Governor Mary Fallin recently approved an emergency rule adopted by Insurance Commissioner John Doak to ensure proper earthquake insurance information is distributed among consumers.
The implementation of the emergency rule requires licensed adjusters and producers to complete of an hour’s worth of education on earthquake insurance every two years.
The requirement to continue earthquake insurance education is effective Jan. 1, 2015.
Fallin released a statement Wednesday on the partnership, stating, “This emergency rule will ensure insurance agents in our state stay up-to-date on earthquake information. It’s important as the market for earthquake insurance expands in Oklahoma that residents get reliable and accurate information from insurance agents to help them consider whether they need this additional coverage.”
Insurance coverage has become increasingly common along with the increase in seismic activity. The Insurance Department reported recently that the percentage of those with earthquake insurance has risen from 3 percent in 2011 to 15 percent in 2014, an estimated 500 percent jump.
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