The state operates a number of insurance trusts. These operate much like private insurance companies, collecting premiums from those needing (or legally required to have) insurance and paying out claims when legally required.

The state runs several retirement systems for public employees. Most state employees are covered by the Oklahoma Public Employee Retirement System, though there are smaller systems for law enforcement officers, wildlife employees, and judges. The state operates three large retirement systems for local employees, specifically teachers and education staff, police officers, and firefighters.

Oklahoma faces significant future financial difficulties with its retirement systems.Current balances and future earnings are from 48 to 109 percent of the expected costs of retirement benefits. The two largest systems, Teaachers Retirement and OPERS, have the lowest ratios of assets to expected future costs, 48 and 66 percent, respectively.  Unfunded pension obligations, currently estimated at nearly $14 billion, have grown for both of these systems in the last decade. As more members retire the state will face significant decisions about how to match funding for these systems with the benefits offered to employees.

CompSource Oklahoma is a workers' compensation insurance fund created by the state. CompSource is the largest workers' compensation insurance provider in Oklahoma. It collected over $370 million in premiums in FY '10.

The Oklahoma Employment Security Commission operates Oklahoma's unemployment compensation system. It collects revenues from the federal government (from a tax on wages and grants for employment and training) and a state employer tax. The agency uses these funds to pay benefits to unemployed people who qualify and to support employers and job-seekers through advertising, training, and other job-related activities. In FY '10, the Employment Securities Commission spent $1.15 billion. Due to the economic downturn, OESC spending was more than five times as much as in FY '08.

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