Insurance; rate filing requirements; independent actuary; effective date.

Summary

All property and casualty insurance companies doing business in Oklahoma must submit each year a Statement of Actuarial Opinion prepared by an independent actuary, showing state‑specific justification for rates and filed according to NAIC instructions. Domiciled insurers must also file an actuarial opinion summary, and out‑of‑state insurers must provide the summary if the Commissioner requests it. The Insurance Commissioner can hire a qualified actuary at the insurer’s expense if the required reports are missing or unsatisfactory, and the independent actuary’s liability is limited to cases of fraud or willful misconduct.

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