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OK Senate Approves Legislation to Better Regulate TNCs
Monday, April 20, 2015 7:00 AM

The Oklahoma State Senate on Thursday approved legislation designed to more closely regulate transportation network companies (TNC) operating in the state. Oklahoma currently has no regulatory authority over the rapidly growing industry. Popular companies such as Uber and Lyft would be among those impacted by the new regulations.

HB1614 places into statute minimum insurance requirements and places regulatory authority with the Oklahoma State Corporation Commission.

With the growing popularity of companies such as Uber and Lyft, similar measures are being presented in many state houses across the country. The majority of these bills contain similar language; the result of corporate level negotiations between TNCs and the insurance industry.

The inclusion of minimum insurance requirements is a positive development for credit unions that may have a lien interest in a personal vehicle being used for commercial purposes. The legislation also clarifies exactly when in the ridesharing process a personal vehicle becomes a commercial vehicle.

The bill does not contain language pertaining to comprehensive and collision insurance. These requirements were contained in the bill originally presented by the insurance industry, but it was deleted as part of the corporate negotiations.