SB 1616 Summary

• Creates the Health Carrier Access Payment Revolving Fund in the State Treasury to fund programs providing access to health insurance for uninsured Oklahomans.

• Requires all health carriers to pay 0.5% of claims paid to the Insurance Commissioner, with increases of 0.5% for each 75% enrollment milestone in the state program, capping at 4.0% maximum.

• Excludes from the State Insurance Commissioner Revolving Fund: premium taxes, fraud unit funds, real estate appraiser funds, and health carrier access payments (which go to the dedicated access fund).

• Mandates monthly reporting by the Insurance Commissioner detailing revenues, expenditures, federal matching funds received, and number of Oklahomans acquiring and maintaining health insurance through the program.

• Authorizes the Insurance Commissioner to suspend, revoke, or refuse renewal of health carrier certificates and assess civil penalties for failure to pay required access payments; becomes effective July 1, 2010 with emergency clause.