{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-961","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-961","heading":"Premium discount or rate reduction for resistance to","body":"tornado or other wind events.\n\nA. Commencing on April 1, 2018, insurance companies shall\n\nprovide a premium discount or insurance rate reduction in an amount\n\nand manner as established in subsection D of this section and\n\npursuant to Section 3 of this act only when the company determines\n\nthat the premium discount or rate reduction is actuarially justified\n\nand there is sufficient and credible evidence of cost savings, which\n\ncan be attributed to the construction standards set forth in\n\nsubsection B of this section. A premium discount or rate reduction\n\nshall be available under the terms specified in this section to any\n\nowner who builds or locates a new insurable property in the State of\n\nOklahoma to resist loss due to tornado or other catastrophic\n\nwindstorm events. Insurance companies shall be required to offer\n\nsuch a premium discount or rate reduction only when the insurer\n\ndetermines they are actuarially justified and there is sufficient\n\nand credible evidence of cost savings, which can be attributed to\n\nthe construction standards set forth in subsection B of this\n\nsection. In addition, insurance companies may also offer additional\n\nadjustments in deductible, other risk differentials, or a\n\ncombination thereof, collectively referred to as other adjustments.\n\nB. To obtain the premium discount, rate reduction, or other\n\nadjustment provided in this section, an insurable property located\n\nin this state shall be certified as constructed in accordance with\n\nAppendix Y of the 2015 Oklahoma Uniform Building Code, as amended,\n\nincluding all tornado mitigation construction requirements, as long\n\nas its standards are equal to or greater than the FORTIFIED Home\n\nHigh Wind and Hail Standards as certified by the Institute for\n\nBusiness and Home Safety (IBHS), or the FORTIFIED Home High Wind and\n\nHail Standards as may from time to time be adopted by the Institute\n\nfor Business and Home Safety or successor entity. An insurable\n\nproperty shall be certified as conforming to the applicable building\n\ncode only after an inspection of the insurable property has been\n\nsatisfactorily completed by a certified or licensed building\n\ninspector and certified to be conforming to the applicable building\n\ncode including all high wind and hail mitigation construction\n\nrequirements. An insurable property shall be certified as\n\nconforming to the FORTIFIED Home High Wind and Hail Standards only\n\nafter evaluation and certification by an evaluator certified\n\npursuant to the FORTIFIED Home High Wind and Hail Standards.\n\nC. An owner of insurable property claiming a premium discount,\n\nrate reduction, or other adjustment pursuant to this section shall\n\nmaintain sufficient certification records and construction records\n\nincluding, but not limited to, a certification of compliance with\n\nthe applicable building code or the FORTIFIED Home High Wind and\n\nHail Standards provided in subsection B of this section, receipts\n\nfrom contractors, receipts for materials and records from local\n\nbuilding officials. The records shall be subject to audit by the\n\nInsurance Commissioner, or his or her representatives, and copies of\n\nany such records shall be presented to the insurer or potential\n\ninsurer of a property owner before the premium discount, rate\n\nreduction, or other adjustment becomes effective for the insurable\n\nproperty.\n\nD. Insurers that write policies that are subject to the premium\n\ndiscount or rate reduction in this section and that are required to\n\nsubmit rates and rating plans to the Commissioner pursuant to\n\nSection 987 of Title 36 of the Oklahoma Statutes shall submit a\n\nrating plan certified by their actuary as actuarially justified\n\nproviding for the premium discount or rate reduction described in\n\nthis section. An insurer is not required to provide the same amount\n\nof premium discount, rate reduction, or other adjustment for a\n\nbuilding code insurable property as the insurer would to an\nrsuant to\n\nSection 987 of Title 36 of the Oklahoma Statutes shall submit a\n\nrating plan certified by their actuary as actuarially justified\n\nproviding for the premium discount or rate reduction described in\n\nthis section. An insurer is not required to provide the same amount\n\nof premium discount, rate reduction, or other adjustment for a\n\nbuilding code insurable property as the insurer would to an\n\ninsurable property conforming to the FORTIFIED Home High Wind and\n\nHail Standards. A premium discount, rate reduction, or other\n\nadjustment shall only apply to policies that provide wind or hail\n\ncoverage and to that portion of the premium for wind or hail\n\ncoverage. A premium discount, rate reduction, or other adjustment\n\nshall apply exclusively to the wind and hail premium applicable to\n\nimproved insurable property. If an insurer already offers an\n\nactuarially justified hail resistance discount, that hail-related\n\ndiscount shall be deemed as having met the requirements of this act\n\nas it pertains to hail-related discounts or rate reductions and no\n\nadditional hail-related discount or rate reduction shall be\n\nrequired. If an insurer already offers an actuarially justified\n\ndiscount for IBHS FORTIFIED Home standards, that discount shall be\n\ndeemed as having met the requirements of this act as it pertains to\n\nwind-related discounts or rate reductions and no additional wind-\n\nrelated discount or rate reduction shall be required. Insurers\n\nshall apply any applicable premium discount, rate reduction or other\n\nadjustment to the wind and hail premium at the policy renewal that\n\nfollows the submission of the certification to the insurer. At the\n\ntime of a policy renewal for which a premium discount, rate\n\nreduction, or other adjustment has previously been made, the insurer\n\nmay request documentation or recertification that the fortified\n\nstandards as described in subsection C of this section continue to\n\nbe met. In addition to the requirements of this section, an insurer\n\nmay voluntarily offer any other mitigation adjustment that the\n\ninsurer deems appropriate.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"9a2bf2822133973dc83012750733f73cb4021e31c2d4fc699ae4fc6e637631bf","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-959","next":"us-ok/okla.-stat.-tit.-36-36-962"},"notice":"GroundRules: Original legal text. Not legal advice."}