OKLAHOMA CITY – Legislation requiring insurance companies to submit proposed rate increases to the Oklahoma Insurance Department for review prior to taking, rather than raising rates first and notifying the state afterward, has been signed into law.

House Bill 3781, authored by Rep. Stacy Jo Adams, R-Duncan, and Sen. Aaron Reinhardt, R-Jenks, changes how property and casualty insurance rate filings are handled in Oklahoma by moving the state from a use-and-file system to a file-and-wait system.

Adams says the new law will require insurance rate increases to be publicly posted so Oklahomans can see exactly what changes are being proposed and when.

"This is a win for Oklahoma and it will bring transparency to the rate filing system in Oklahoma," Adams said. "No longer will carriers be able to raise rates and notify the Insurance Department after the fact. This new law requires insurance companies to file the new rate and give the insurance commissioner time to review them and request actuarial information. It also gives the commissioner a way to potentially challenge rates that are unreasonably high, discriminatory or unfair."

Under the new law, insurers must submit proposed rate changes and supporting information to the Oklahoma Insurance Commissioner before rates can take effect. In competitive markets, filings must be submitted at least 30 days in advance, while filings in noncompetitive markets must be submitted at least 60 days before implementation.

The measure also gives the Insurance Commissioner additional authority to review filings and request actuarial data when rates appear excessively high, unfair or discriminatory. If a rate increase affects private passenger automobile, homeowner’s multi-peril or dwelling fire policies, notice of the increase and the overall percentage change must be published on the Oklahoma Insurance Department’s website.

Adams said the measure creates a stronger process to oversee that rate increases are supported by data before they impact 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. "This gives the commissioner a way to potentially challenge rates that are unreasonably high, discriminatory or unfair. On top of that, rate increases will now be published publicly. This is a win for Oklahoma consumers."

HB3781 takes effect July 1, 2027.