For Benefits Compliance specific state updates for Oklahoma click here.
OKLAHOMA INSURANCE DEPARTMENT ISSUES BULLETIN CONCERNING PREMIUM GRACE PERIODS
On March 20, 2020, the Oklahoma Insurance Department issued PC BULLETIN NO 2020-01 to all property and casualty insurers licensed in Oklahoma asking them to extend their applicable grace period for nonpayment of premium by an additional forty-five (45) days. This grace period extension does not relieve an insured of the obligation to pay premiums but merely is a deferral of the payment due date. The provisions of this bulletin are in effect until the state emergency is no longer in place.
OK PC Bulletin No 2020-01
OKLAHOMA INSURANCE DEPARTMENT ISSUES BULLETIN REGARDING EXTENSION OF PREMIUM GRACE PERIODS
April 17, 2020 Read More
INSURANCE COMMISSIONER ISSUES PRESS RELEASE CONCERNING PREMIUM RELIEF
April 24, 2020
On April 17, 2020, the Oklahoma Insurance Commissioner issued a press release in which he praised those insurance companies offering premium relief and assistance programs and provided a link to a list of such companies.
OK Press Release
COMMISSIONER ISSUES BULLETIN CONCERNING P&C SELF-AUDIT AND PREMIUM REFUNDS
May 08, 2020
On April 27, 2020, the Oklahoma Insurance Commissioner issued PC Bulletin No. 2020-03 to all admitted insurers that have issued policies rated using an auditable exposure basis, including but not limited to payroll, sales, enrollment, attendance, occupancy rates, square footage or any other basis. The commissioner requires insurers to provide an insured, upon request, a midterm self-audit and adjust premiums based on the results of such audit; the bulletin requires any overpayment of premiums indicated by a midterm self-audit to result in a refund to the insured.
OK PC Bulletin No. 2020-03
DEPARTMENT ANNOUNCES AUTO INSURERS OFFERING PREMIUM RELIEF
September 04, 2020
On July 20, 2020, the Insurance Department issued a press release to publicize that certain auto insurers are offering premium relief to consumers during the COVID-19 pandemic. Consumers were urged to contact their insurance agent or company if they are financially struggling to seek assistance.
OK Press Release