Producer Licensing Bulletin No. 2014-01: Continuing Education regarding Earthquake Coverage

3625 NW 56th Street, Suite 100 • Oklahoma City, Oklahoma 73112• Toll Free (In State) (800) 522-0071 • Fax: (405) 521-0125 OKLAHOMA INSURANCE DEPARTMENT BULLETIN NO.: Producer 2014-01 TO: All Resident Producers with a Property Line All Resident Adjusters with a Property Line All Continuing Education Providers RE: Continuing Education regarding Earthquake Coverage FROM: John D. Doak, Oklahoma Insurance Commissioner DATE: July 31, 2014 Oklahoma consumers have many questions about the swarms of earthquake activity occurring in the State. The Oklahoma Insurance Department receives calls almost daily about insurance coverage for earthquakes. Most of the callers are unaware that their property policy does not provide coverage for earth movement. When they find out that it does not, their next question is to ask about what is available and what does it cover. We are happy to provide general advice, but with the array of earthquake coverages available, a consumer’s specific questions are best answered by a knowledgeable insurance professional who can provide individual advice. To ensure that Oklahoma producers and adjusters who work in the property market have the knowledge to provide that advice, the OID is pursuing a legal change to require at least 1 hour of continuing education on this topic each renewal cycle. Oklahoma Administrative Code § 365:25-3-1(d)(1) requires a producer, on request from OID, to provide evidence of the courses he or she has completed. The OID requested Earthquake coverage education material be added to existing property courses in a 2012 notice. In preparation for the proposed changes, the OID is currently working to implement a new SBS course category for Earthquake education. Doing so will take a little time, as CE providers need to develop course material and the OID will need to update its online course offerings library.. Producers and adjusters are strongly encouraged to educate themselves about this vital topic at their earliest opportunity in the interim. Further details will be provided as they become available. We will keep CE Providers informed of the implementation date and new course topics. Questions or comments applicable to this bulletin should be directed to the Education Division at education@oid.ok.gov or the Legal Division, Barron.Brown@oid.ok.gov), 3625 NW 56th Street, Suite 100 • Oklahoma City, Oklahoma 73112• Toll Free (In State) (800) 522-0071 • Fax: (405) 521-0125 Oklahoma Insurance Department, Five Corporate Plaza, 3625 NW 56th, Suite 100, Oklahoma City, OK 73112. The Oklahoma Insurance Department encourages readers of this notice to periodically check the Department’s website http://oid.ok.gov for news and updates to Bulletins and other relevant material.