The Oklahoma state legislature has recently passed House Bill 3781 regarding the review of rate changes before they become effective. The key highlights are as follows:
- Oklahoma is moving from a from a use-and-file system to a file-and-wait system.
- All rates in competitive markets shall be filed 30 days before their effective date, along with supplementary information providing support for the rate change.
- In non-competitive markets, insurers must provide rate filings 60 days before implementation.
- Notices for rate increases affecting personal auto, homeowner’s multi-peril or dwelling fire policies must be posted on the Oklahoma Insurance Department’s website.
Please note that the bill becomes effective on July 1, 2026.
For any questions related to the above referenced bill in Oklahoma, please contact Westmont Associates!