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Tuesday, July 16, 2013
Financial documents to be posted on OID website
OKLAHOMA CITY – The Oklahoma Insurance Department (OID) has launched a new webpage to help protect Oklahoma school districts considering interlocal insurance agreements.
“The goal here is transparency,” said Oklahoma Insurance Commissioner John D. Doak. “By making these financial statements readily available, school leaders can make well-informed decisions. The worse-case scenario is for one disaster to leave multiple schools in financial ruin. We can’t let that happen. We have to make sure these interlocal insurance pools are adequately covered for a significant loss.”
Local school districts often enter into interlocal cooperative agreements to pool their liability and property risks. Until the passage of Senate Bill 692, the self-insured pools were not required to submit their financial statements to OID. Gov. Mary Fallin signed the bill into law in May, effective immediately.
Interlocals must file an audited financial statement with OID within 180 days after the end of their fiscal year. Failure to file a timely report may result in a $500 per day fine.
The statement must include the report of an independent certified public accountant, a balance sheet reporting assets, liabilities and equity, footnotes to financial statements and statements of operations, cash flows and changes in assets, liabilities and equity.
Once received, the financial statements will be posted at http://www.ok.gov/oid/Interlocals.html.
For more information contact:
About the Oklahoma Insurance Department
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.