Oklahoma Insurance Commissioner Glen Mulready on May 24 directed insurance companies to keep coverage in effect for storm victims for the next 30 days.
The bulletin was issued following severe weather and flooding that swamped Oklahoma last week, but before another round of tornado-producing storms hit the state over the past weekend.
“This is the time that storm victims need their insurance company to be on their side and why the Insurance Department is calling for a moratorium on policy cancellations,” Mulready said in an announcement released by the Oklahoma Insurance Department.
The bulletin applies to all insurance entities including health maintenance organizations, accident and health insurers, third party administrators, discount medical plan organizations, property and casualty insurers, surplus and excess lines insurers and county mutual insurers. It includes property and casualty insurance, life insurance, accident and health insurance, disability insurance and all lines of coverage regulated by the Oklahoma Insurance Department.
Some key points of the bulletin are:
- All coverage for storm victims shall continue under all insurance policies for the next 30 days.
- Storms victims can get a copy of their insurance policy free of charge.
- Any rate increases for policies in the affected areas filed on or after the effective date of the bulletin will be deferred.
Source: Oklahoma Insurance Department