This bill amends the Property and Casualty Competitive Loss Cost Rating Act to enhance the regulatory framework for insurance rates in Oklahoma. It introduces new definitions, such as "filer" for insurers submitting rates and "rating manual" for the rules governing premium determinations. Key changes include a requirement for insurers to file rates, applicable rating manuals, and supplementary information with the Insurance Commissioner, who will establish the necessary filing information and a process for additional requests. Rates not disapproved within thirty days will be deemed approved unless an extension is granted, and the Commissioner can only disapprove a rate after a hearing, providing a written order with reasons for disapproval.

Additionally, the bill mandates that the Insurance Commissioner must hold a hearing on grievance applications within thirty days if justified, with written notice provided to the applicant and affected insurers. It allows the Commissioner to require insurers to file rates for approval based on financial conditions or during a statewide insurance emergency, prohibiting the use of unapproved rates. Certain insurers may be exempt from filing requirements based on market share and premium volume, while significant rate increases will still require filing. The bill also repeals outdated sections of the law and sets an effective date for the new provisions as November 1, 2026.

Statutes affected:
Introduced: 36-984, 36-13., 36-2021, 36-987