SB 643 Summary

• Establishes the Oklahoma Individual Market Rate Review Act requiring health insurers to submit premium rate changes to the Insurance Commissioner for approval before implementation.

• Mandates insurers provide detailed rate filings including actuarial memorandums, cost information, and rate summaries; Commissioner must review filings and issue written decisions within 30 days of public comment period.

• Requires insurers to notify policyholders of proposed rate changes and establishes a 60-day public comment period; Commissioner must consider factors including actuarial soundness, medical trends, administrative expenses, affordability, and financial condition.

• Creates a Consumer Advocate position within the Insurance Department to represent policyholder interests, particularly for rate increases exceeding 10 percent; allows public intervention in rate proceedings.

• Establishes grounds for Commissioner to disapprove rates (not actuarially sound, unreasonable, excessive, inadequate, unfairly discriminatory, or based on unreasonable expenses) and mandates public hearings for certain rate increases with 14-day notice requirement.