Insurance Commissioner Mulready calls for a hold on policy cancellations
OKLAHOMA CITY – A bulletin issued today by the Oklahoma Insurance Department directs all insurance companies to keep coverage in effect for storm victims for the next 30 days.
“The effects of the severe weather and flooding have made it difficult for Oklahomans to carry out every day activities, much less tend to their insurance premiums,” Oklahoma Insurance Commissioner Glen Mulready said. “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.”
The bulletin applies to all insurance entities and 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 will 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.