OK HCR1047

Affirms Oklahoma's support for state-level regulation of the insurance industry under the McCarran-Ferguson Act and Gramm-Leach-Bliley Act.

Opposes proposed federal legislation to create an Office of National Insurance (ONI) or Optional Federal Charter (OFC).

Contends that state insurance regulation has been effective for over 150 years and that state officials are better positioned to address local market issues and state laws.

Expresses concern that federal regulation could compromise state guaranty fund coverage and create unnecessary federal bureaucracy without consumer demand.

Directs distribution of the resolution to the U.S. House Committee on Financial Services and the U.S. Senate Committee on Banking, Housing and Urban Affairs.