OKLAHOMA CITY- John D. Doak, Commissioner of the Oklahoma Insurance Department (OID), has declared the earthquake insurance market noncompetitive.
This will affect the way insurers can file their rates with the OID and protect Oklahomans from inappropriate rate changes.
“There needs to be a valid basis for any rate increase,” Commissioner Doak said. “My job is to protect Oklahomans, and this change will ensure earthquake coverage remains available and affordable.”
Last month, a hearing was held to to determine the competitiveness of the state’s earthquake market by examining data on the availability of adequate insurance and the rise in rates.
“This change will ultimately protect Oklahomans and help our state’s earthquake insurance market to become competitive,” said Commissioner Doak. “A competitive market is healthy for the growth and sustainability of Oklahoma insurance needs.”
You can read the full order here: Oklahoma DOI Order In Earthquake Insurance Rates