Commissioner Doak Announces Efficient Operations Lead to Return of $22.5 Million OID was Authorized to Spend
OKLAHOMA CITY, May 28, 2014 /PRNewswire/ -- During Insurance Commissioner John D. Doak's first term, the Oklahoma Insurance Department (OID) has been able to return $22.5 million in unspent funds to the state Legislature to help fill holes in the state budget.
"Our commitment to being fiscally responsible allowed us to build up a healthy savings," said Doak. "We are happy to be able to use some of that savings to help shore up the budget and allow other state agencies to continue to do the good work they're doing."
$5.5 million in OID funds will be returned to the Oklahoma Legislature for allocation to other state agencies for fiscal year 2015. OID returned $8 million in fiscal year 2014, $5 million in fiscal year 2013 and $4 million in fiscal year 2012.
"I am extremely proud of my staff," said Doak. "We have handled one of the worst disaster periods in Oklahoma history and have taken on new responsibilities, including workers' compensation reform, all while excelling at our daily duties of serving and educating consumers, protecting seniors from fraud and regulating the insurance industry."
Each year, the Oklahoma Insurance Department hosts hundreds of educational outreach events throughout the state including a series of senior fraud conferences, town hall meetings, disaster assistance booths, Medicare open enrollment seminars and more. The Department also works with fire departments and sheriffs' offices across the state to help reduce the cost of homeowners and auto insurance.
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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SOURCE Oklahoma Insurance Department