porch Pirates

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Oklahoma Insurance Department

For Immediate Release:
December 7, 2022

How to Protect Your Holiday Deliveries from Porch Pirates

By Oklahoma Insurance Commissioner Glen Mulready

 

The holiday season is by far the most popular time for porch pirates to strike. With many gifts bought online during Black Friday and Cyber Monday, all shapes and sizes of packages will arrive on doorsteps and porches in the next few weeks. According to a recent C+R Research survey, 67 percent of Americans reported having stolen packages this year.

With 84 percent of Americans planning to have at least one package delivered this holiday season, knowing how to prevent theft and what to do if you become a victim of porch piracy is essential. Even though most homeowners and renters insurance provide coverage for theft, it is best to take additional precautions to protect your packages from thieves. Filing a claim only makes sense for high-value items worth more than your policy’s deductible.

Here are some tips to help keep those porch pirates from stealing your holiday packages and what to do when your package is stolen:

Ways to Protect Yourself

  • Consider Shipping Insurance Most postal services, courier companies and shipping companies sell shipping insurance. Unfortunately, not all insurers will insure all goods. However, if you’re ordering high-value items online, you may purchase shipping insurance to ensure delivery.
  • Give Specific Instructions Instead of having deliveries left unsecured at your front door, you can instruct drivers to leave a package at a back door, with a building superintendent, in a coded lockbox or with neighbors. You can also have deliveries on hold and request a specific delivery time. Most, but not all, of these services are free.
  • Install a Security Camera or Camera Doorbell Security cameras or video doorbells can also come in handy. The mere presence of these cameras or smart doorbells may be enough to ward off potential package thieves. Even if it doesn’t, you’ll at least have evidence for a police report. Bonus: installing these cameras may qualify you for a homeowners insurance discount.
  • Sign Up for Tracking Notifications Most carriers offer package tracking services and text or email alerts to let you know when a delivery will be made so that you can adjust your schedule accordingly. Sign up for text or email notifications to check your delivery status.

What To Do If Your Package is Stolen

  • Contact the Seller — File a claim with the seller and ask for a replacement.
  • Contact the Shipping Company — File a claim with the postal service that shipped your package. FedEx, UPS, USPS, DHL and Amazon have a claim-filing system to help you track down your package.
  • Check Your Credit Card — Many credit cards have purchase protection that covers lost or stolen items. Make sure you use a credit card to purchase the item.
  • File an Insurance Claim — Your homeowners or renters insurance may cover mail theft. Keep in mind—this may only be helpful if the item is worth more than your deductible.

For more information, please contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov.

 

Questions or comments should be directed to
Communications Director, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221

Commissioner Mulready Announces Workers’ Compensation Loss Cost Will Decrease in 2023

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Oklahoma Insurance Department

For Immediate Release:
November 4, 2022

Commissioner Mulready Announces Workers’ Compensation Loss Cost Will Decrease in 2023

 

OKLAHOMA CITY – Insurance Commissioner Glen Mulready today announced that Oklahoma businesses should see another rate decrease in workers’ compensation insurance beginning on January 1, 2023. The Oklahoma Insurance Department has approved an annual filing with an 8.2 percent decrease in workers’ compensation insurance loss costs for 2023.

This marks the 12th consecutive year that the department has approved loss cost decreases for workers’ compensation insurance. Oklahoma’s loss cost has decreased significantly from 2016 to 2021, averaging a 9.5 percent decrease per year. Oklahoma’s cost decreases have exceeded countrywide decreases over the last 10 years. Moreover, Oklahoma’s lost-time claim frequency has come down significantly over the last 15 years (by almost 50%) and is projected to continue to decline into 2023.

“We are pleased to announce another significant loss cost decrease that will help support Oklahoma workers and businesses who have struggled with inflation and economic difficulties caused by the pandemic,” Commissioner Mulready said. “Through our administrative system overseen by the Workers’ Compensation Commission, the continued reform policies enacted by the Governor and legislature, and our cost-efficient, competitive workers’ compensation insurance market, we continue to show employers that Oklahoma is an attractive place to do business.”

Loss costs are the average cost of lost wages and medical payments of workers injured per $100 of payroll or as a percentage of payroll. The new loss costs will go into effect for new and renewing policies effective January 1, 2023.

If you have insurance questions or issues with your insurance company, please contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov.

 

Questions or comments should be directed to
Chief of Communications, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221

Special Notice to Oklahoma Insurance Professionals (Commercial Modernization Order)

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Oklahoma Insurance Department

Special Notice to Oklahoma Insurance Professionals

To:          All Property and Casualty Insurers Licensed in Oklahoma and All Advisory Organizations Licensed in the State of Oklahoma

From:     Glen Mulready, Oklahoma Insurance Commissioner

Date:      November 3, 2022

Re:         Commercial Modernization Order

On October 26, 2022, the Commissioner of the Oklahoma Insurance Department (“Department”) issued an order exempting certain types of insurance from the form filing and approval requirements and from the rate filing and review requirements. Oklahoma law allows the Commissioner by order to exempt from the filing requirements any insurance document or form which are, in his opinion, not desirable or necessary for the protection of commercial policyholders or the public.

Therefore, per the order, certain specialty commercial insurance products are now exempt from policy form approval and rate filing requirements. The order can be found here: https://www.oid.ok.gov/about-oid/divisions-programs/legal-division/final-orders/final-order-2022/. Please note the minimum premium per policy amounts required to be met before a policy or rate is exempt.

Questions concerning this bulletin should be directed to Kim Hunter, General Counsel, at kim.hunter@oid.ok.gov, Cuc Nguyen, Director Rate and Form Compliance Division, at cuc.nguyen@oid.ok.gov, and/or the Oklahoma Insurance Department located at 400 NE 50th Street, Oklahoma City, OK 73105-1816.

Steve Kinion to Lead Oklahoma Captive Division

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Oklahoma Insurance Department

For Immediate Release:
November 2, 2022

Steve Kinion to Lead Oklahoma Captive Division

OKLAHOMA CITY – Oklahoma Insurance Commissioner Glen Mulready announced the appointment of Steve Kinion as the Oklahoma Insurance Department’s new Captive Director.

Kinion previously served 13 years as the captive director for the Delaware Insurance Department. Captive Review magazine has named him multiple times to its global “Power 50” listing the 50 most influential figures in the global captive insurance industry. He holds the Associate in Captive Insurance (ACI) designation which is the highest professional designation for captive insurance. Fewer than 650 persons in the world have earned the ACI.

“Steve is a recognized leader and effective advocate of the booming captive insurance sector,” said Insurance Commissioner Glen Mulready. “His extensive knowledge and experience with captive insurance and insurance law and regulation will ensure that Oklahoma stays an extremely competitive jurisdiction. We look forward to welcoming Steve back to Oklahoma.” 

“Oklahoma’s strengths as a captive insurance domicile is having regulators who understand captive insurance and its statewide commitment to captive insurance in both the business community and all sectors of state government. I look forward to taking the lead role in furthering Commissioner Mulready’s goal to bring the Sooner State’s captive insurance program to a higher level of excellence,” said Kinion.

Kinion first joined the Oklahoma Insurance Department in 1995 as counsel to the Oklahoma State Board for Property and Casualty Rates and as an assistant general counsel. From 2001 to 2008, he served as the chairman of the board of directors for the Oklahoma Health Insurance High Risk Pool. He is a former chair of the American Bar Association Insurance Regulation Committee and is a member of the Federation of Regulatory Counsel. He served more than 30 years in the U.S. Army Reserve, retiring in 2017 at the rank of lieutenant colonel.

Captive insurance is a form of self-insurance. Captive insurance companies are owned by entities wishing to better manage the cost and administration of their risks. Oklahoma’s business-friendly laws and regulatory infrastructure make it the leading jurisdiction for business. The OID is committed to ensuring the state’s statutes and regulations keep pace with the changing needs of the global captive insurance industry. To learn more about Oklahoma captives, visit oid.ok.gov/captive.

Kinion began his new role on November 1, 2022.

 

 

 

 

 

 

 

Questions or comments should be directed to
Communications Director, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221

HEALTH COVERAGE OPTIONS FOR THE UNEMPLOYED

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Oklahoma Insurance Department

HEALTH COVERAGE OPTIONS FOR THE UNEMPLOYED

 

  1. COBRA – Upon separation from your employer you may have certain rights depending on the size of your employer, your status while working and if you were covered by your employer’s health, dental and/or vision plans. If you are eligible for COBRA, your employer or their administrator will send you a COBRA packet to your home address (the plan administrator has 14 days to notify you after being notified of your separation by your employer) which will tell you what benefits you are eligible to continue, the cost, the time frame to apply, how to apply and pay for your benefits. COBRA premiums can be expensive (full retail cost plus 2% administration fee) but can be an option for those who may need to continue care with your current network of doctors along with the benefits you are accustomed to receiving, plus your already accumulated out-of-pocket expenses. Pay close attention to your deadlines to enroll and pay, these are hard deadlines, no exceptions. 
  2. SPOUSAL COVERAGE – Should your own spouse work and have employer coverage, you may be eligible for coverage due to your own qualifying event (loss of job coverage). You will want to call your spouse’s employer human resources department to find out the details or refer to your spouse’s company policy handbook or summary plan There is a deadline to notify your spouse’s company and enroll.  Be sure to understand the benefits and costs. 
  3. UNDER AGE 26 – If your parents have coverage through their own employers, you may still be an eligible dependent if you are under the age of 26. You do not have to live with your parents, be single or in college.If you have a spouse and/or children, they will not be eligible to have coverage with you under your parents’ plan. Your parents will have to add you as their dependent to their employer plan.  There is a deadline to add you as their dependent due to your own loss of coverage so they would have to act on your behalf.

     

  4. INDIVIDUAL FULLY COMPREHENSIVE MEDICAL INSURANCE PLANS- At the current time you may buy ACA compliant  plans which are fully comprehensive medical individual plans on the Federal Exchange at www.healthcare.gov  or directly from a licensed agent or broker or insurance carrier selling in Oklahoma off the Exchange. Your loss of health insurance through your employer qualifies you to buy individual insurance through what is called a Special Enrollment Period (SEP). This period lasts for 60 days upon the date you lose your employer health insurance. Please keep in mind, you are not covered during this 60-day window if your coverage is already expired. If you miss this opportunity, your next enrollment period would be during the Annual Open Enrollment Period from November 1st through December 15th of each year. These carriers accept you as is and covers all pre-existing conditions and no health questions.  This applies both on the Federal Exchange or if you buy directly from the licensed agent or company off the Exchange. Find out if you are eligible for federal premium assistance by visiting www.healthcare.gov.
  5. SOONERCARE- Comprehensive health, dental and vision care for dependent children under the age of 19 and adults ages 19-64. To see if you or your family qualify visit: www.mysoonercare.org.

 

Note: Information is current and is subject to change due to the uncertainty in change t o the federal law. Special protections  under  Federal Law are granted to Native Americans, please see your Tribal Administration Office or www.healthcare.gov.

  • Federal Poverty Level {FPL} and program eligibility has changed  due to Medicaid  Expansion effective 1.2021

Revised October 2022

Predetermination Process

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Oklahoma Insurance Department

INSTRUCTIONS TO REQUEST A DETERMINATION REGARDING CRIMINAL HISTORY

Pursuant to 59 O.S. §4000.1(F), a person with a criminal history record may request from the Oklahoma Insurance Department (“OID”) a determination of whether his or her criminal history record may disqualify him or her from obtaining the desired license. This determination may be requested prior to obtaining any required education or training for such license.

If you would like a determination regarding your criminal history record, please submit a request in writing and include either:

  • A certified copy of your criminal history record with an explanation of each conviction mentioned in the criminal history record; or
  • A statement describing each criminal conviction including the date of each conviction, the court of jurisdiction and the sentence imposed.

Also with your request, include the email or physical address that you would like the determination sent to, along with any additional evidence you wish OID to take into consideration. If you were incarcerated, your request must include the date of your release.

Requests can be sent to:
Oklahoma Insurance Department
Attn: Licensing Division
400 NE 50th Street
Oklahoma City, Oklahoma 73105
licensing@oid.ok.gov

OID will provide the determination within ninety (90) days of your request. Please call (405) 521-3916 or email licensing@oid.ok.gov if you have any questions.

DISQUALIFYING OFFENSES

Annual Licensing Report on Criminal History

2023