Oklahoma SB1438 mandates annual filings by insurers, establishes profit determination criteria, and requires returns of excessive profits.

Oklahoma SB1438 requires insurers to annually file specific data with the Insurance Commissioner, including total earned premiums, incurred losses, and administrative expenses. It establishes criteria to determine excessive profits, comparing underwriting gains or losses with anticipated profits. If deemed excessive, insurers must return the amounts to policyholders as cash refunds or credits. The bill also outlines the process for refunds and mandates reporting of these refunds as dividends.

Oklahoma SB1438 mandates annual filings by insurers, establishes profit determination criteria, and requires returns of excessive profits.

Oklahoma SB1438 requires insurers to annually file specific data with the Insurance Commissioner, including total earned premiums, incurred losses, and administrative expenses. It establishes criteria to determine excessive profits, comparing underwriting gains or losses with anticipated profits. If deemed excessive, insurers must return the amounts to policyholders as cash refunds or credits. The bill also outlines the process for refunds and mandates reporting of these refunds as dividends.