Oklahoma Insurance Department’s 2022 Year in Review | Property Insurance Coverage Law Blog

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Oklahoma Insurance Department’s 2022 Year in Review | Property Insurance Coverage Law Blog


The Oklahoma Insurance Department has launched its 2022 Annual Report. Every 12 months, the OID compiles a report summarizing the required monetary disclosures of insurers within the state, highlighting new laws, and breaking down sure regulatory exercise taken by the division (though details about market conduct exams is noticeably lacking). Here’s a fast breakdown of a few of the extra fascinating info and statistics from final 12 months:

By the Numbers

In 2022, the OID was answerable for regulating 1800 insurers – 86 of that are home Oklahoma corporations. A staggering $31.8 billion in Oklahoma premiums had been collected by these insurers, they usually paid $290 million in web premium taxes.

In 2022, the Oklahoma Insurance Department Claims Division acquired 2,467 preliminary criticism filings (principally relating to well being and auto claims; 477 had been about claims dealing with of home-owner insurance policies). Of these preliminary filings, 318 resulted within the insurance coverage division making inquiries, and 235 resulted in an exterior overview of the declare or firm. Oklahoma policyholders recovered $5,656,720 by means of the criticism course of.

The OID additionally acquired 1,331 complaints of insurance coverage fraud, solely 2 of which had been submitted for felony prosecution. These numbers appear to assist some extent Mr. Merlin makes in his guide, PayUp!, the place he contends that, whereas insurance coverage fraud does, after all, exist, it tends to occur a lot much less continuously than insurers declare. For some dramatic aptitude, the report incorporates a “case highlight” a couple of licensed insurance coverage agent who filed a false declare, obtained his license revoked, and is now being sought by a “fugitive warrant squad.” 

New Legislation

The 2022 report additionally incorporates a useful breakdown of latest Oklahoma insurance coverage laws. One invoice particularly – House Bill 3495 – straight impacts Oklahoma customers with home-owner insurance policies. House Bill 3495 adjustments Oklahoma’s Unfair Claims Settlement Act to increase the permitted size of time owners should file wind or hail claims. The Act now requires any Oklahoma home-owner’s coverage “that specifies a time limit covering damage to a roof due to wind or hail must allow the filing of claims after the first anniversary but no later than twenty-four (24) months after the date of the loss, if the damage is not evident without inspection.” 36 O.S. §1250.5(7). Representative McEntire defined this transformation was enacted to finish insurers’ frequent follow of denying protection for wind and hail harm to roofs if a declare was made greater than one year after the date of loss.1 The modification requires insurers to present owners extra time to find and declare non-obvious harm.

HB 3495 additional amends the Unfair Claims Settlement Act to restrict the timeframe through which insurers can request a refund of funds already made. With the invoice’s passage, insurers in Oklahoma should make such a request to a claimant inside 12 months of creating the cost. They have barely longer – 18 months – to request a refund from one other supplier.

So, there you might have it – the OID’s 2022 Year in Review. There was much less details about regulatory actions or self-discipline taken towards insurers than I’d have appreciated, however I can’t complain about new, consumer-friendly laws. For a extra in-depth learn, yow will discover the complete 200-page report right here.


1 Marcus McEntire, The Comanche Times, Constituent Requested Bills Pass Committees (March 10, 2022) https://www.comancheok.net/articles/60/view.

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