Insurance; allowing rates to be excessive; requiring filings with Insurance Commissioner; allowing Commissioner to give written notices; requiring Commissioner to disapprove rates; increasing certain time frames for filings. Effective date.

Summary

The bill changes Oklahoma insurance law so that every insurer must file its rates with the Insurance Commissioner before they take effect. The Commissioner could give written notices, hold hearings, and disapprove rates that are deemed excessive, inadequate or unfairly discriminatory. It also expands the time frames for filings and allows an insured’s written consent to use a higher rate on a specific risk.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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