This bill amends Section 1125 of Title 36 of the Oklahoma Statutes, which pertains to the rate filing requirements for property and casualty insurance companies. It mandates that these companies must submit an annual "Statement of Actuarial Opinion" from an appointed independent actuary, which must include state-specific justifications for the rates set. Additionally, the bill requires that if a company fails to provide a sufficient actuarial opinion or supporting documents, the Insurance Commissioner is obligated to engage a qualified actuary at the company's expense to review and prepare the necessary reports.

The bill also defines the term "independent actuary" and establishes that such actuaries must be members of the American Academy of Actuaries without any conflicting relationships with the insurance company that could compromise their objectivity. Furthermore, it clarifies that independent actuaries are not liable for damages to anyone other than the insurance company and the Commissioner, except in cases of fraud or willful misconduct. The effective date for this legislation is set for November 1, 2026.