Special Notice to Oklahoma Insurance Professionals
To: All Property and Casualty Insurers Licensed in Oklahoma and All Advisory Organizations Licensed in the State of Oklahoma
From: Glen Mulready, Oklahoma Insurance Commissioner
Date: November 3, 2022
Re: Commercial Modernization Order
On October 26, 2022, the Commissioner of the Oklahoma Insurance Department (“Department”) issued an order exempting certain types of insurance from the form filing and approval requirements and from the rate filing and review requirements. Oklahoma law allows the Commissioner by order to exempt from the filing requirements any insurance document or form which are, in his opinion, not desirable or necessary for the protection of commercial policyholders or the public.
Therefore, per the order, certain specialty commercial insurance products are now exempt from policy form approval and rate filing requirements. The order can be found here: https://www.oid.ok.gov/about-oid/divisions-programs/legal-division/final-orders/final-order-2022/. Please note the minimum premium per policy amounts required to be met before a policy or rate is exempt.
Questions concerning this bulletin should be directed to Kim Hunter, General Counsel, at kim.hunter@oid.ok.gov, Cuc Nguyen, Director Rate and Form Compliance Division, at cuc.nguyen@oid.ok.gov, and/or the Oklahoma Insurance Department located at 400 NE 50th Street, Oklahoma City, OK 73105-1816.