Newspaper article THE JOURNAL RECORD

Doak Declares Noncompetitive Earthquake Market

Newspaper article THE JOURNAL RECORD

Doak Declares Noncompetitive Earthquake Market

Article excerpt

OKLAHOMA CITY - Insurance Commissioner John D. Doak on Tuesday said he has informed insurance companies that sell earthquake policies in Oklahoma that the earthquake insurance market is noncompetitive.

The order will change the way insurers file their rates with the Oklahoma Insurance Department.

"There needs to be a valid basis for any rate increase," Doak said.

A public hearing was held in May on earthquake insurance rates and the availability of suitable earthquake coverage. During the hearing, data was released on the competitiveness of the earthquake insurance market. The commissioner found that a reasonable degree of competition does not exist in the market and that consumers have a limited ability to shop for a competitive price. …

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