The bill amends Section 1, Chapter 56 of the Oklahoma Statutes regarding public insurance adjusters and the total commission they can receive. It establishes a new limit on the total commission payable to public insurance adjusters, stating that it shall not exceed either ten percent of the insurance settlement or One Hundred Thousand Dollars ($100,000.00), whichever amount is less. This change aims to provide clearer guidelines on compensation for public insurance adjusters, particularly when dealing with entities covered under The Governmental Tort Claims Act.

The effective date for this amendment is set for November 1, 2026. This legislation seeks to ensure that the compensation for public insurance adjusters remains reasonable and manageable, thereby protecting the interests of both the adjusters and the entities they represent.