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OK SB1592
Bill
AI Summary
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Requires insurers to file rates at least 60 calendar days prior to the effective date instead of 30 days after, and extends the Commissioner's review period from 30 to 60 days with possible 60-day extension
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Allows the Insurance Commissioner to hold a hearing and require approval for any rate filing with an overall impact exceeding 15% in a twelve-month period, with the burden on the insurer to prove the rate is not excessive
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Authorizes the Commissioner to order premium refunds to policyholders with interest (U.S. Treasury Bill rate plus 4 percentage points) when rates are found excessive or discriminatory
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Repeals Section 984 (competitive market determinations) and Section 985.1, eliminating the distinction between competitive and noncompetitive markets for rate regulation purposes
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Effective November 1, 2026
Legislative Description
Insurance; allowing certain rates to be determined to be excessive in the Property and Casualty Competitive Loss Cost Rating Act. Effective date.
Last Action
Coauthored by Representative Stinson (principal House author)
3/11/2026