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2004 Summary of New State Laws - Oklahoma

Issue

Bill #

Bill Description

CLUE

HB 2324

Prohibits an insurer from increasing premium rates, cancelling a policy, or refusing to issue or renew a policy on the basis of a policyholder inquiring about making a claim, if such policyholder does not in fact submit a claim. Effective 11/1/04. Laws of 2004.

Demutualization / Reorganization

SB 1483

Clarifies that property distributable in the course of a demutualization or related insurance company reorganization is deemed to be abandoned after two years from the date of demutualization if no further communication was evidenced, despite best efforts to distribute the instruments or statements to the holder. Effective 7/1/04. Chapter 318, Laws of 2004.

Farm Mutuals

HB 1839

Expands the class of resident farmers that can associate for rural property self-insurance from class 7 towns with 4,000 person populations or less to class 6 towns with 6,000 person populations or less. Effective 11/1/04. Chapter 21, Laws of 2004.

Financial Regulation

SB 1411

Changes the definition of insolvent from "net assets exceeding total liabilities" to "total liabilities exceeding total assets". Effective 4/27/04. Chapter 169, Laws of 2004.

Licensure

HB 2385

Makes nonsubstantive changes to insurance related statutes, and decreases the insurance producer licensing exam retest time from 6 months to 30 days. Effective 5/10/04. Chapter 274, Laws of 2004.

Mold

HB 2554

Prevents any one person from performing both mold assessment and mold remediation on the same property unless the total cost of services is less than $200. Effective 7/1/04. Laws of 2004.

Motor Vehicle Insurance

(Cancellation and Nonrenewal)

HB 2668

Prohibits a motor vehicle insurer from canceling, refusing to issue or renew, or charging a higher premium for any liability or collision insurance policy on the basis that the insurer had lower liability limits with a previous insurer without actuarial justification, including using prior limits for company or tier placement unless the insurer provides actuarial justification. Effective 11/1/04. Chapter 96, Laws of 2004.

(UI)

HB 2549

Expands the class of policies to which uninsured motorist coverage does not apply to include any other commercial automobile liability policy where the named insured has employees. Effective 11/1/04. Chapte 267, Laws of 2004.

Rate and Form Regulation

HB 2470

Would implement a 'file and use' rating system for all lines of insurance except workers' compensation. Sent to Governor 5/28/04.

Regulation

(Captive Licensure, Risk Retention Groups, Surplus Lines, Purchasing Groups)

HB 2141

Amends provisions pertinent to the above referenced insurer groups. Effective 5/25/04. Chapter 334, Laws of 2004.

Tort Reform

HB 2661

Enacts comprehensive set of tort reform measures. Effective 7/1/04 and 11/1/04. Laws of 2004.

The information contained in this summary is not intended as a portrayal of every property/casualty-related law enacted in each state. Rather, it represents recently enacted legislation specifically identified by NAMIC State and Regulatory Affairs Staff as bearing direct relevance to those issues that represent NAMIC's National State Legislative Agenda or otherwise deemed pertinent to the interests of the majority of NAMIC members.

This summary is for use as a convenient tool for our members, and is not intended, and should not be considered to be, legal advice. Please consult your legal representatives.

Oklahoma State Resource Center