Senate Bill 112 Summary

• Creates the "Health Insurance Competitive Loss Rating Act" to regulate health insurance premium rates in Oklahoma by establishing competitive market standards and rate approval procedures.

• Presumes a competitive market exists for health insurance unless the Insurance Commissioner determines otherwise after a hearing; requires burden of proof on parties claiming lack of competition.

• Establishes rate standards: in competitive markets, rates cannot be deemed excessive unless they increase more than 50% above the Consumer Price Index; in noncompetitive markets, applies traditional standards for excessive, inadequate, or unfairly discriminatory rates.

• Requires insurers to file all rates with the Insurance Commissioner no later than 30 days after rates go into effect; noncompetitive market filings must be made 30 days before rates take effect and are subject to Commissioner approval.

• Provides procedures for Commissioner to disapprove rates, allows appeals to district court, and establishes review processes for policyholders and insurers to challenge rating system applications; effective November 1, 2011.