Read the full stored bill text
Req. No. 14360 Page 1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
HOUSE BILL 3780 By: Adams
AS INTRODUCED
An Act relating to insurance; amending 36 O.S. 2021,
Section 1125, which relates to rate filing
requirements; requiring insurance companies to
include opinion of an appointed independent actuary;
directing Insurance Commissioner to use qualified
actuary at company's expense if opinion is not
provided or is insufficient; defining independent
actuary; and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 36 O.S. 2021, Section 1125, is
amended to read as follows:
Section 1125. A. Every property and casualty insurance company
doing business in this state, unless otherwise exempted by the
domiciliary commissioner, shall annually submit the opinion of an
appointed independent actuary entitled "Statement of Actuarial
Opinion". This opinion shall be filed in accordance with the
appropriate NAIC Property and Casualty Annual Statement Instructions
and shall provide state-specific justification for rates set.
B. 1. Every property and casualty insurance company domiciled
in this state that is required to submit a Statement of Actuarial
Req. No. 14360 Page 2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Opinion shall annually submit an actuarial opinion summary written
by the company's appointed independent actuary. This actuarial
opinion summary shall be filed in accordance with the appropriate
NAIC Property and Casualty Annual Statement Instructions and shall
be considered as a document supporting the actuarial opinion
required in subsection A of this section.
2. A company licensed but not domiciled in this state shall
provide the independent actuarial opinion summary upon request.
C. 1. An actuarial report and underlying workpapers as
required by the appropriate NAIC Property and Casualty Annual
Statement Instructions shall be prepared to support each actuarial
opinion.
2. If the insurance company fails to provide a supporting
independent actuarial report and/or workpapers at the request of the
Insurance Commissioner or the Commissioner determines that the
supporting actuarial report or workpapers provided by the insurance
company are otherwise unacceptable to the Commissioner, the
Commissioner may shall engage a qualified actuary at the expense of
the company to review the opinion and the basis for the opinion and
prepare the supporting actuarial report or workpapers.
D. The appointed independent actuary shall not be liable for
damages to any person, other than the insurance company and the
Commissioner, for any act, error, omission, decision or conduct with
Req. No. 14360 Page 3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
respect to the actuary's opinion, except in cases of fraud or
willful misconduct on the part of the appointed actuary.
E. As used in this section, the term "independent actuary"
shall mean a qualified actuary who is a member of the American
Academy of Actuaries and does not have any relationship with or
direct financial interest in the insurance company that would impair
their objectivity. Independent actuaries may still collect a fee
from the insurance company for their services.
SECTION 2. This act shall become effective November 1, 2026.
60-2-14360 MJ 01/01/26