Bill > SB1438

This bill requires certain insurance companies that write private passenger automobile policies to file annual financial information with the Insurance Commissioner, including earned premiums, incurred losses and loss adjustment expenses, administrative and selling expenses, and policyholder dividends. It establishes a method to determine if an insurer has excessive profit by comparing their underwriting gain over a three-year period to their anticipated underwriting profit plus a small percentage of earned premiums. If excessive profits are found, the Commissioner can order the insurer to return these amounts to policyholders on a pro rata basis, either as a cash refund or a credit towards future insurance purchases, unless the insurer can prove that doing so would make them financially impaired or insolvent. Any refunds issued will be treated as policyholder dividends for reporting purposes, and the Commissioner is authorized to create rules to implement these provisions, with the law taking effect on November 1, 2026.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1438&Session=2600