SB772 Summary

• Insurance companies must provide premium discounts or rate reductions for new insurable properties in Oklahoma built to resist tornado and windstorm losses starting January 1, 2018, with discounts based on actuarially-justified rating plans submitted to the Insurance Commissioner.

• Properties must be certified as constructed in compliance with Appendix Y of the 2015 Oklahoma Uniform Building Code (including tornado mitigation requirements) or FORTIFIED Home High Wind and Hail Standards by a certified building inspector or FORTIFIED-certified evaluator.

• Property owners claiming adjustments must maintain and provide certification records, construction records, contractor receipts, material receipts, and local building official records subject to audit by the Insurance Commissioner.

• Insurance companies must also offer discounts for retrofitted existing properties meeting FORTIFIED Home High Wind and Hail Standards or other Commissioner-approved mitigation programs, with Wind Zone 3 HUD code manufactured homes on permanent foundations eligible if retrofitted.

• Adjustments apply only to policies providing wind or hail coverage effective for new policies written or existing policies renewed on or after January 1, 2018; the Insurance Commissioner shall promulgate necessary rules to implement the act; effective date is November 1, 2017.