Insurance; allowing rates to be excessive; allowing Commissioner to send objections to certain rates; requiring rates to be filed prior to effective date; establishing rate requirements. Effective date. Emergency.

Summary

The bill updates Oklahoma’s insurance rating law to define when a premium is excessive, inadequate, or unfairly discriminatory. It gives the Insurance Commissioner authority to object to excessive rates in non‑competitive markets and requires insurers to file rate information within set timeframes. It also permits an insured’s written consent to use a higher rate for a specific risk.

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

Topics

Share