OK SB1386

Authorizes Oklahoma to create and submit a State Innovation Waiver to develop health insurance products that improve quality and control costs.

Allows multiple waiver submissions under federal authority, including Section 1332 of the Affordable Care Act (for waiving certain federal insurance and tax regulations) and Section 1115 of the Social Security Act (for Delivery System Reform Incentive Payment Program or uncompensated care pools).

Requires participating agencies (State Department of Health, Oklahoma Health Care Authority, Department of Mental Health and Substance Abuse Services, and Insurance Department) to develop the waiver consistent with the Oklahoma Health Improvement Plan and present it to the legislature with public hearing comments.

Empowers the Insurance Department to conduct rate review for individual and small group health insurance markets upon implementation of the State Innovation Waiver under Section 1332 of the Affordable Care Act.

Becomes effective November 1, 2016.