A new Oklahoma law meant to contain skyrocketing property-insurance prices is unlikely to achieve its goal, the state’s top insurance regulator told POLITICO’s E&E News on Monday.
A bill signed by Gov. Kevin Stitt (R) last week will for the first time require property insurers to explain the need for premium hikes and to await state approval. Starting July. 1, 2027, preapproval will supersede Oklahoma’s long-standing policy of letting property insurers raise rates unilaterally.
Oklahoma Insurance Commissioner Glen Mulready (R) said in an interview that his office did not oppose the measure but that it won’t address the increasing property damages and costs that are causing insurers to raise rates.
“The rates that have been in place, given the experience that we’ve had in our state, are justified,” Mulready said. “We’ve got to impact that math equation if we’re going to impact rates.”
