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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 Department is charged with executing all laws relating to insurance and insurance companies doing business in the State. Oklahoma Insurance Commissioner Glen Mulready The current Insurance Commissioner is Glen Mulready who was elected in November 2018 and took the oath of office on January 14, 2019.
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Oklahoma auto insurance laws dictate that drivers must carry liability coverage that meets or exceeds 25/50/25 policy limits, meaning: $25,000 of bodily injury liability per person $50,000 of ...
This is an incomplete list of Oklahoma state agencies. The state agencies make up the machinery of government for the state. All agencies are within one of the three branches of the government of Oklahoma .
If you are caught driving without insurance in Oklahoma, either as a result of an accident or an unrelated traffic infraction, you may face fines or other penalties including a suspended license.
An insurance commissioner (or commissioner of insurance) is a public official in the executive branch of a state or territory in the United States who, along with their office, regulate the insurance industry. The powers granted to the office of an insurance commissioner differ in each state.
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.