Oklahoma Insurance Commissioner Glen Mulready announced plans for a public hearing in September to examine competition in the state’s homeowners insurance market following the signing of House Bill 3781 into law.
The new law changes Oklahoma’s homeowners insurance rate filing system to a “file-and-use” process beginning July 1, 2027. Mulready said the change gives the Oklahoma Insurance Department more authority to review and challenge excessive rate filings.
“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,” Mulready said.
Mulready said the hearing will allow insurers, regulators and other parties to present evidence on whether a reasonable degree of market concentration exists in Oklahoma’s homeowners insurance market.
Mulready also criticized the failure of other insurance-related proposals during the legislative session, blaming trial lawyers and lobbyists for blocking reforms he said could help lower costs.
“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,” Mulready said.
Mulready said the hearing was scheduled after Oklahoma’s primary elections to avoid political distractions during campaign season.
