The Oklahoma Insurance Department (OID) is an agency of the state of Oklahoma under the Oklahoma Insurance Commissioner, a statewide elected official. The Oklahoma Insurance Department is responsible for supervising and regulating all insurance business in Oklahoma. The current Insurance Commissioner is Glen Mulready. Glen Mulready was sworn in as Oklahoma's 13th Insurance Commissioner on January 14, 2019.

Responsibilities

The Oklahoma Insurance Department is responsible for regulating and reviewing all insurance companies within Oklahoma to make sure they are solvent and comply with all insurance laws and regulations. The department also educates consumers about insurance by publishing information, providing rate guides on homeowners and auto insurance, hosting community events and answering general insurance inquiries. The OID is also responsible for helping consumers when they have disputes with insurance companies. Another duty of the department is to register and license agents who sell insurance products. The department also requires agents to meet ongoing continuing education requirements. Other professions regulated by the department include bail bond professionals, real estate appraisers, funeral directors, and insurance adjusters. Another duty of the department is to register and license service contract providers.

Budget

The revenue for Oklahoma Insurance Department's budget is generated from the fees associated with the licenses. Since 2016, the OID has been non appropriated. According to the OID's 2018 Annual Report, the department's operations have produced $46.5 million to be given back to the State of Oklahoma budget for use by other state agencies.

Organization

Staffing

The Oklahoma Insurance Department, for fiscal year 2018, was authorized 121 full-time employees.