This bill amends several sections of the Oklahoma insurance code, specifically addressing ratemaking standards, rate filings, and the Property and Casualty Competitive Loss Cost Rating Act. Key changes include the stipulation that rates may be deemed excessive if they produce an unreasonably high profit or are unreasonably high in relation to the services rendered. Insurers are now required to file all rates and supplementary information with the Insurance Commissioner at least sixty days prior to the effective date, an increase from the previous thirty days. The Commissioner is granted the authority to disapprove rates and hold hearings regarding such disapprovals, ensuring that rates are not excessive, inadequate, or unfairly discriminatory.

Additionally, the bill updates statutory references and language throughout, including the requirement for advisory organizations to file statistical plans and prospective loss costs at least sixty days before their effective date. It also clarifies that joint underwriting and reinsurance pools can collaborate on various activities without being classified as advisory organizations. The bill mandates that if the Commissioner finds any unfair practices in joint underwriting or pools, they must issue a written order for discontinuance. The act is set to take effect on November 1, 2026.

Statutes affected:
Introduced: 36-995