OAMIC Facts

Q: Who owns Oklahoma Attorneys Mutual Insurance Company (OAMIC)?

A: OAMIC is owned by its “members”, who are the same as its insured/policyholders. The company’s Board of Directors is comprised of 15 lawyers from the State of Oklahoma. 

Q: Is OAMIC an assessable or non-assessable mutual?

A:  OAMIC is a non-assessable mutual and as such, premiums are the only costs charged to the policyholders. 

Q: Does OAMIC pay dividends?

A: OAMIC has paid consecutive dividends since 1994 to policyholders averaging 25% of the earned premiums on limits up to $1 Mil/1 Mil. Dividends are declared by the Board based upon the financial results for the year and therefore can not be guaranteed. The consistent track record speaks well for the possibilities, with dividends to policyholders totaling $20.7 Million. 

Q: How long has OAMIC been in business?

A: Members of the OBA started the company in 1979 and the first policy was issued in 1980. The lack of availability of coverage along with a desire to have a company dedicated to Oklahoma lawyers led to the startup of the company.