Oklahoma HB3696 amends insurance rate filing and approval processes for residential property insurance.
Oklahoma HB3696 modifies the Property and Casualty Competitive Loss Cost Rating Act by requiring insurers to file rates, rating manuals, supplementary rating information, and supporting information with the Insurance Commissioner. Insurers must file rates if they account for less than 2% of total premiums collected or if they increase premiums by 8% or more for three consecutive years. The Commissioner can disapprove rates after a hearing and must issue an order specifying the reasons. Insurers can request a hearing if their rates are disapproved.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.