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Oklahoma Insurance Commissioner Complaints And Rate Increases
There has been an abundance of Oklahoma insurance commissioner complaints filed against insurance providers in recent months. Most of the complaints deal with underpaying customers and shoddy services provided by Oklahoma insurance companies. At the same time, insurance providers have also been hit with high claims following natural disasters like tornado and earthquake. These complaints have created a bad public perception of the insurance industry in Oklahoma. This may be a result of the fact that these complaints have led to higher premiums for homeowners.
The Oklahoma Insurance Commissioner has been in the news quite often making controversial comments regarding the lack of service provided by many insurers. For example, in May, Commissioner Bart Johnson blasted the commission's approval of the insurance rate increase for homeowners. According to the commissioner, the new rate increases would force many consumers to buy coverage they could not afford. When explaining his comments to reporters later that day, however, the commissioner clarified that he was simply making a point about the increased competition among insurance companies.
In response to this criticism, many Oklahoma consumers wrote letters to the Oklahoma Insurance Commissioner expressing their frustration with receiving rate increases that they feel are unjustified. Consumer advocates claim that the commissioner's comments are based on a misunderstanding of how insurance markets work. According to these critics, the complaints filed by customers are nothing more than "misinformation" spread by insurance brokers and the media. They further claim that the real problem lies with the insurance companies themselves. According to these critics, insurance agents do not always disclose the true cost savings that consumers will receive when choosing a company over another. They also point out that the Oklahoma Insurance Commissioner is largely responsible for this" misinformation" and "confusion."
The Oklahoma Insurance Commissioner responded to the complaints of complaint via a press release issued on August 8th. In his release, the commissioner addressed the complaints directly stating that he regrets that any complaint has been filed because he wants to help people get better deals. He also acknowledged that the recent financial turmoil is still having an effect on the insurance industry. However, he stopped short of saying that the complaints were unfounded.
The commissioner then went on to criticize the media for its "wild and sometimes inaccurate reporting" on the issue. Specifically, the media had been citing "rumors and stories" without providing any hard evidence to back them up. According to the commissioner, this is why people continue to be skeptical about whether the recent rate increases filed by insurers are real or a result of "hype and misinterpretation." The insurance commissioner went on to assure consumers that he will be examining all of the rate increases filed by insurers in coming months and will be looking to make sure that the rates submitted are accurate.
According to car insurance quotes in pendleton, in , if anyone has a complaint they can either contact him directly or file a written complaint through the Oklahoma Insurance Department. Complaints can only be filed if there are reasonable grounds to believe that an insurance company has contravened the act. If the complaint is found to be true and there is proof that the complaint was made within a given time frame, the State Insurance Commissioner has the authority to fine an insurer, but he also has the authority to waive the penalty in such instances if he finds that it would not serve to protect the public's interests.
After receiving a complaint, the Oklahoma Insurance Department will process it. Once a complaint has been filed, the company involved will be given thirty days to reply. If the company still refuses to comply with the request for an investigation, the state insurance commissioner will then have to decide whether or not he will allow the rate increase request to go forward. If the complaint is found to be justified, the insurance company will be required to turn over the requested information or else face stiff penalties. If, however, the complaint is found to be false or unfounded, the state insurance commissioner has the power to drop all charges against the company. If the company is guilty of multiple violations, the penalties incurred will double.
Oklahoma's Insurance Commissioner has the duty to ensure that the State Insurance Department does not unnecessarily punish companies just because they have too many complaints lodged against them. He must also ensure that all complaints are properly investigated before any action is taken. As long as he does his job and responds quickly to complaints, the insurance industry will be well behaved.
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