The bill amends various sections of the Oklahoma Statutes concerning homeowners insurance, particularly focusing on ratemaking standards, rate filings, and the processes for cancellation or nonrenewal of policies. A significant change is the requirement for insurers to file all rates and supplementary information with the Insurance Commissioner at least sixty days before the effective date, an increase from the previous thirty days. The bill also empowers the Commissioner to disapprove rates that are considered excessive, inadequate, or unfairly discriminatory. Additionally, it mandates that insurers provide written notice to policyholders regarding cancellations or nonrenewals due to nonpayment within a specified timeframe.

Moreover, the bill introduces new requirements for insurers regarding renewal notices, stipulating that they must provide written renewal notices to the named insured at least thirty days before policy expiration, detailing the new premium, deductible, and coverage limits. If the insurer fails to send this notice, the previous terms will remain in effect until the notice is provided or until the insured secures replacement coverage. The bill also establishes that insurers must give written notice of cancellation or nonrenewal at least sixty days prior to the effective date, with a ten-day notice period for nonpayment cases. These amendments aim to enhance transparency in the homeowners insurance market and protect consumers from unjustified rate increases and policy cancellations, with the act set to take effect on November 1, 2026.

Statutes affected:
Introduced: 36-995