{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-962","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-962","heading":"Premium discount or rate reduction for resistance to","body":"tornado or other wind events for retrofit properties.\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 retrofits his or her insurable property located in the\n\nState of Oklahoma to resist loss due to tornado or other\n\ncatastrophic windstorm events. Insurance companies shall be\n\nrequired to offer a premium discount or rate reduction only when the\n\ninsurer has deemed the adjustments to be actuarially justified and\n\nthere is sufficient and credible evidence of cost savings, which can\n\nbe attributed to the construction standards set forth in subsection\n\nB of this section. In addition, insurance companies may also offer\n\nadditional adjustments 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 shall be\n\nretrofitted to the FORTIFIED Home High Wind and Hail Standards, as\n\nmay from time to time be adopted by the Institute for Business and\n\nHome Safety (IBHS). Wind-Zone-3-HUD-Code manufactured homes\n\ninstalled on a permanent foundation and retrofitted as defined in\n\nthe FORTIFIED Home High Wind and Hail Standards, as may from time to\n\ntime be adopted by the Institute for Business and Home Safety, shall\n\nbe eligible for the premium discount or rate reduction provided in\n\nthis section. An insurable property shall be certified as\n\nconforming to FORTIFIED Home High Wind and Hail Standards only after\n\nevaluation and certification by an evaluator certified pursuant to\n\nthe 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 FORTIFIED Home High Wind and Hail Standards as provided in\n\nsubsection B of this section, receipts from contractors, and\n\nreceipts for materials. The records shall be subject to audit by\n\nthe Insurance Commissioner, or his or her representatives, and\n\ncopies of any such records shall be presented to the insurer or\n\npotential insurer of a property owner before the premium discount,\n\nrate reduction, or other adjustment becomes effective for the\n\ninsurable property.\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 rating\n\nplans certified by their actuary as actuarially justified providing\n\nfor the premium discounts or rate reductions described in this\n\nsection. A premium discount, rate reduction, or other adjustment\n\nshall only apply to policies that provide wind or hail coverage and\n\nto that portion of the premium for wind or hail coverage. A premium\n\ndiscount, rate reduction, or other adjustment shall apply\n\nexclusively to the wind and hail premium applicable to improved\n\ninsurable property. If an insurer already offers an actuarially\n\njustified hail resistance discount, that hail-related discount shall\n\nbe deemed as having met the requirements of this act as it pertains\n\nto hail-related discounts or rate reductions and no additional hail-\num\n\ndiscount, rate reduction, or other adjustment shall apply\n\nexclusively to the wind and hail premium applicable to improved\n\ninsurable property. If an insurer already offers an actuarially\n\njustified hail resistance discount, that hail-related discount shall\n\nbe deemed as having met the requirements of this act as it pertains\n\nto hail-related discounts or rate reductions and no additional hail-\n\nrelated discount or rate reduction shall be required. If an insurer\n\nalready offers an actuarially justified discount for IBHS FORTIFIED\n\nHome standards, that discount shall be deemed as having met the\n\nrequirements of this act as it pertains to wind-related discounts or\n\nrate reductions and no additional wind-related discount or rate\n\nreduction shall be required. Insurers shall apply the premium\n\ndiscount, rate reduction, or other adjustment to the wind premium at\n\nthe policy renewal that follows the submission of the certification\n\nto the insurer. At the time of a policy renewal for which a premium\n\ndiscount, rate reduction, or other adjustment has previously been\n\nmade, the insurer may request documentation or recertification that\n\nthe fortified standards as described in subsection C of this section\n\ncontinue to be met. In addition to the requirements of this\n\nsection, an insurer may voluntarily offer any other mitigation\n\nadjustment that the insurer 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":"af32c5ac0a42e70c4b4aadf88055ba4915f06ac21aa36f50f644e4418e5c825c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-961","next":"us-ok/okla.-stat.-tit.-36-36-963"},"notice":"GroundRules: Original legal text. Not legal advice."}