Oklahoma Attorney General Gentner Drummond is criticizing Oklahoma Insurance Commissioner Glen Mulready for delaying a hearing on competition in the state’s homeowners insurance market.
Drummond said Mulready failed to comply with state law by not holding a hearing within 30 days of a request submitted on April 17. Instead, Mulready notified Drummond in May that he plans to hold the hearing in September.
“Such a delay directly violates state regulations and does nothing to help Oklahoma insurance consumers,” Drummond said.
“It serves only to maintain the status quo where Oklahomans pay some of the highest homeowners’ insurance rates in the country.”
The dispute centers on whether a reasonable degree of competition exists in Oklahoma’s homeowners insurance market. Drummond has argued that rapidly rising insurance rates warrant a formal review.
According to Drummond, Mulready informed him on May 20 that he believes the market is competitive and that a hearing would be held in the fall. Drummond responded the following day, requesting that the hearing be held by June 5 so evidence could be presented on the issue.
Drummond said he has not received a response.
“Oklahomans deserve an insurance commissioner who protects their interests,” Drummond said.
“I will not stop fighting for Oklahoma insurance consumers, and I intend to make the Insurance Department comply with the law.”
Drummond also criticized Mulready’s denial of a separate hearing request submitted by Bob Sullivan, a candidate for insurance commissioner. According to Drummond, Mulready ruled that Sullivan lacked standing to request the hearing while also concluding the insurance market was competitive.
The disagreement comes as insurance costs remain a major concern for Oklahoma homeowners. Earlier this year, the Legislature approved changes to the state’s insurance rate review process through House Bill 3781, which supporters said would increase oversight and transparency of rate filings.
