Oklahoma Insurance Dept.: Insurers Must Notify Policyholders of Triggering Events Upon Renewal

Oklahoma Insurance Commissioner Glen Mulready informed all property and casualty insurers authorized to do business in the state that upon renewal of an existing policy, each Oklahoma policyholder must receive notice stating any policy provision that has changed which eliminates or restricts coverage due to a “triggering event.” The policy language changed must be included in the notice, printed in all capital letters, using bold or red font.

“The goal is to make policy changes that reduce or end coverage clearly visible to Oklahoma policyholders during the renewal process,” Mulready wrote in a Feb. 28 special notice.

“For purposes of this special notice, a “triggering event” is any occurrence that eliminates or reduces coverage offered during the prior policy term,” he wrote. “Examples of “triggering events” include, but are not limited to injury, unemployment, age, retirement or accident.”

Source: Oklahoma Insurance Department

Topics Carriers Oklahoma