Oklahoma Constitution Article XIX: INSURANCE
Oklahoma Constitution – Article XIX: Insurance – Summary
Article XIX of the Oklahoma Constitution is dedicated to the regulation and oversight of insurance in the state. It is relatively short but establishes the constitutional basis for state control of the insurance industry, including licensing, regulation, and consumer protection.
🔑 Key Features of Article XIX: Insurance
State Regulation
The article mandates that the insurance business shall be regulated by law.
The Oklahoma Legislature has the authority to enact laws governing all aspects of insurance—life, health, property, casualty, etc.
Department of Insurance
The Oklahoma Insurance Department, overseen by the Insurance Commissioner, is responsible for implementing and enforcing the laws governing the insurance industry.
The office of the Insurance Commissioner is an elective position, ensuring direct public accountability.
Purpose
The core goal is to protect consumers, maintain the solvency of insurance companies, and ensure fair and honest practices within the industry.
Legislative Authority
The Legislature has broad power to:
Set licensing requirements for insurance agents and companies.
Regulate rates and policies.
Monitor financial stability of insurers.
Enforce penalties for violations of insurance laws.
Amendments and Statutory Laws
While Article XIX provides a framework, most detailed rules governing insurance are found in state statutes (Title 36 of the Oklahoma Statutes) and administrative codes developed under this article.
🛡️ Impact on Consumers and Industry
Ensures consumer protection from fraud and insolvency.
Guarantees state oversight rather than federal dominance in insurance matters.
Allows flexibility for the Legislature to adapt insurance laws to changing economic and public needs.
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