SB 1717 Summary

• Requires health and accident insurers in Oklahoma to file applications with the Insurance Commissioner before implementing premium rate increases effective January 1, 2011.

• Limits proposed premium increases to not exceed the annual change in the medical component of the Consumer Price Index for All Urban Consumers as determined by the U.S. Bureau of Labor Statistics.

• Authorizes the Insurance Commissioner to approve premium rate increases that exceed the CPI-medical cap, subject to legislative oversight through Joint Resolution.

• Allows the Oklahoma Legislature to overturn the Insurance Commissioner's approval of any premium rate increase by passage of a Joint Resolution.

• Effective date: November 1, 2010.