Post by pavel on Feb 12, 2016 9:04:39 GMT -6
OKLAHOMA CITY — A Senate panel on Thursday passed a bill that would let the state get into the earthquake insurance business.
“Upon a finding there is a lack of adequate earthquake insurance coverage available to residents in the State of Oklahoma, the Insurance Commissioner is hereby empowered to create an earthquake re-insurance program, to be administered by the state,” said Senate Bill 1497, submitted by Sen. Clark Jolley, R-Edmond.
“There are numerous constituents in Edmond that are very concerned that they will lose their homeowners insurance and or that their insurance companies will cease to offer earthquake coverage,” Jolley said after the meeting. “This bill simply allows for them to have the comfort and assurance of knowing that if insurance companies were to leave Oklahoma completely and totally, that the state of Oklahoma would adopt a California-model earthquake reinsurance market, administered by the insurance commissioner upon a finding from him that there would be inadequate coverage.”
Sen. Gary Stanislawski, R-Tulsa, cast the lone vote against the measure, which was passed by the Senate Insurance Committee. He said it was a solution waiting for a problem.
Read more: www.tulsaworld.com/news/capitol_report/senate-committee-approves-bill-to-let-state-issue-earthquake-insurance/article_9cbf9911-d5c7-5079-b3d4-81c8c4b9f539.html
“Upon a finding there is a lack of adequate earthquake insurance coverage available to residents in the State of Oklahoma, the Insurance Commissioner is hereby empowered to create an earthquake re-insurance program, to be administered by the state,” said Senate Bill 1497, submitted by Sen. Clark Jolley, R-Edmond.
“There are numerous constituents in Edmond that are very concerned that they will lose their homeowners insurance and or that their insurance companies will cease to offer earthquake coverage,” Jolley said after the meeting. “This bill simply allows for them to have the comfort and assurance of knowing that if insurance companies were to leave Oklahoma completely and totally, that the state of Oklahoma would adopt a California-model earthquake reinsurance market, administered by the insurance commissioner upon a finding from him that there would be inadequate coverage.”
Sen. Gary Stanislawski, R-Tulsa, cast the lone vote against the measure, which was passed by the Senate Insurance Committee. He said it was a solution waiting for a problem.
Read more: www.tulsaworld.com/news/capitol_report/senate-committee-approves-bill-to-let-state-issue-earthquake-insurance/article_9cbf9911-d5c7-5079-b3d4-81c8c4b9f539.html