Oklahoma Insurance Commissioner John Dock says the May 24 hearing into earthquake insurance rates doesn’t mean he believes the companies have done anything wrong.
It’s what he told Ok Energy Today following his announcement of the hearing. Doak said he’s exploring not only the rates and how some have risen 100 percent but also whether the few companies offering quake insurance will be able to handle a larger quake and its subsequent damage.
“This is a pro-active fact-finding hearing,” said Doak. “We haven’t been dealing with this for a lot of years. We want to make sure Oklahomans are being handled fairly.”
Ten counties in the state have 90 percent of the quakes.
“We want to make sure the rates are justified. There are about six or seven carriers with 70 percent of the earthquake market in the state of Oklahoma,” added Commissioner Doak.
Listen to Jerry Bohnen’s interview of Commissioner Doak.
