Oklahoma Insurers to be Assessed $150 to Fund Market Assistance Program

All Property & Casualty insurers in Oklahoma will face a $150 assessment to fund the Oklahoma Market Assistance Program (OK-MAP) Plan of Operation, the Oklahoma Insurance Department announced this week.

The OK-MAP Plan of Operation and the Oklahoma Insurance Code allow the program to collect an assessment from all “member“ insurers in the State of Oklahoma. The purpose of the assessment is to help fund the program so that it may continue its efforts in assisting Oklahoma consumers in finding homeowners insurance. The amount of the assessment is $150 and all member insurers will receive an invoice for that amount during the first week of May 2022.

“Member” means all property and casualty insurers licensed in the State of Oklahoma or writing homeowners’ or liability insurance in the state.

36 O.S. § 6422 requires OK-MAP members to participate in all assessments and writings of the program. The statute also allows for imposition of a penalty against members who fail to pay the assessment, including revocation of an insurer’s certificate of authority and a fine of up to $5,000.

The assessment is due on September 1, 2022.

Source: OID

Topics Carriers Oklahoma