About OID
The Oklahoma Insurance Department is responsible for:
- Enforcing the insurance-related laws of the state.
- Protecting consumers by providing accurate, timely and informative insurance information.
- Promoting a competitive marketplace and ensure solvency of the entities we regulate. We also license and educate insurance producers and adjusters, funeral home directors, bail bondsmen and real estate appraisers.
The Oklahoma Insurance Department provides funding for:
- Firefighters Retirement System
- Police Retirement System
- Law Enforcement Retirement Fund
- State’s General Revenue Fund
Our Vision
To protect Oklahoma consumers by monitoring the financial stability and market conduct of Oklahoma insurers and regulated entities.
Our Mission
The Oklahoma Insurance Department will provide competent and trustworthy employees who will protect Oklahoma consumers by providing timely assistance and information and efficiently regulate the insurance industry’s market behavior and financial solvency while fostering a competitive insurance marketplace.
Our Core Values
COMPETENT
Well trained and capable team member exercising sound judgment.
TEAM PLAYER
Working together to accomplish our mission while valuing the contributions and priorities of others.
POSITIVE
Be polite, courteous, respectful and willing to go the extra mile.
TRUSTWORTHY
Being honest and forthright in everything we do.
CLIENT FOCUSED
Delivering exceptional results while treating others as we would like to be treated.
Our History
Insurance law in Oklahoma dates back to 1899. The office of Insurance Commissioner was created by Article 6, Section 23 of the Oklahoma Constitution, which called for an elected official to serve the same term as the governor. The first Commissioner of Insurance in 1907 was T.J. McComb. The elected official oversaw regulating the insurance business in company formation, activities, and coverage.
There have been fourteen Commissioners to serve the Oklahoma Insurance Department, counting the current Commissioner, Glen Mulready.
By 1917 there were 246 companies licensed to sell insurance in Oklahoma. That year, new business topped $63 million. The most significant losses were due to fires. Insurers paid out more than $4.5 million in fire claims, the most in state history at that point.
Oklahoma’s longest-serving Insurance Commissioner, Joe B. Hunt, earned a reputation for his dedication to the “little people.” During his tenure, he issued a stern warning to insurance companies seeking a license in Oklahoma, “You treat my people right,” Hunt said. That dedication still holds today.
By 1967, insurance was one of the state’s biggest industries, with 35,000 licensed. More than 1,000 firms held assets worth a combined $200 million. Oklahomans held policies worth $11.5 billion.
The department saw significant growth in the decades that followed. By the mid-1980s, the department responded to more than 80,000 consumer complaints a year. In 1989, Commissioner Gerald Grimes visited 104 senior centers for a “One Day Claims Office.” The tour was a hit and proved once again that the department was committed to serving the people.
The Oklahoma Insurance Department (OID) became nationally accredited in 1993. That same year, the agency created the Senior Health Insurance Counseling Program. In 1998, the OID established the EAGLE Mediation Program and the Anti-Fraud Unit the following year.
Today, over 120 dedicated employees work at OID to oversee nearly 3,700 insurance and RIS companies and license more than 249,000 agents, brokers, adjusters, bail bondsmen and business entities. OID annually receives approximately 13,000 consumer assistance calls and investigates more than 1,200 consumer complaints. As a result, over $6 million were recovered for consumers in 2019.