Marty Quinn for Insurance Commissioner
Quinn spoke Saturday August 9, at the McGrath Breakfast Group in Midtown Tulsa
Former State Senator Martin “Marty” Quinn, candidate for Oklahoma Insurance Commissioner spoke about his conservative philosophy, his legislative experience, and commitment to ensuring a competitive insurance market, Saturday August 9th at the McGrath Breakfast Group in Midtown Tulsa.
Quinn, a Republican from Claremore, served 8 years in the OK Senate (SD2) and 4 years in the OK House (HD9). He has worked for 40 years in the insurance industry with Shelter Insurance Company. He later owned an independent agency, which sold on January 2, 2024.
“This is the most volatile time that I’ve ever seen in the insurance industry. If you've got two companies, those are your only choices. They charge what they want. If you've got a lot of companies out there fighting to serve customers, the prices trend lower.
“What we don’t want to see is what is happening in California with government interference in the market driving companies to abandon the state,” Quinn said.
“My case (for election) is that there won't be anybody else in the room that will have more experience to deal with the insurance rules and regulations and statutes. It doesn't mean I have all [knowledge], but extensive experience is extremely important in this job. I look at myself as a scale. You have corporations on one side with consumers on the other. You've got the legal system in the middle. It's a balancing act,” Quinn added.
Quinn promised that if elected, every policy decision will be measured by its impact on consumers, while simultaneously ensuring a financial environment where corporations can make sufficient profit to fulfill their obligations. He emphasizes that without consumers, there are no corporations.
Elevated claim costs have resulted in substantial financial losses for insurance companies. Quinn noted that in 2023, for every $100 in premiums collected, companies paid out approximately $127 in claims. In contrast, in 2020 for every $100 in premiums collected, companies paid out $97 in claims.
“In the Oklahoma Market nearly 100 companies are licensed, but only about 50 actively compete in the market,” Quinn said adding, “even major global reinsurers (e.g., Swiss Reinsurance, Lloyd's of London) are expressing reluctance to back homeowners' policies, indicating a widespread difficulty in the insurance market.”
When elected, Quinn said he will work to expand the number of active insurance companies in Oklahoma to foster a more competitive environment. He foresees a transition from flat-rate deductibles to percentage-based deductibles (likely 2% or 3%).
He also notes that some companies are introducing policies where depreciable items, such as roofs, are considered new for a set period (e.g., the first 10 years) before their value is depreciated for claims.
Quinn discussed the evolution of “Guaranteed Replacement” Coverage which became common around 1982 when insurers could invest premiums in high-yield, low-risk, Certificates of Deposit (CDs) offering rates as high as 16%. This allowed them to generate significant returns and offer more generous coverage, such as paying $18,000 for a roof that cost $2,000 in 1982, regardless of its age.
With current lower interest rates, companies can no longer rely on such investment returns to subsidize generous coverage. Consequently, they are reassessing policies for depreciable items, leading to changes in coverage areas.
Quinn was long a Deacon at the Blue Star Church of Christ in Claremore, Marty is married to Kelley Quin and they have two children. If elected, Quinn would succeed current Insurance Commissioner, Glen Mulready who is term limited. Mulready’s predecessor John Doak attended the breakfast and spoke in strong support of Marty Quinn’s campaign for Oklahoma Insurance Commissioner.
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Did Quinn in 2020-2021 support the expansion of OK Medcaid?