Oklahoma Insurance Commissioner
Encyclopedia
The Oklahoma Insurance Commissioner is an elected executive officer
of the state of Oklahoma
. The Insurance Commissioner serves as the head of the Oklahoma Department of Insurance
. The Insurance Department is charged with executing of all laws relating to insurance
and insurance companies doing business in the State.
The current Insurance Commissioner is John D. Doak
who was elected in November of 2010 and took the oath of office on January 10, 2011.
of the Insurance Department, the Insurance Commissioner is responsible for enforcing the provisions of the Oklahoma Insurance Code. As such, the Insurance Commissioner may adopt reasonable rules and regulations for its implementation and administration.
The Insurance Commissioner has jurisdiction over complaints against all persons engaged in the business of insurance
, and hears all matters either in person, by authorized disinterested employees, or by hearing examiners appointed by the Commissioner for that purpose. In performing his official duties, the Insurance Commissioner must make annual reports to Governor of Oklahoma
on the activities of the Insurance Department. Such report must contain statements about each insurance company operating in the state, which must include their admitted assets, liabilities except capital, capital and surplus, Oklahoma premium income, amount of claims paid in Oklahoma, and such other matters as the Insurance Commissioner deems necessary to the benefit of the people of Oklahoma.
The Insurance Commissioner is allowed to educate consumers and make recommendations regarding the subject of insurance in this State to state officials and private individuals.
Upon the request of one or more persons financially interested in a given insurance company, the Insurance Commissioner may make examinations of their request insurance company. The request must include the specifications of the reasons for examination resulting in that company being in unsound condition.
For purposes of completing an examination of any insurance company under its jurisdiction, the Insurance Commissioner may examine or investigate any person, or the business of any person, if such examination or investigation is, at the sole discretion of the Insurance Commissioner, necessary or material to the examination of the insurance company.
Upon determining that an examination should be conducted, the Insurance Commissioner may issue an examination warrant appointing one or more examiners to perform the examination and instructing them as to the scope of the examination. Every company or person from whom information is sought, including all of its officers, directors, employees and agents, must provide to the Insurance Commissioner and examiners timely, convenient, and free access to all books, records, accounts, papers, documents and recordings relating to the property, assets, business and affairs of the insurance company being examined. The officers, directors, employees and agents of the company or person must facilitate such examination and aid in such examination so far as it is in their power to do so. Any refusal of any insurance company, by its officers, directors, employees or agents, to submit to examination or to comply with any reasonable written request of the examiners shall be grounds for suspension or refusal of nonrenewal of any license or authority held by the insurance company, subject to the Commissioner's jurisdiction.
The Insurance Commissioner, or the examiners, have the power to issue subpoenas, to administer oaths and to examine under oath any person as to any matter pertinent to the examination. Upon the failure or refusal of any person to obey a subpoena, the Insurance Commissioner may petition a court of competent jurisdiction, and upon proper showing, the court may enter any order compelling the witness to appear and testify or produce documentary evidence. Failure to obey the court order shall be punishable as contempt of court
.
At any time, the Insurance Commissioner may terminate or suspend any examination in order to pursue other legal or regulatory action pursuant to the Oklahoma Insurance Code. Findings of fact and conclusions made in any examination report shall be prima facie
evidence in any legal or regulatory action.
Executive (government)
Executive branch of Government is the part of government that has sole authority and responsibility for the daily administration of the state bureaucracy. The division of power into separate branches of government is central to the idea of the separation of powers.In many countries, the term...
of the state of Oklahoma
Oklahoma
Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,751,351 residents as of the 2010 census and a land area of 68,667 square miles , Oklahoma is the 28th most populous and 20th-largest state...
. The Insurance Commissioner serves as the head of the Oklahoma Department of Insurance
Oklahoma Department of Insurance
The Oklahoma Insurance Department is an agency of the government of Oklahoma under the Oklahoma Insurance Commissioner, a statewide elected official. OID is responsible for supervising and regulating all insurance business in Oklahoma....
. The Insurance Department is charged with executing of all laws relating to insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
and insurance companies doing business in the State.
The current Insurance Commissioner is John D. Doak
John D. Doak
John D. Doak is an American Republican politician from Oklahoma who is serving as the 12th and current Oklahoma Insurance Commissioner.- Biography :...
who was elected in November of 2010 and took the oath of office on January 10, 2011.
Qualifications
In order to serve as the Insurance Commissioner, a candidate must be at least twenty-five years old, a resident of the State for at least five years prior to their election, and have had at least five years' experience in the insurance industry in administration, sales, servicing or regulation. The Insurance Commissioner is forbidden from being financially interested, directly or indirectly, in any insurer, agency or insurance transaction except as a policyholder or claimant under a policy. The Insurance Commissioner serves a four-year term that runs concurrent with that of the Governor.Powers and responsibilities
As the chief executive officerChief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of the Insurance Department, the Insurance Commissioner is responsible for enforcing the provisions of the Oklahoma Insurance Code. As such, the Insurance Commissioner may adopt reasonable rules and regulations for its implementation and administration.
The Insurance Commissioner has jurisdiction over complaints against all persons engaged in the business of insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
, and hears all matters either in person, by authorized disinterested employees, or by hearing examiners appointed by the Commissioner for that purpose. In performing his official duties, the Insurance Commissioner must make annual reports to Governor of Oklahoma
Governor of Oklahoma
The governor of the state of Oklahoma is the head of state for the state of Oklahoma, United States. Under the Oklahoma Constitution, the governor is also the head of government, serving as the chief executive of the Oklahoma executive branch, of the government of Oklahoma...
on the activities of the Insurance Department. Such report must contain statements about each insurance company operating in the state, which must include their admitted assets, liabilities except capital, capital and surplus, Oklahoma premium income, amount of claims paid in Oklahoma, and such other matters as the Insurance Commissioner deems necessary to the benefit of the people of Oklahoma.
The Insurance Commissioner is allowed to educate consumers and make recommendations regarding the subject of insurance in this State to state officials and private individuals.
Examinations
One of Insurance Commissioner's principal powers is the ability to examine any insurance company operating in the State, but the Insurance Commissioner must investigate every domestic insurance company at least once every three years and every foreign insurance company every five years. However, the Insurance Commissioner must accept examinations conducted by other states on foreign insurers located in such states.Upon the request of one or more persons financially interested in a given insurance company, the Insurance Commissioner may make examinations of their request insurance company. The request must include the specifications of the reasons for examination resulting in that company being in unsound condition.
For purposes of completing an examination of any insurance company under its jurisdiction, the Insurance Commissioner may examine or investigate any person, or the business of any person, if such examination or investigation is, at the sole discretion of the Insurance Commissioner, necessary or material to the examination of the insurance company.
Upon determining that an examination should be conducted, the Insurance Commissioner may issue an examination warrant appointing one or more examiners to perform the examination and instructing them as to the scope of the examination. Every company or person from whom information is sought, including all of its officers, directors, employees and agents, must provide to the Insurance Commissioner and examiners timely, convenient, and free access to all books, records, accounts, papers, documents and recordings relating to the property, assets, business and affairs of the insurance company being examined. The officers, directors, employees and agents of the company or person must facilitate such examination and aid in such examination so far as it is in their power to do so. Any refusal of any insurance company, by its officers, directors, employees or agents, to submit to examination or to comply with any reasonable written request of the examiners shall be grounds for suspension or refusal of nonrenewal of any license or authority held by the insurance company, subject to the Commissioner's jurisdiction.
The Insurance Commissioner, or the examiners, have the power to issue subpoenas, to administer oaths and to examine under oath any person as to any matter pertinent to the examination. Upon the failure or refusal of any person to obey a subpoena, the Insurance Commissioner may petition a court of competent jurisdiction, and upon proper showing, the court may enter any order compelling the witness to appear and testify or produce documentary evidence. Failure to obey the court order shall be punishable as contempt of court
Contempt of court
Contempt of court is a court order which, in the context of a court trial or hearing, declares a person or organization to have disobeyed or been disrespectful of the court's authority...
.
At any time, the Insurance Commissioner may terminate or suspend any examination in order to pursue other legal or regulatory action pursuant to the Oklahoma Insurance Code. Findings of fact and conclusions made in any examination report shall be prima facie
Prima facie
Prima facie is a Latin expression meaning on its first encounter, first blush, or at first sight. The literal translation would be "at first face", from the feminine form of primus and facies , both in the ablative case. It is used in modern legal English to signify that on first examination, a...
evidence in any legal or regulatory action.
Office-Holders
The following is a complete list of those individuals who have served as Insurance Commissioner of Oklahoma:| Name | Party | Term |
|---|---|---|
| T.J. McCombs | Democratic | 1907-1911 |
| P.A. Ballard | Democratic | 1911-1915 |
| A.L. Welch | Democratic | 1915-1923 |
| E.W. Hardin | Democratic | 1923-1927 |
| Jess G. Reed | Democratic | 1927-1947 |
| Donald F. Dickey | Democratic | 1947-1955 |
| Joe B. Hunt | Democratic | 1955-1979 |
| Gerald Grimes | Democratic | 1979-1995 |
| John P. Crawford | Republican | 1995–1999 |
| Carroll Fisher | Democratic | 1999–2005 |
| Kim Holland Kim Holland Kim Holland is an American politician and insurance professional from the US state of Oklahoma. Holland served as the Oklahoma Insurance Commissioner until January 2011. She was appointed to that position by Governor Brad Henry in 2005, following the indictment and resignation of her predecessor,... |
Democratic | 2005–2011 |
| John D. Doak John D. Doak John D. Doak is an American Republican politician from Oklahoma who is serving as the 12th and current Oklahoma Insurance Commissioner.- Biography :... |
Republican | 2011-current |
See also
- Oklahoma Department of InsuranceOklahoma Department of InsuranceThe Oklahoma Insurance Department is an agency of the government of Oklahoma under the Oklahoma Insurance Commissioner, a statewide elected official. OID is responsible for supervising and regulating all insurance business in Oklahoma....
- Governor of OklahomaGovernor of OklahomaThe governor of the state of Oklahoma is the head of state for the state of Oklahoma, United States. Under the Oklahoma Constitution, the governor is also the head of government, serving as the chief executive of the Oklahoma executive branch, of the government of Oklahoma...
- Insurance commissionerInsurance commissionerInsurance commissioner is an executive office in many U.S. states, some in the state cabinet. The office differs state by state:...