Bill Summary: SB 57

• Amends the Insurance Commissioner's duties to include enforcement of all applicable state insurance laws beyond just specific federal requirements.

• Creates the "Health Care Choice Act" allowing out-of-state insurers to sell health insurance plans in Oklahoma without a certificate of authority under approved interstate compacts.

• Permits the Insurance Commissioner to negotiate compacts with other states, subject to disapproval by the Oklahoma Legislature or Governor prior to the effective date.

• Out-of-state insurers are exempt from offering state-mandated health benefits required in Oklahoma policies but must participate in the Life and Health Insurance Guaranty Association and Health Insurance High Risk Pool.

• Requires written disclosures to Oklahoma consumers that out-of-state policies are governed by other states' laws and may exclude Oklahoma-mandated health benefits; effective November 1, 2011.