Oklahoma lawmakers pursue bill in case earthquake insurance companies leave

earthquake insurance companies

Concerns that insurers will head out of the state as quakes become more common has sparked the need for consumer protection. Over the last handful of years, earthquakes have become increasingly common in Oklahoma, and there is a growing concern that insurance companies could start to leave the state if they find the risk associated with doing business there to be too high. Scares of quakes are causing lawmakers to consider the possibility of a worst-case scenario in Oklahoma. The purpose is to put a bill into place that would…

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Price optimization being used by auto insurance companies in Oklahoma is coming under fire

auto insurance car

State senator aims to put price optimization to rest Oklahoma drivers have been seeing their auto insurance premiums steadily grow over the past few years, and one of the state’s legislators want to put an end to a practice that has contributed to this problem. In Oklahoma, many insurers use price optimization as a way to price coverage, which leverages a consumer’s credit score as a factor in determining premiums. Senator Rob Standridge intends to introduce new legislation that will prevent insurers from using price optimization. Senator to introduce new…

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Earthquake insurance sales continue as Oklahoma works on emergency plan

earthquake insurance companies

A state legislator is working with a veteran petroleum geologist to come up with a strategy. As the sales of earthquake insurance continue to rise in Oklahoma due to the exploding rate of tremors in the state, a state legislator has now started working with an experienced petroleum geologist in order to develop an emergency plan for dealing with this new risk. They are also calling on other experts in various fields to provide their assistance in this effort. State Senator Jerry Ellis and geologist Bob Jackman are working to…

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Auto insurance scam involved former Oklahoma police officer

The ex-cop has now been sentenced to for having taken part in this coverage fraud scandal. A former police officer has now been sentenced in a case involving auto insurance fraud, requiring the participant in this scam to have to serve ten days of imprisonment on the weekends, in addition to three years of supervised probation. This, according to a Western District of Oklahoma U.S. Attorney, Sanford C. Coats. Beyond the imprisonment and supervised probation, the former officer, Clinton Ivan Rutledge, from Woodward, Oklahoma, is also being required to pay…

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Earthquake insurance recommendations made following recent activity

Oklahoma Earthquake Insurance

The tremors that have been occurring in Oklahoma have caused officials to discuss coverage. There have been a number of homeowners across Oklahoma that have been taken completely off guard when their homes were rocked by tremors, and they are now starting to look into earthquake insurance, particularly as state and industry officials have started to talk about the coverage. There are a number of different things that should be taken into account when shopping for these policies. Experts in and representatives of the earthquake insurance industry have been speaking…

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Tornado insurance claims in May broke the 75k mark

Tornado insurance

The payments, so far, have reached almost $688 million for homes and twisters damaged by tornadoes. The claims that were made related to the twisters that occurred in Oklahoma over the month of May have now broken the 75,000 mark, to the point that insurers have now made almost $688 million in tornado insurance payments. On June 26, the number of claims that had been filed for this type of damage reached 75,758 in the state. On that same date, the payments made on tornado insurance claims in Oklahoma for…

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Insurance news in Oklahoma could stop controversial anti-fraud vehicles

Insurance news oklahoma cars

A new bill would remove the police package cars that were purchased by the state’s department. A bill in Oklahoma is making insurance news as it has now been passed by a Senate panel which would bar the state’s Insurance Department from being able to use the police package vehicles that it purchased for use by its anti-fraud investigators. The vote on Monday was unanimous for stopping the “specialized motor vehicle” use. The Senate General Government Committee released their insurance news relating to the vote which occurred on Monday. It…

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