Oklahoma HB3780 mandates property and casualty insurance companies to submit an independent actuary's opinion on rates annually.
Oklahoma HB3780 amends existing law to require property and casualty insurance companies operating in the state to annually submit an opinion from an appointed independent actuary. This opinion must justify the rates set and be filed according to NAIC Property and Casualty Annual Statement Instructions. If the company fails to provide a supporting actuarial report or if the Commissioner deems the report insufficient, the Commissioner can engage a qualified actuary at the company's expense.
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