This bill amends existing Oklahoma insurance laws by prohibiting insurers from using credit information to underwrite or rate risks. Specifically, it amends Section 953 of Title 36 of the Oklahoma Statutes to state that insurers "shall not use" credit information for these purposes, effectively eliminating previous allowances for certain practices related to credit scoring and underwriting. The bill also repeals Sections 953.1 through 958, which previously outlined various conditions and restrictions on the use of credit information in personal insurance.

Additionally, the bill amends Section 959 to restrict consumer reporting agencies from providing or selling data that includes information related to insurance inquiries about a consumer's credit information or requests for credit reports or insurance scores. The amendments clarify that this restriction does not apply to data supplied to the insurance agent or insurer involved in the inquiry. The bill is set to take effect on November 1, 2026.

Statutes affected:
Introduced: 36-953.1, 36-954, 36-955, 36-956, 36-957, 36-958