Oklahoma earthquake insurance noncompetitive, Commissioner says
Ponca City Now - June 8, 2016 8:56 am
OKLAHOMA CITY (AP) – Oklahoma Insurance Commissioner John Doak says earthquake insurance in the state is not competitive.
An order issued Tuesday by Doak changes the way insurers file rate increases with the Insurance Department.
Instead of an insurance company charging a rate that it determines, then files the rate with the Insurance Department – the companies now must submit proposed rate increases to the department before being allowed to charge it to the consumer.
Doak spokeswoman Carrie Burkhart said consumers will see little or no immediate change in rates and that the goal is to keep future earthquake insurance rates competitive and affordable.
The number of earthquakes has skyrocketed in Oklahoma in recent years and has been linked to an increase in the underground disposal of wastewater from oil-and-gas production.