Commissioner Doak Orders Hearing on Earthquake Insurance Rate Increases

By a News Reporter-Staff News Editor at Insurance Weekly News -- Oklahoma Insurance Commissioner John D. Doak has ordered a public hearing to investigate a rise in earthquake insurance rates. The May 24 hearing will include data gathered by the Oklahoma Insurance Department as well as comments from insurers and citizens.

"This is a proactive move to protect consumers," said Doak. "We've seen some rate increase filings up to 100 percent come through the office and we want to make sure we have a reasonably competitive market. There needs to be a valid financial basis for any rate increase and healthy competition that benefits consumers."

Keywords for this news article include: Oklahoma Insurance Department.

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