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Tuesday, March 15, 2016
OKLAHOMA CITY– Oklahoma Insurance Commissioner John D. Doak has requested that the Oklahoma Insurance Department (OID) no longer receive appropriated funds.
“Right now Oklahoma is dealing with a budget crisis,” said Doak. “We certainly want to do everything we can to help with the massive shortfall. Since my office has the ability to operate on the licensing fees we collect, it only makes sense for our appropriation to go elsewhere.”
Since Doak took office in 2011, the OID has received a total of $9,047,632 in appropriated funds. In that same time period, the Legislature has taken $28,500,000 from the OID’s revolving account.
“I’m very proud of the fact that we have been well below budget every year I’ve been in office,” said Doak. “Due to efficiency and conservative spending, our unspent funds went to the other agencies and programs that desperately needed it. We will continue to do all we can to help Oklahoma weather this financial storm.”
Despite taking on more duties, the OID is on track to spend less this fiscal year than any other year of Doak’s tenure. Since 2011, the OID has taken on the regulation of pharmacy benefit managers, the Oklahoma Option and new captive insurance statues.
“Our office continues to do more with less, just like so many Oklahoma businesses have been forced to do during this economic downturn,” said Doak. “Cutting expenses while shoring up revenues is common in the private sector. I encourage the Legislature to seriously consider taking us to non-appropriated status.”
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.
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