Date: February 28, 2022
To: ALL PROPERTY AND CASUALTY INSURERS LICENSED IN OKLAHOMA
From: Glen Mulready, Commissioner
Re: REDUCTION IN COVERAGE DURING RENEWAL
The Oklahoma Insurance Department is issuing a special notice to all Property and Casualty Insurers authorized to do business in this state.
Upon renewal of an existing policy, each Oklahoma policyholder must receive notice stating any policy provision that has changed which eliminates or restricts coverage due to a “triggering event.” The policy language changed must be included in the notice, printed in all capital letters, using bold or red font.
The goal is to make policy changes that reduce or end coverage clearly visible to Oklahoma policyholders during the renewal process.
For purposes of this special notice, a “triggering event” is any occurrence that eliminates or reduces coverage offered during the prior policy term. Examples of “triggering events” include, but are not limited to injury, unemployment, age, retirement or accident.
Questions applicable to this bulletin should be directed to: Bo DeBose, Legal Division, at Bo.firstname.lastname@example.org
The Oklahoma Insurance Department encourages readers of this bulletin to periodically check the Department’s website at https://www.oid.ok.gov for news and updates to bulletins and other relevant material.