Oklahoma's 2026 Insurance Legislative Initiatives: Consumer Protections & Transparency
The Oklahoma Insurance Department (OID) has launched legislative initiatives for 2026 focused on boosting consumer protections and enhancing transparency within the insurance industry. These initiatives, driven by collaboration with lawmakers and industry stakeholders, aim to ensure fair treatment for consumers and improve access to affordable insurance products. Insurance Commissioner Glen Mulready emphasizes the importance of these measures in bolstering consumer confidence and regulatory compliance.
Key legislative proposals include revised timelines for claims processing and stricter reporting requirements for property and casualty insurers. The proposed framework mandates insurance companies respond to consumer complaints and claim inquiries within 14 days, while also reducing the claim acceptance or denial period to 30 days from the current 60 days. Insurers will face interest charges on untimely payments at a rate of 10 percent, aligning with existing provisions for life and health insurance, enforcing greater accountability among carriers.
The initiative further requires insurers to submit quarterly reports detailing market stability. These reports will encompass information on non-renewals, market exits, and written premiums, reflecting the industry's commitment to transparency and risk management. Additionally, the introduction of mandatory Eagle Mediation for claims intends to lower legal expenses. Proposed legal reforms will prevent the awarding of attorney fees to either litigant, reducing unnecessary lawsuits and promoting a more stable insurance market.
According to Commissioner Mulready, "Oklahomans deserve an insurance market that is transparent, responsive, and accountable. This package addresses consumer frustrations, including slow claims responses, limited disclosure from insurers, and premium increases, while helping stabilize the state’s insurance market." State Representative Mark Tedford added, "Strengthening property resiliency, pursuing tort reform, and closing administrative loopholes are the right steps forward, even amidst uncontrollable external factors like severe weather and rising building material costs."
The OID plans to collaborate with lawmakers during the 2026 legislative session starting in February to advance these proposals, ensuring the industry's adherence to regulatory compliance requirements while safeguarding consumer interests.