The bill introduces significant reforms to property and casualty insurance regulations in Oklahoma, focusing on enhancing consumer protections and improving the claims process. Insurers are now required to file a supplemental report with the Oklahoma Insurance Department by March 31, 2027, and quarterly thereafter, detailing policies, claims, and market conduct. The Insurance Commissioner is empowered to use these reports to assess the need for further market conduct examinations, with penalties of up to $1,000 for non-compliance. Additionally, the bill amends motor vehicle insurance laws to prevent insurers from using traffic records older than three years for rate modifications or policy cancellations, and it protects policyholders from adverse actions based solely on their first claim.

Further amendments include the establishment of a "Homeowner Claims Bill of Rights," which outlines the rights of policyholders, including timely acknowledgment of claims and clear communication regarding claim status. Insurers must now acknowledge claims within fourteen days and provide detailed estimates of losses within seven days. The bill also reduces the timeline for insurers to inform claimants of acceptance or denial from sixty days to thirty days, introduces civil penalties for non-compliance, and prohibits insurers from canceling or refusing to renew policies based solely on the filing of a first claim or the age of a roof. These changes aim to promote transparency, accountability, and fair practices within the insurance market, ultimately benefiting homeowners in Oklahoma.

Statutes affected:
Introduced: 36-1204