Homeowner's insurance; prohibiting cancellation, refusal to renew, or increases in premium due to certain causes; requiring notice prior to cancellation. Effective date..
Impact
The implications of SB 1917 are significant for state insurance laws, as it establishes clearer guidelines on when insurers can legally cancel or adjust premiums for homeowners. By preventing cancellations and premium increases driven by the claims relating to natural disasters, the bill effectively strengthens consumer protections within the homeowner's insurance market. Insurers retaining the right to cancel policies only under specific circumstances helps ensure that homeowners are not penalized for circumstances beyond their control, fostering a more equitable insurance environment in Oklahoma.
Summary
Senate Bill 1917 aims to amend existing regulations concerning homeowner's insurance in Oklahoma, specifically related to the cancellation or nonrenewal of policies, as well as increases in premium rates. The bill prohibits insurers from canceling or refusing to renew a homeowner's policy based solely on the filing of a first claim, claims arising from weather-related catastrophes, or the insured's history with such claims, provided the policy has been in effect for more than 45 days. This legislation is framed to protect homeowners from potential financial burdens during times of disaster or personal loss.
Sentiment
The sentiment around SB 1917 appears largely positive, particularly among homeowners and advocacy groups who believe that the limitations it places on insurers will provide essential protections against unfair market practices. Stakeholders view the bill as a necessary step towards ensuring stability for homeowners, especially in areas prone to severe weather events that lead to high claim volumes. However, some critics within the insurance industry argue that such restrictions might lead to higher overall premiums as insurers adjust to protect their profitability in the face of constrained pricing power.
Contention
The bill does not come without its points of contention, particularly regarding the balance between protecting consumers and maintaining a viable insurance market for providers. While the restrictions aimed at reducing unfair cancellations can be seen as consumer-friendly, concerns revolve around the potential ripple effect on the availability and cost of insurance products in the state. Insurers may argue that such legislation could limit their ability to assess risk effectively, which might lead to tighter underwriting standards and increased costs for new policies or homeowners in high-risk areas.
Voter registration; adding cause for cancellation of voter registration; establishing procedures for cancellation of certain registrations. Effective date.
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