The Oklahoma Insurance Department (OID) will soon have a new home. Officials broke ground on Monday in northeast Oklahoma City to begin the construction of the $10.5 million building.
The project was made possible by House Bill 2308 which allowed OID to lease the land from the Commissioners of the Land Office (CLO) while owning the building. Insurance Commissioner John Doak says the move will save the state $15 million.
“This new building focuses on collaboration and connectivity,” said Doak. “While consumers will find it open and inviting, employees will have access to work spaces that encourage creativity and teamwork.”
“This is a win-win for the state. It is positive for the people of Oklahoma, Insurance Department employees and education because lease payments go to the Commissioners of the Land Office and then directly to education beneficiaries,” said Governor Fallin.
Through the arrangement, $3,789,300 will go to public education over a 55-year lease.
The OID is a non-appropriated state agency so the costs of construction are not passed onto the Legislature’s General Revenue Fund.
The building is expected to be complete by January 2020.
Rendering of new Oklahoma Insurance Commission building in northeast Oklahoma City.
