HB 1866 Summary

• Creates the "Earthquake Insurance Act of 2015" to require insurers to offer earthquake insurance coverage with all residential property insurance policies issued or renewed in Oklahoma beginning November 1, 2015.

• Mandates that insurers make the offer before, at the time of, or within 60 days after policy issuance or renewal, with specific disclosure language informing insureds that earthquake coverage is optional and different from standard homeowners coverage.

• Allows insurers to comply by underwriting earthquake coverage directly, arranging coverage through affiliated insurers, or arranging coverage through nonaffiliated insurers.

• Requires insurers to offer earthquake coverage every other year if initially declined and prohibits insurers from canceling or refusing to renew residential policies solely because an insured accepts earthquake coverage.

• Requires disclosure of all available discounts and surcharges for earthquake insurance and earthquake-hazard reductions such as foundation bracing, chimney reinforcement, or water heater securing.