Oklahoma legislation · 2026 Regular Session
Oklahoma HB3781: Insurance; rate may not be excessive, inadequate or unfairly discriminatory; expiration; effective date.
Status: Signed into law, May 12, 2026
What the bill says
An Act relating to insurance; amending 36 O.S. 2021, Sections 985, 987, and 989, which relate to the Property and Casualty Competitive Loss Cost Rating Act; removing certain prohibition on determining certain rates to be competitive; allowing rate to be determined excessive based on actuarial review; requiring Insurance Commissioner to send certain objection to insurer; removing certain filing requirements; requiring certain insurer to file certain information within certain time period; providing certain requirements for certain filings to become effective…
From the enrolled text, May 6, 2026:
An Act relating to insurance; amending 36 O.S. 2021, Sections 985, 987, and 989, which relate to the Property and Casualty Competitive Loss Cost Rating Act; removing certain prohibition on determining certain rates to be competitive; allowing rate to be determined excessive based on actuarial review; requiring Insurance Commissioner to send certain objection to insurer; removing certain filing requirements; requiring certain insurer to file certain information within certain time period; providing certain requirements for certain filings to become effective; requiring certain insurer to file certain information if certain filing requires certain supervision; allowing certain insurer to request certain hearing; requiring Commissioner to publish notice of certain rate increase on Insurance Department website; allowing certain rate to be determined to be excessive; removing certain provisions allowing Commissioner to disapprove certain rate only in certain situations; allowing Commissioner to disapprove certain rates with certain notice and opportunity for hearing; allowing Commissioner to issue certain order after certain rate goes into effect; removing certain requirements that certain order not affect certain contract or policy; removing certain provision allowing Commissioner to issue certain order in certain competitive market; updating statutory language; updating statutory reference; and providing an effective date. SUBJECT: Insurance SECTION 1. AMENDATORY 36 O.S. 2021, Section 985, is amended to read as follows: Section 985. Ratemaking Standards. A. A rate may not …