FOR IMMEDIATE RELEASE:
March 5, 2020
Oklahoma Insurance Department Celebrates New Facility with Ribbon-Cutting Ceremony
|OKLAHOMA CITY – On March 3, 2020, state and local officials joined Insurance Commissioner Glen Mulready for a ribbon-cutting ceremony to celebrate the completion of the Oklahoma Insurance Department’s (OID) new building located at 400 NE 50th Street in Oklahoma City.
The 32,500 square-foot, state-of-the-art facility is the first standalone State Insurance Department building in Oklahoma history. The entire building construction process took approximately two years from design to occupancy with the grand opening held on Tuesday, March 3, 2020.
The building project was made possible by House Bill 2308 (2018) allowing OID to lease the land from the Commissioners of the Land Office (CLO) while owning the building. Through lease payments to the CLO, $3.7 million will go to public education over a 55-year lease. The OID is a non-appropriated state agency, thus all construction costs will have no impact on the general revenue fund.
“This great new facility will better allow us to meet the needs of the Oklahoma consumers, the insurance industry and our staff,” Mulready said.
About the Oklahoma Insurance Department
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.
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