OKLA. REFORM ORDER PRAISED

An order signed last week by Oklahoma Insurance Commissioner Carroll Fisher will ease regulatory restrictions on an insurer’s ability to develop and introduce new commercial lines insurance products in the state, according to the American Insurance Association. The AIA added that this regulatory reform order will encourage innovation and increase competition among insurers. “This initiative has been in development for some time and is based closely on model recommendations from the National Association of Insurance Commissioners (NAIC),” John Marlow, AIA assistant vice president for the southwest region, said. “AIA has supported similar actions in other states and we fully expect the final order to have a very positive impact on the Oklahoma commercial insurance market as well as the state’s overall economy.” Marlow also praised Commissioner Fisher’s efforts, saying “the regulatory process in Oklahoma is more efficient and is responsive to the needs of consumers and insurers alike.” The order (02-0765-PRJ) establishes a “file and use” system which allows an insurer to use a policy form in the market 30 days after filing it with the department of insurance. The order also allows a form filing exemption for certain lines, including large commercial risks with an aggregate annual premium of more than $10,000.

Topics Legislation Oklahoma