The Oklahoma Insurance Department (“Department”) has recently issued Bulletin 2025-07 to inform all property and casualty insurers licensed in Oklahoma of specific legislative changes for 2025. The key highlights are as follows:
- 36 O.S. § 1230(B) (New Statute) Prohibiting certain assignments of benefits — A person shall not solicit or accept an assignment of any post-loss insurance benefit for property damage under an auto collision or comprehensive policy, residential property insurance policy, or commercial property insurance policy. This provision does not apply to:
- an assignment, transfer, pledge, or conveyance granted to a federally insured financial institution, mortgagee, or a subsequent purchaser of the property, or
- liability coverage under an auto, residential, or commercial property insurance policy.
- 36 O.S. § 6224 (New Statute) Providing limitations on commissions payable to public insurance adjusters —The total commission payable to a public insurance adjuster, including expenses, direct costs, or any other costs accrued by the public insurance adjuster, shall not exceed 10% of the amount of the insurance settlement when adjusting for political subdivisions and agencies.
- 36 O.S. § 1273 (New Statute) Hourly market rate for labor for administrative charges — The hourly market rate for labor for administrative charges, as it relates to total loss vehicles, shall be in accordance with the prevailing market price. Administrative charges relating to total loss vehicles shall not exceed the hourly market rate for labor and may only be billed up to four (4) hours.
- 36 O.S. § 1274 (New Statute) Maximum daily storage rate for auto body repair shops —The maximum daily storage rate allowed to be charged by an auto body repair shop and mandatory reimbursement rates for insurers for a motor vehicle total loss for each calendar day shall be:
- for all motor vehicles, including marine vessels:
- for the first 10 calendar days the vehicle is in the possession of the shop – $39.00
- On the 11th calendar day, the maximum daily storage rate may increase to $75.00 per calendar day.
- for vehicles with lithium-ion batteries that have sustained damage to the battery pack or have exhibited fire, smoke, or popping or hissing sounds, if the vehicle is stored pursuant to the original equipment manufacturer requirements:
- for the first 10 calendar days the vehicle is in the possession of the shop – $125.00
- On the 11th calendar day, the maximum daily storage rate may increase to $200.00 per calendar day.
- The maximum daily storage rate shall apply to direct repair programs, but shall not apply to vehicles in which the damage to the vehicle necessitates indoor storage and the insurer has approved indoor storage of the vehicle in advance.
- for all motor vehicles, including marine vessels:
Please note the legislative changes described in the bulletin become effective on November 1, 2025.
For any questions related to the above referenced bulletin in Oklahoma, please contact Westmont Associates!