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§ 901.2. Definitions

Oklahoma Statutes AnnotatedTitle 36. Insurance

Oklahoma Statutes Annotated
Title 36. Insurance (Refs & Annos)
Chapter 1. Insurance Code (Refs & Annos)
Article 9. Rates and Rating Organizations--Casualty
36 Okl.St.Ann. § 901.2
§ 901.2. Definitions
Currentness
As used in this act1 unless the context otherwise requires:
1. “Act” means the Oklahoma Insurance Rating Act;
2. “Commissioner” means the Insurance Commissioner of the State of Oklahoma or his designee;
3. “Department” means the Insurance Department of the State of Oklahoma;
4. “Rate” means the cost of insurance per exposure unit, whether expressed as a single number or as a prospective loss cost and an adjustment to account for the treatment of expenses, profit and variations in loss experience, prior to any application of individual risk variations based on loss or expense considerations, and does not include minimum premiums:
a. “prospective loss cost”, as used in this paragraph, means that portion of a rate that does not include provisions for expenses, other than loss adjustment expenses, or profit, and are based on historical aggregate losses and loss adjustment expenses adjusted through development to their ultimate value and projected through trending to a future point in time, and
b. “expenses”, as used in this paragraph, means that portion of a rate attributable to acquisition, field supervision, collection expenses, general expenses, taxes, licenses, and fees; and
5. “Rating organization, advisory organization or statistical organization” means any two or more insurers acting in cooperation or in concert for the purpose of making rates, rating plans or rating systems.

Credits

Laws 1987, c. 210, § 14, eff. July 1, 1987; Laws 1994, c. 129, § 2, eff. Sept. 1, 1994; Laws 2006, c. 264, § 11, eff. July 1, 2006.

Footnotes

1
Title 36, §§ 900.1 to 905, 907 to 908, 928 to 936, 1204, 3610, 3611.
36 Okl. St. Ann. § 901.2, OK ST T. 36 § 901.2
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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