§ 3639.1. Personal residential insurance--Cancellation, nonrenewal or increase in premium for f...
Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: May 12, 2021
Effective: May 12, 2021
36 Okl.St.Ann. § 3639.1
§ 3639.1. Personal residential insurance--Cancellation, nonrenewal or increase in premium for filing first claim--Notice
A. No insurer shall cancel, refuse to renew or increase the premium of a homeowner's insurance policy or any other personal residential insurance coverage, which has been in effect more than forty-five (45) days, solely because the insured filed a first claim against the policy. The provisions of this section shall not be construed to prevent the cancellation, nonrenewal or increase in premium of a homeowner's insurance policy for the following reasons:
B. An insurer shall give to the named insured at the mailing address shown on a homeowner's policy, a written renewal notice that shall include new premium, new deductible, new limits or coverage at least thirty (30) days prior to the expiration date of the policy. If the insurer fails to provide such notice, the premium, deductible, limits and coverage provided to the named insurer prior to the change shall remain in effect until notice is given or until the effective date of replacement coverage obtained by the named insured, whichever occurs first. If notice is given by mail, the notice shall be deemed to have been given on the day the notice is mailed. If the insured elects not to renew, any earned premium for the period of extension of the terminated policy shall be calculated pro rata at the lower of the current or previous year's rate. If the insured accepts the renewal, the premium increase, if any, and other changes shall be effective the day following the prior policy's expiration or anniversary date.
C. In the event an insured cancels a homeowner's insurance policy or any other personal residential insurance coverage, written notice shall be provided by the insured to the insurer that provided the coverage being canceled. The notice of cancellation shall provide the date of the cancellation of the policy and the insurer shall reimburse the insured for any premiums paid for coverage beyond the date of cancellation of the policy.
Credits
Laws 1990, c. 178, § 1, eff. Sept. 1, 1990; Laws 2011, c. 278, § 27, eff. Nov. 1, 2011; Laws 2012, c. 44, § 11, eff. Nov. 1, 2012; Laws 2021, c. 478, § 21, emerg. eff. May 12, 2021.
36 Okl. St. Ann. § 3639.1, OK ST T. 36 § 3639.1
Current with emergency effective legislation through Chapter 125 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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