An act relating to insurance, the official text

1                   STATE OF OKLAHOMA

2                 2nd Session of the 60th Legislature (2026)

3 HOUSE BILL 3561               By: Eaves

4

5

6                               AS INTRODUCED

7   An Act relating to insurance; amending 36 O.S. 2021,

    Section 1125, which relates to rate filing

8   requirements; requiring insurance companies to

    include opinion of an appointed independent actuary;

9   directing Insurance Commissioner to use qualified

    actuary at company's expense if opinion is not

10  provided or is insufficient; defining independent

    actuary; and providing an effective date.

11

12

13 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

14  SECTION 1.      AMENDATORY  36 O.S. 2021, Section 1125, is

15 amended to read as follows:

16  Section 1125. A. Every property and casualty insurance company

17 doing business in this state, unless otherwise exempted by the

18 domiciliary commissioner, shall annually submit the opinion of an

19 appointed independent actuary entitled "Statement of Actuarial

20 Opinion". This opinion shall be filed in accordance with the

21 appropriate NAIC Property and Casualty Annual Statement

22 Instructions.

23  B. 1. Every property and casualty insurance company domiciled

24 in this state that is required to submit a Statement of Actuarial

    Req. No. 13918                                                 Page 1
1 Opinion shall annually submit an actuarial opinion summary written

2 by the company's appointed independent actuary. This actuarial

3 opinion summary shall be filed in accordance with the appropriate

4 NAIC Property and Casualty Annual Statement Instructions and shall

5 be considered as a document supporting the actuarial opinion

6 required in subsection A of this section.

7   2. A company licensed but not domiciled in this state shall

8 provide the independent actuarial opinion summary upon request.

9   C. 1. An actuarial report and underlying workpapers as

10 required by the appropriate NAIC Property and Casualty Annual

11 Statement Instructions shall be prepared to support each actuarial

12 opinion.

13  2. If the insurance company fails to provide a supporting

14 independent actuarial report and/or workpapers at the request of the

15 Insurance Commissioner or the Commissioner determines that the

16 supporting actuarial report or workpapers provided by the insurance

17 company are otherwise unacceptable to the Commissioner, the

18 Commissioner may shall engage a qualified actuary at the expense of

19 the company to review the opinion and the basis for the opinion and

20 prepare the supporting actuarial report or workpapers.

21  D. The appointed independent actuary shall not be liable for

22 damages to any person, other than the insurance company and the

23 Commissioner, for any act, error, omission, decision or conduct with

24

    Req. No. 13918                                                  Page 2
1 respect to the actuary's opinion, except in cases of fraud or

2 willful misconduct on the part of the appointed actuary.

3   E. As used in this section, the term "independent actuary"

4 shall mean a qualified actuary who is a member of the American

5 Academy of Actuaries and does not have any relationship with or

6 direct financial interest in the insurance company that would impair

7 their objectivity. Independent actuaries may still collect a fee

8 from the insurance company for their services.

9   SECTION 2. This act shall become effective November 1, 2026.

10

11  60-2-13918      MJ  10/15/25

12

13

14

15

16

17

18

19

20

21

22

23

24

    Req. No. 13918                                                 Page 3