OklahomaOklahoma law sets review and notice rules for insurance rates
Starting July 1, 2027, insurers must follow rate filing and review rules, and the Commissioner must post some home and auto rate increases online.
What it does
In a noncompetitive market, the Commissioner may find a rate excessive if an actuarial review shows it is likely to produce an unreasonably high profit. The insurer gets a chance to respond first.
Insurers in noncompetitive markets must generally file rates and supporting information at least 30 days before rates take effect. Insurers under closer supervision in competitive markets must file at least 60 days ahead.
When the overall rate rises for certain auto or home policies, the Commissioner must post a notice showing the increase’s percentage on the Insurance Department website.
Argument forCustomers could see how some home and auto rate increases are reviewed and learn the size of an increase from a public notice.
Argument againstSome insurers could wait longer to use new rates because they must file early and allow time for review, which may delay price changes for customers.
More detail
The law allows the Insurance Commissioner to find a rate excessive based on an actuarial review. This standard applies to rates in noncompetitive insurance markets. The Commissioner must send the insurer an objection and give it a chance to respond and provide more information before making a final finding.
Insurers must file rates and supporting information with the Insurance Commissioner before using them in certain markets. The 30-day advance filing rule applies in noncompetitive markets. The 60-day rule applies to competitive-market insurers placed under closer supervision. In a noncompetitive market, the Commissioner may extend the review period by up to 30 days after giving notice. A rate may take effect early only if the Commissioner approves the insurer’s request. For an insurer in a competitive market placed under closer supervision, the insurer may request a hearing within 30 days after notice. The filing periods apply before the proposed rate takes effect. The Commissioner may extend review in a noncompetitive market by up to 30 days after giving notice.
The Insurance Commissioner must post notice of certain overall rate increases on the Insurance Department website. This applies to overall rate increases for private passenger auto, homeowners multi-peril, and dwelling fire policies. The notice must give the overall percentage increase. The posting applies when an overall rate increase is made under the rate-filing process.
Where do you stand?
Choose your position
Tell your reps
Take a position to see your representatives and ways to contact them.
Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- May 12Approved by Governor Kevin Stitt 05/12/2026Became Law
- May 6Sent to GovernorTo Governor
- Vote recorded Fourth Reading. Result: pass.Lower
- May 6Enrolled measure signed, returned to House
- May 6Enrolled, signed, to Senate
- May 6Referred for enrollment
- May 6Fourth Reading, Measure passed: Ayes: 73 Nays: 11Major
- May 6SA's read, adoptedMajor
- May 5SA's received
- May 5Engrossed to HouseMajor
- May 4Referred for engrossment
- Vote recorded Third Reading. Result: pass.Upper
- May 4Measure passed: Ayes: 39 Nays: 6Major
- May 4Title restored
- May 4General Order, Amended
- May 4Coauthored by Senator Kirt
- Apr 28Placed on General Order
- Apr 23Emergency removed
- Vote recorded Do Pass Amended Cs. Result: pass.Upper
- Apr 23Reported Do Pass, amended by committee substitute Business and Insurance committee; CR filedMinor
- Apr 8Coauthored by Representative Tedford
- Apr 1Second Reading referred to Business and InsuranceMinor
- Mar 30First ReadingMinor
- Mar 30Engrossed, signed, to SenatePassed Senate
- Mar 26Referred for engrossment
- Vote recorded Third Reading. Result: pass.Lower
- Mar 26Third Reading, Measure passed: Ayes: 81 Nays: 14Passed House
- Mar 26Title stricken
- Mar 26AmendedMajor
- Mar 26Authored by Senator Reinhardt (principal Senate author)
- Mar 26Coauthored by Representative(s) Gise
- Mar 26General Order
- Mar 5CR; Do Pass, amended by committee substitute Commerce and Economic Development Oversight CommitteeMinor
- Vote recorded Commerce And Economic Development Oversight Committee: Do Pass As Amended By Cs. Result: pass.Lower
- Feb 17Policy recommendation to the Commerce and Economic Development Oversight committee; Do Pass InsuranceMinor
- Vote recorded Insurance Committee: Do Pass. Result: pass.Lower
- Feb 3Referred to InsuranceMinor
- Feb 3Second Reading referred to Commerce and Economic Development OversightMinor
- Feb 2Authored by Representative Adams
- Feb 2First ReadingIntroduced
Consumer Protection