For Immediate Release:
December 3, 2020
Oklahoma Insurance Department Receives 5-year Accreditation Renewal
OKLAHOMA CITY – Commissioner Glen Mulready announced today that the Oklahoma Insurance Department (OID) received its accreditation renewal by the National Association of Insurance Commissioners (NAIC) at their virtual Fall National Meeting.
Commissioner Mulready and the financial regulation team led by Andy Schallhorn view accreditation by the NAIC as a vital part of our commitment to the citizens of Oklahoma. Accreditation standards enable OID to provide expanded consumer protections and to institute and maintain the highest standards in financial regulation. The accreditation review is repeated every five years to confirm that the Oklahoma Insurance Department meets all requirements.
“Our financial analysts and examiners take great pride in providing accurate and thorough reviews on all companies domiciled in the state. It is a tedious process but one that we take great pride in performing. Our primary mission is to protect the consumer and to give them the confidence that they are doing business with a financially sound and solvent insurance company,” said Commissioner Mulready.
All state insurance departments are accredited by the NAIC. To achieve this accreditation, the department must meet stringent national standards that effectively monitor insurance company solvency. The accreditation process involves an extensive evaluation by the NAIC accreditation team that reviews data and procedural documents and interviews the financial team members performing the analysis. OID will have its next full review in 2025.
If you have questions about other insurance issues, 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