The State Insurance Commissioner ordered a public meeting to investigate the rising cost of earthquake insurance in Oklahoma.
John Doak said rates are up across the state - in some cases by 100-percent.
He said there has to be a valid financial basis for any rate increase, and a healthy competition that benefits consumers.
"I think it’s the right time for the Oklahoma Insurance Department. My lane of traffic is insurance, and we want to make sure the insurance policies in Oklahoma and the pricing in Oklahoma is competitive and it is effective,” Doak said.
The commissioner said he has concerns about the current competitiveness of earthquake insurance because:
The meeting is from 8:00 a.m. to 10:00 a.m. on May 24th in Oklahoma City at the Oklahoma Insurance Department, 3625 NW 56th Street, Suite 100.
During the hearing, Doak will consider:
Anyone who wants to be heard at the meeting must notify the department in advance by emailing General Counsel Gordon Amini at Gordon.Amini@oid.ok.gov no later than May 17.
Comments will be limited to the issues of competition and pricing in the earthquake insurance market, a release says.