OK SB1059

Amends 36 O.S. 2011 Section 307 to clarify the Insurance Commissioner's duties in administering and enforcing Oklahoma insurance laws and any other applicable state laws.

Creates the Health Care Choice Act authorizing the Insurance Commissioner to negotiate interstate compacts allowing out-of-state health insurers to sell policies in Oklahoma without a certificate of authority.

Compacts are subject to disapproval by the Oklahoma Legislature or Governor; if not disapproved within specified timeframes, compacts are automatically deemed approved and effective.

Out-of-state insurers are exempt from offering state-mandated health benefits but must provide specific disclosure language warning consumers that policies are governed by another state's laws and may have fewer benefits and higher renewal increases.

Out-of-state and domestic insurers participating must comply with premium tax requirements and participate nondiscriminatorily in the Oklahoma Life and Health Insurance Guaranty Association and Health Insurance High Risk Pool; effective November 1, 2012.