Insurance; allowing rates to be excessive; requiring filings with Insurance Commissioner; allowing Commissioner to give written notices; requiring Commissioner to disapprove rates; increasing certain time frames for filings. Effective date.

SB 1444 updates Oklahoma’s insurance rate review rules. It clarifies that rates in competitive markets cannot be deemed "excessive," while non-competitive market rates must meet stricter standards to avoid being labeled excessive (e.g., unreasonably high profits or service costs). Insurers must file rates 30 days before effective date in competitive markets (up from 60 days), with the Insurance Commissioner allowed to request additional time or disapprove rates. The bill also extends deadlines for advisory organizations to submit data and updates statutory references. It directly affects all insurers filing rates in Oklahoma, aiming to streamline reviews while maintaining rate fairness standards.