On Apr. 23, OKL LEG enacted bill to allow electronic cancel notification.
OKL LEG enacted SB 1627, to send insurance policy cancellation notices electronically.
Amended OKL INS 36-3639 (policy cancellations) and OKL INS 85A-42 (Administrative Workers Compensation (AWC) system, insurance policy provisions) of OKL Statutes.
Key Provisions
Provisions of bill applicable to commercial marine, commercial automobile, commercial property, commercial casualty and commercial fire insurance policies within the State.
Insurer may give electronic notice of policy cancellation so long as holder consents and the insurer complies with provisions of OKL LEG Uniform electronic transactions act.
Cancellation may only be made as stated by the law, when the policyholder violates certain conditions, e.g., nonpayment of premium, reckless act, change in risk, others.
Also applies to AWC policies, allow employer to notify carrier of coverage cancellation.
Legislative History
On Feb. 5, 2024, bill introduced in Senate; on Feb. 29, 2024, bill passed the Senate.
On Mar. 4, 2024, bill introduced in House; on Apr. 17, 2024, bill passed in the House.
On Apr. 18, 2024, bill sent to governor; on Apr. 23, 2024, bill approved by governor.
Effectiveness
Provisions of SB 1627 re insurance policy cancellations comes in effect Nov. 1, 2024.
Regulators
OKL LEG
Entity Types
CNSM; Corp; Ins
Reference
Bill SB1627, 4/23/2024; Citation: *OKL INS* 36, 85A;
