OK HB2996

Stop-loss insurance coverage issued by authorized insurers in Oklahoma that provides aggregate retention benefits must maintain an aggregate retention of no less than 110% of expected claims.

Insurance Commissioner must develop minimum disclosure standards and forms for stop-loss insurance coverage issued to small employers as defined in Section 6512 of Title 36 of the Oklahoma Statutes.

Minimum disclosure standards and forms shall be promulgated by rule in accordance with the Administrative Procedures Act.

New law codified as Section 7401 of Title 36 of the Oklahoma Statutes.

Effective date: November 1, 2016.