Bill > SB1592

This bill amends Oklahoma's Property and Casualty Competitive Loss Cost Rating Act to allow certain insurance rates to be deemed excessive, particularly in noncompetitive markets, by requiring that a rate is likely to produce an unreasonably high profit for the insurance provided, based on actuarial review, and mandates that the Insurance Commissioner notify insurers and allow them to respond before making a final determination of excessiveness. It also clarifies that rates in competitive markets cannot be considered unfairly discriminatory based on religion, in addition to existing prohibitions against race, color, creed, or national origin, and modifies filing requirements for insurers, generally requiring filings to be submitted at least 30 or 60 days before the effective date depending on the market type, with provisions for the Commissioner to object or request additional information, and includes procedures for rate disapproval, hearings, and appeals, with a specific provision for public notice of overall rate increases for private passenger automobile, homeowner's multi-peril, or dwelling fire policies. The bill also adds religion as a prohibited basis for risk classification and specifies that the act will become effective on July 1, 2027.