OKLAHOMA CITY — The Oklahoma House of Representatives passed House Bill 3781, authored by Rep. Stacy Jo Adams, R-Duncan, a measure that would require insurers to submit proposed rate changes to the Oklahoma Insurance Commissioner at least 60 days before those rates could affect consumers.

"As homeowners across Oklahoma continue to face rising insurance costs, Oklahomans are rightfully asking questions," Adams said. "In a competitive market, transparency builds trust, and if rate increases are justified, then showing the work should not be a problem. This bill simply puts sunlight on the process so Oklahomans can have confidence in the system.”

HB3781 would change how property and casualty insurance rate filings are handled by moving from a use-and-file system to a file-and-wait system. The commissioner would be required to review the filings within that timeframe or request a one-time 60-day extension if additional review is needed under the measure. Any rates determined to be excessive for the coverage provided would be subject to disapproval. The measure also directs the commissioner to halt any insurance practices deemed unfair or unreasonable.

"This bill does not set prices, and it does not interfere with the free market," Adams said. "Insurance companies will still be able to charge rates that are actuarially sound and justified by risk. What this bill does is bring transparency to the process."

Currently, insurers can implement rate increases and notify the Oklahoma Insurance Department afterward. Adams said the proposed change ensures rate adjustments are reviewed and supported by data before affecting consumers.

"Oklahomans deserve to understand what is driving these insurance increases and to know that rates are based on real data, not just timing or process," Adams said.

In addition to modifying the rate filing process, the bill repeals existing statutes related to market competitiveness and regulatory standards, allowing for a more consistent and transparent framework moving forward.

"I believe in a strong, competitive insurance market," Adams added. "But I also believe in fairness and accountability. House Bill 3781 strikes that balance and helps protect Oklahoma families while maintaining a healthy marketplace."

HB3781 passed the House with strong bipartisan support and is now eligible for consideration in the Senate, where it will be carried by Sen. Aaron Reinhardt, R-Jenks.