Insurance commissioner comments on legislative changes; announces intent to hold public hearing

OKLAHOMA CITY — Insurance Commissioner Glen Mulready made the following statements regarding legislation signed into law and the announcement of a public hearing regarding homeowners market status:

"I have shared many times over the past year that there was no authority in our statutes to intervene in filed rates from insurers in our homeowners market. I'm pleased to see this addressed with the signing of HB 3781. The department has already begun preparing for this new file and use process, which will become effective on July 1, 2027. This new process allows us to review filed rates throughout the year and push back against any excessive rate that is not actuarily confirmed by our own regulatory team."

"However, I am very disappointed that other opportunities to pass consumer protection legislation we highlighted in December last year were killed by industry lobbyists and trial lawyers this session. These were simple reforms that have been implemented in other states where markets have rebounded, including mandatory mediation. For too long, trial lawyers have disguised profit-driven litigation as consumer protection while Oklahoma families and businesses pay the price through higher insurance premiums. We cannot allow excessive litigation to become a business model that drives affordability further out of reach for hardworking Oklahomans."

"I also stand by my position that we have a competitive market for homeowners insurance coverage. All significant indicators (Including those used by the Department of Justice, Federal Trade Commission, Federal Reserve, and the National Association of Insurance Commissioners) support our analysis of market concentration. However, considering this new law and to provide certainty for future rate filing processes, I am announcing today that we will convene a public hearing in September to determine whether a reasonable degree of concentration does or does not exist in Oklahoma's homeowners insurance market. This hearing will allow presentations of evidence from different parties about this topic so that we can receive a formal opinion from an independent hearing officer and move forward accordingly."

"Finally, I am keenly aware of the political posturing and maneuvering that takes place around policy issues facing Oklahomans during campaign season. This hearing is being set beyond our upcoming primary elections so that it is not a runaway train for political candidates to get an extra soundbite. We have worked hard to stay in our lane and have remained laser focused on developing policy ideas, getting homes FORTIFIED™ and wrapping up investigations into roof claims. We look forward to a new rate filing process and future next steps."