OK HB3561

Property and casualty insurance companies must submit annual Statements of Actuarial Opinion from an appointed independent actuary, removing the previous exemption authority of domiciliary commissioners

Independent actuary is defined as a member of the American Academy of Actuaries with no relationship or direct financial interest in the insurance company that would impair objectivity, though they may collect fees for services

Insurance Commissioner is now required (changed from "may") to engage a qualified actuary at the company's expense if the company fails to provide supporting actuarial reports/workpapers or if submitted materials are deemed unacceptable

Appointed independent actuaries receive liability protection from damages to third parties for their opinions, except in cases of fraud or willful misconduct

Effective date: November 1, 2026