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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.
The Oklahoma Insurance Commissioner is an elected executive officer of the state of Oklahoma. The Insurance Commissioner serves as the head of the Oklahoma Insurance Department. The Oklahoma Insurance Department is charged with executing all laws relating to insurance and insurance companies doing business in the State.
Oklahoma auto insurance laws also require insurance companies to offer uninsured/underinsured motorist coverage with minimum limits of $25,000/$50,000. However, this coverage can be rejected in ...
Homeowners insurance is still on the rise, on a rocket, really, in Oklahoma, which already had the most expensive coverage in the nation.. It costs $5,858 per year for $300,000 worth of coverage ...
How much is car insurance in Oklahoma?The average annual cost of car insurance in Oklahoma is $519 per year for minimum coverage and $2,585 per year for full coverage, which includes collision and ...
The insurance tax is collected by the Oklahoma Insurance Department. While most of the insurance tax is deposited within the General Fund, the revenues also support the Insurance Department and provide revenues for the State's employee retirement systems. Insurance premium taxes account for approximately 2% of total state revenue.
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