Oklahoma Insurance Commissioner - Powers and Responsibilities

Powers and Responsibilities

As the chief executive officer 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.