Live Insurance News

New auto insurance law in Oklahoma may not be an effective solution

July 7, 2014July 8, 2014 S.Vagus

New law aims to encourage drivers to purchase insurance coverage, but it may not be successful A new law has been passed in Oklahoma that allows the state’s law enforcement to seize the vehicle tags of uninsured drivers. The law allows for these vehicle tags to be held for extended periods of time, forcing the vehicle’s owner to pay for insurance coverage every day that the vehicle is being held. The vehicle is released when its driver acquires private auto insurance coverage. The law may be a hit or miss…

Insurance industry feels financial impact of Oklahoma tornados

August 13, 2013August 10, 2013 Marc

Oklahoma tornado damage - homeowners insurance industry

Insurance industry sees payments top $1 billion The Oklahoma Department of Insurance has released the financial information concerning a powerful tornado outbreak that struck the state in May of this year. The information suggests that the tornado outbreak may be one of the most costly natural disasters in the state’s history. Insurance Commissioner John Doak claims that the financial impact of these tornadoes is staggering and notes that the rebuilding effort for communities stuck by tornadoes has only just begun. The cost of these disasters could have a significant impact…

Massive EF-5 Tornado Causes Destruction in Moore, Oklahoma

May 21, 2013May 25, 2013 Guest Author

BOSTON, May 21, 2013 – According to catastrophe modeling firm AIR Worldwide, at 3:01 p.m. on Monday, May 20, 2013, a massive tornado struck Moore, Oklahoma, a suburb of Oklahoma City, destroying many homes, businesses, and public buildings, including two elementary schools and a hospital. According to reports and aerial images, property damage in the affected region is extensive, with whole neighborhoods heavily damaged or destroyed. “A slow-moving upper level low pressure system triggered a series of severe thunderstorm outbreaks across the Central Plains starting on May 19,” said Dr.…

Massive tornado bodes ill for homeowners insurance in Oklahoma and Kansas

May 21, 2013May 25, 2013 S.Vagus

Homeowners insurance claims teams deployed to states affected by disaster What is being called the worst tornado disaster in world history has caused havoc in Oklahoma and Kansas this week. A powerful tornado has touched down in Oklahoma, causing significant damage in Oklahoma City. Initial reports suggest that the tornado demolished an elementary school in one part of the city before moving on an causing more damage to surrounding properties. Farmers Insurance is one among several companies that have deployed claims teams to help manage the impact of the disaster…

Health insurance program in Oklahoma set to expire

May 13, 2013May 25, 2013 Marc

Oklahoma health insurance program waiver denied by federal government Nearly 5,000 Oklahoma employers are to be notified that the state’s Insure Oklahoma program will expire at the end of this year. State officials had reached out to the federal government in order to receive a waiver for the program, but the federal government has denied this request. According to the Department of Health and Human Services, the waiver was rejected due to the new health insurance opportunities that would be created through the Affordable Care Act next year. Small businesses…