OK| Bulletin 2025-07 from the Oklahoma Insurance Department outlines key legislative changes effective November 1, 2025, impacting property and casualty insurers in Oklahoma. The bulletin summarizes mandates and implementation requirements resulting from three bills: House Bills 1084, 1501, and Senate Bill 641. The changes target assignment of benefits, public adjuster commissions, and new standards for labor and storage rates related to motor vehicle claims.
Legislative Changes effective November 1, 2025:
- HB 1084: Prohibits the solicitation or acceptance of assignments of post-loss insurance benefits for property damage under auto, residential, or commercial property policies; such assignments are void unless transferred to a federally insured financial institution, mortgagee, or liability coverage.
- HB 1501: Caps the total commission payable to public insurance adjusters at 10% of the insurance settlement when adjusting claims for political subdivisions and agencies.
- SB 641: Sets the hourly market rate for labor on administrative charges in total loss vehicle claims, permitting annual adjustments for inflation starting January 1, 2027; also establishes maximum daily storage rates for auto body shops, differentiating between standard vehicles and those with damaged lithium-ion batteries, with special provisions for indoor storage, invoice response timelines, and annual rate adjustments based on the Consumer Price Index.