Oklahoma HB3646 amends insurance rate filing requirements for residential property insurance.
Oklahoma HB3646 modifies the Property and Casualty Competitive Loss Cost Rating Act by changing the rate filing requirements for residential property insurance. Insurers must file rates, rating manuals, supplementary rating information, and supporting information with the Insurance Commissioner. Insurers with less than 5% of the market may be exempt from filing requirements. The Commissioner can require rate filings based on insurer financial condition or if a statewide insurance emergency exists. The Commissioner can disapprove rates after a hearing if they do not comply with the act.
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