Mountain Life Insurance Company has received regulatory approval to begin operations in Oklahoma, extending its footprint to 14 states.
The company will now offer its life insurance and annuity products to residents across the state.
Mountain Life, headquartered in Lexington, Kentucky, has been offering insurance products since 1972. The company stated it is preparing to appoint agents and connect with policyholders in Oklahoma. It operates with a focus on customer service, operational efficiency, and long-term value creation for policyholders.
Oklahoma represents a significant addition for insurers due to its active and diverse insurance market. Regulated by the Oklahoma Insurance Department (OID), the state currently licenses more than 1,600 domestic and foreign insurers.
The state also ranks 33rd nationally in total premium volume and 27th in property and casualty insurance. It also holds a notable share of the farm insurance segment, contributing 2.55% to the national market in that category.
However, insurers operating in Oklahoma face challenges due to frequent severe weather. The state experiences high rates of hailstorms, tornadoes, and other convective storms, which have driven up claims and contributed to higher property insurance premiums.
Oklahoma also consistently ranks among the most expensive states for homeowners insurance. Insurers have responded by adjusting underwriting standards and expanding risk modeling efforts. According to recent industry data, hail alone has accounted for a significant share of insured losses in the region.
The state’s insurance premium tax rate is 2.25%, with revenues supporting several public initiatives, including employee retirement systems. The OID oversees insurer conduct, financial soundness, and consumer protection to maintain a stable and competitive insurance environment.
With the addition of Oklahoma, Mountain Life said it continues its strategy of regional growth while adapting to the regulatory and market conditions of each state it enters.
