Oklahoma Governor Kevin Stitt this week signed a bill that gives the insurance department the authority to review insurance rate changes before they can go into effect.
Under House Bill 3781, all rates in competitive markets shall be filed 30 days before their effective date, along with supplementary information providing support for the rate change. For non-competitive markets, insurers must provide rate filings 60 days before implementation.
The legislation, takes effect July 1, 2027, moves Oklahoma from a use-and-file system to a file-and-wait system.
The new law allows the insurance commissioner to review filings and request actuarial data when rates appear excessively high, unfair or discriminatory. Notices for rate increases affecting personal auto, homeowner’s multi-peril or dwelling fire policies must be posted on the insurance department’s website.
The Oklahoma Senate and House of Representatives both overwhelmingly passed the bill earlier this month. Co-author Rep. Stacy Jo Adams, R-Duncan, said the legislation will provide a strong process to oversee rate increases in a state that faces some of the highest property insurance rates in the country.
“Oklahomans deserve to understand what is driving these insurance increases and to know that rates are based on real data, not just timing or process,” Adams said in a statement.
Senator Aaron Reinhardt, R-Jenks, another co-author, said the bill modernizes Oklahoma’s rate-regulation framework without overregulating the property/casualty market.
“Families across our state are struggling with rising insurance premiums, and this measure gives the Insurance Commissioner stronger tools to review, scrutinize and potentially disapprove excessive rates before they impact policyholders,” he said.
Topics
Legislation
Oklahoma
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