This bill amends Section 987 of Title 36 of the Oklahoma Statutes, which pertains to insurance rate filings. It establishes new requirements for insurers regarding the timing of rate filings based on market conditions. Specifically, in a competitive market, insurers are now required to file rates at least sixty days prior to the proposed effective date, an increase from the previous requirement of thirty days. In a noncompetitive market, the filing period is extended to ninety days before the effective date, also an increase from the previous thirty days.

Additionally, the bill clarifies that the Commissioner of Insurance may request additional time to review filings, extending the review period to sixty days if necessary. It also stipulates that filings will be considered compliant unless the Commissioner requests further information within ten days of receipt. The bill is set to take effect on November 1, 2026.