BULLETIN NO. 3-2023
|To:||ALL PROPERTY AND CASUALTY INSURERS LICENSED IN OKLAHOMA ALL RATING AND ADVISORY ORGANIZATIONS ATTENTION: STATE FILING DIVISION|
|Re:||OKLAHOMA MARKET ASSISTANCE PROGRAM (OK-MAP) ANNUAL ASSESSMENT|
|From:||GLEN MULREADY, INSURANCE COMMISSIONER|
|Date:||April 26, 2023|
PURPOSE OF THIS BULLETIN
The Oklahoma Market Assistance Program (OK-MAP) Plan of Operation and the Oklahoma Insurance Code allow the program to collect an assessment from all “member” insurers in the State of Oklahoma. The purpose of the assessment is to help fund the program so that it may continue its efforts in assisting Oklahoma consumers in finding homeowners insurance. The amount of the assessment is $150 and all member insurers will receive an invoice for that amount during the first week of May 2023.
“Member” means all property and casualty insurers licensed in the State of Oklahoma or writing homeowners’ or liability insurance in the state.
36 O.S. § 6422 requires OK-MAP members to participate in all assessments and writings of the program. The statute also allows for imposition of a penalty against members who fail to pay the assessment, including revocation of an insurer’s certificate of authority and a fine of up to $5,000.
The assessment is due on September 1, 2023. Please remit payment to the following address:
Oklahoma Market Assistance Program
PO Box 13488
Oklahoma City, OK 73113
Please do not send payment to the Oklahoma Insurance Department.
Additional information regarding OK-MAP is available online at www.mapsprogram.com.
Questions applicable to this bulletin should be directed to:
Marletta Bruner, Rate and Form Division, at Marletta.Bruner@oid.ok.gov;
Kurt Cagle, Rate and Form Division, at Kurt.Cagle@oid.ok.gov; or
Bo Debose, Legal Division, at Bo.Debose@oid.ok.gov