The Oklahoma Insurance Department (“OID”) has recently released Bulletin 2026-01 regarding the Oklahoma Market Assistance Program (OK-MAP) Annual Assessment. The key highlights are as follows:
- The OK-MAP Plan of Operation and the Oklahoma Insurance Code allow the program to collect an assessment from all “member” insurers in the State of Oklahoma.
- “Member” means all insurers licensed in the State of Oklahoma for both property and casualty lines of business, and also applies to and all rating and advisory organizations.
- The assessment is $150 and all member insurers will receive an invoice for that amount during the first week of May 2026.
- Penalties against members who fail to pay the assessment include revocation of an insurer’s certificate of authority and/or a fine of up to $5,000.
Please note that the assessment is due on September 1, 2026, and all payments should be remitted to the following address: Oklahoma Market Assistance Program PO Box 13488 Oklahoma City, OK 73113.
For any questions related to the above referenced bulletin in Oklahoma, please contact Westmont Associates!