Insurance; requiring certain filings; establishing requirements to determine excessive profit; requiring return of certain amounts. Effective date.

SB 1438 requires private passenger auto insurers in Oklahoma to annually report financial data (like earned premiums, losses, and expenses) to the Insurance Commissioner. If an insurer’s combined underwriting profit over three years exceeds 5% above projected profit, it must refund the excess to policyholders. Refunds must be issued as cash or future premium credits within 60 days, distributed pro rata based on the final year’s earned premiums. This directly affects insurers writing personal auto policies, excluding commercial coverage, and aims to ensure profits align with policyholder benefits.