Oklahoma Insurance Department Secures Five-Year Renewal of NAIC Accreditation

The Oklahoma Insurance Department (OID) has secured a further five-year accreditation from the National Association of Insurance Commissioners (NAIC), reinforcing its standing as a regulator committed to high standards of oversight and consumer protection. The renewal was confirmed during the NAIC’s Autumn 2025 National Meeting in Hollywood, Florida, marking a significant achievement for the department and the state’s insurance sector.

Announcement and Leadership Response

Commissioner Glen Mulready announced the renewal, highlighting the importance of NAIC accreditation for ensuring robust financial regulation and market confidence. The OID’s financial regulation team, led by Deputy Commissioner Andy Schallhorn, was credited for its role in maintaining the rigorous standards required to meet the NAIC’s criteria.

“Accreditation from the NAIC reflects the Oklahoma Insurance Department’s commitment to excellence, transparency and strong financial regulation,” said Commissioner Mulready. “Our OID team is the very best, and this rigorous process validates the important work they do every day to ensure we meet the highest standards for oversight and consumer protection. Oklahomans can be confident that their insurance market is regulated with integrity, accountability and professionalism.”

Role and Importance of NAIC Accreditation

NAIC accreditation is regarded as the national benchmark for regulatory consistency, designed to ensure all US state insurance departments maintain the capability to effectively monitor insurer solvency. The accreditation programme, adopted across all states, allows regulators to work collaboratively and ensures insurers operating in multiple jurisdictions adhere to uniform oversight standards.

For the Oklahoma Insurance Department, accreditation confirms that its internal processes, examination procedures and regulatory authority continue to align with best practice across the US. The renewal further signals to consumers and insurers that Oklahoma’s regulatory environment is stable, credible and capable of addressing emerging risks.

Accreditation Review and Evaluation Process

The NAIC review takes place every five years and involves an in-depth evaluation of the department’s operations. This includes a review of analytical procedures, financial data and documentation, alongside interviews with staff involved in solvency monitoring. The assessment aims to verify that OID has the expertise and operational structure necessary to identify financial instability within insurers and intervene effectively where required.

As part of its ongoing responsibilities, the OID must continually maintain compliance with NAIC model laws, regulatory guidelines and standards for financial examinations. The next full accreditation review is scheduled for 2030, although ongoing monitoring continues during the interim period.

Impact on Consumers and the Insurance Market

For policyholders, the accreditation renewal provides reassurance that the insurance companies they rely on are overseen by a regulator meeting the highest national standards. It helps foster confidence in the solvency of insurers and supports a well-regulated marketplace where risks are proactively identified and managed.

For insurers operating in Oklahoma, NAIC accreditation helps reduce redundant regulatory burden by ensuring consistent practices across state lines. It also underscores the department’s readiness to adapt to evolving challenges, including market volatility, climate-related risks and changes to financial reporting requirements.

Looking Ahead

The OID’s renewed accreditation positions it to continue improving transparency, modernising regulatory procedures and strengthening engagement with industry stakeholders. With the next five-year cycle now in place, the department is expected to maintain its commitment to excellence in consumer protection and financial oversight—an approach that Commissioner Mulready says remains central to serving the people of Oklahoma.