Oklahoma Insurance Department Announces Inaugural Oklahoma Insurance Day

September 25, 2023 (updated September 21, 2023) | By Britney Han | 0 Comments

For Immediate Release:
September 25, 2023

Oklahoma Insurance Department Announces Inaugural Oklahoma Insurance Day

OKLAHOMA CITY – The Oklahoma Insurance Department (OID) is excited to host the inaugural Oklahoma Insurance Day on Thursday, December 14, 2023, hosted at the Embassy Suites Oklahoma City Downtown Medical Center. This event aims to bring together key players in the insurance sector to discuss important topics and opportunities affecting Oklahoma.

Oklahoma Insurance Day is more than just another conference. It’s an opportunity for regulators, business leaders, industry professionals and beyond to connect, learn, and collaborate. The event will feature informative sessions, panel discussions, and networking opportunities.

“The insurance industry plays a vital role in Oklahoma’s future,” Oklahoma Insurance Commissioner Glen Mulready said. “That’s why we’re hosting this state-focused event. Insurance is a state-based regulatory system and each state is a separate market, and no one quite understands that market like regulators and industry working together in that state.”

“I invite all insurance professionals in Oklahoma and beyond to join us for the Oklahoma Insurance Day and explore how we can improve our state together,” President and Chief Executive Officer of the Independent Insurance Agents of Oklahoma Denise Johnson said.

Join the OID for this historic event as the participants discuss and shape the future of insurance in Oklahoma. Registration for Oklahoma Insurance Day will open on Monday, October 2, 2023, with limited availability for the first 150 participants. Once this limit is reached, registration will close.

To secure your spot, please register at www.oid.ok.gov/insuranceday. Follow OID and #OKInsuranceDay on social media to stay informed about the event.

Media questions or comments should be directed to
Chief of Communications, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221

September is National Preparedness Month

September 19, 2023 (updated September 19, 2023) | By Britney Han | 0 Comments

For Immediate Release:
September 19, 2023

September is National Preparedness Month

By Oklahoma Insurance Commissioner Glen Mulready

September is National Preparedness Month, the annual recognition to remind everyone in America how important it is to prepare for disasters and emergencies that can happen at any time. With more frequent and severe disasters we’ve faced in the last few years, I’d like to encourage every Oklahoman to join this national campaign and help make our state more prepared and resilient.

This year’s theme, “Take Control in 1, 2, 3,” encourages everyone, especially older adults, to become more prepared in three simple steps:

Assess your needs. Everyone has unique needs. Several factors can affect the steps you need to take to prepare yourself and those you care for. Whether you care for pets, have children, have a medical condition or a disability, it is important to know what your family will need to stay safe. Make a home inventory list and keep a detailed record of your valuable belongings.
Make a plan. Once you’ve assessed your needs, you can plan for what you’d do, where you’d go and what to bring if a disaster strikes. Your emergency supply kit should include items that meet your individual needs. Always have multiple ways to receive weather updates.
Engage your support network. Get to know your neighbors because they, along with your family and friends, can be a support network before, during and after a disaster by providing emotional and practical support. Contact your insurance agent to review your policy and ensure adequate coverage.

In recognition of this year’s special focus on older adults, I’d like to remind them and their caregivers that they are not alone. The Oklahoma Insurance Department is here to help. Here are some resources to help you get ready before, during and after a disaster:

For more information on how to prepare yourself, your loved ones and your community, visit www.oid.ok.gov/GetReady. If you have insurance questions or concerns, please contact us at 800-522-0071 or visit www.oid.ok.gov/complaint.

Media questions or comments should be directed to
Chief of Communications, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221

Special Notice to Oklahoma Insurance Professionals

September 14, 2023 (updated September 14, 2023) | By Britney Han | 0 Comments

Special Notice to Oklahoma Insurance Professionals

To:	All Property and Casualty Insurers Licensed in Oklahoma
From:	Glen Mulready, Oklahoma Insurance Commissioner
Date:	September 14, 2023
Re:	Insurance Adjuster’s Report and/or Claim Settlement Reports

Purpose of This Notice

The Oklahoma Insurance Department (the “Department”) is issuing this special notice to all Property and Casualty insurers authorized to do business in this state. It has come to the attention of the Department that many mortgage companies will not endorse insureds’ claim payment checks until they receive documentation often referred to as an Insurance Adjuster’s Report, Claim Settlement Report, or claims statement or estimate. This has caused a significant delay in insureds receiving claim payments.

Pursuant to 36 O.S. § 1250.5(4), failing to effectuate prompt, fair and equitable settlement of a claim is considered an unfair claim settlement practice. Property and Casualty insurers authorized to do business in this state should include the needed documentation (Insurance Adjuster’s Report, Claim Settlement Report, or claims statement or estimate) when issuing claim settlement checks, if it is applicable to the claim.

Questions concerning this Special Notice should be directed to Bo Debose, Assistant General Counsel, at oidlegal@oid.ok.gov and Jason Johnston, Senior Claims Processor/Reviewer, at Jason.johnston@oid.ok.gov.

BULLETIN NO. 10-2023 (REVISED)

September 14, 2023 (updated September 14, 2023) | By Britney Han | 0 Comments

BULLETIN NO. 10-2023 (REVISED)

To:	All Health Insurance Companies, Health Maintenance Organizations, and Other Interested Parties
Re:	New Medicare Supplement Enrollment Requirements
From:	Glen Mulready, Insurance Commissioner
Date:	September 1, 2023 (REVISED 9/13/2023)

Effective September 1, 2023, amendments to the Oklahoma Insurance Department (“OID”) Medicare supplement regulations create new enrollment requirements for Medicare supplement issuers.

OAC 365:10-5-129(f)

Amendments to Oklahoma Administrative Code (“OAC”) 365:10-5-129(f) create new enrollment opportunities for Medicare supplement policyholders. The regulation requires Medicare supplement issuers to provide new supplement policies with the same or lesser benefits to current Medicare supplement policyholders—regardless of current issuer—who have had no gap in coverage greater than ninety (90) days since initial enrollment. Medicare supplement issuers that provide these policyholders a sixty (60) calendar day “open enrollment” period beginning on the policyholder’s birthday each year, shall be deemed in compliance with this rule. Previously, these policyholders have had no opportunity after initial enrollment to move to any other Medicare supplement policies or issuers, trapping the policyholders in policies with rising premium costs and no opportunity to search for lower premium rates.

Issuers offering a new (i.e., succeeding) supplement policy shall waive medical underwriting or preexisting exclusions if the new supplement policy offers the same or lesser benefits. Issuers of the current (i.e., prior) policy are required to furnish a statement of benefits or other pertinent information sufficient to permit verification of benefit determination to any new issuer upon request.

OAC 365:10-5-129(g)

Amendments to OAC 365:10-5-129(g) require issuers of Medicare supplement policies to provide notice to individuals under the age of sixty-five (65) enrolled in Medicare by reason of disability of their eligibility for open enrollment to Medicare supplement policies upon reaching the age of sixty-five (65). Issuers must provide this notice sixty (60) to ninety (90) days prior to the first day of the first month in which the individual becomes sixty-five (65) years of age.

Questions concerning this bulletin should be directed to Nicole Nash, Deputy General Counsel, at nicole.nash@oid.ok.gov and Mike Rhoads, Deputy Commissioner of Consumer Services, at mike.rhoads@oid.ok.gov.

OID Helps Oklahomans Collect More than $49 Million in Life Insurance

September 8, 2023 (updated September 8, 2023) | By Britney Han | 0 Comments

For Immediate Release:
September 8, 2023

OID Helps Oklahomans Collect More than $49 Million in Life Insurance

OKLAHOMA CITY – Oklahoma Insurance Commissioner Glen Mulready announced today that the Oklahoman Insurance Department (OID) has helped Oklahoma consumers find and collect more than $49 million from lost or unclaimed life insurance policies using the Life Insurance Policy Locator (LIPL) in 2022. The total of $94,673,994 in life insurance policies matched 4,872 Oklahomans since he took office in 2019.

“Unclaimed life insurance policies are more common than you would think. In some cases, beneficiaries may not even know the policies exist,” Mulready said. “I encourage anyone trying to find unclaimed benefits to use our policy locator to get the help they need.”

According to the National Association of Insurance Commissioners (NAIC), millions of dollars in life insurance benefits go unclaimed annually. The LIPL requests are secure, confidential and free. Any matches found by participating insurers are reported to state insurance agencies through the LIPL. The companies are then responsible for contacting beneficiaries.

If you believe you may be the beneficiary of a deceased loved one’s lost or missing life insurance policy but don’t know where to start your search, please contact us at 800-522-0071 or visit https://www.oid.ok.gov/LIPL.

BULLETIN NO. 11-2023

September 5, 2023 (updated September 5, 2023) | By Britney Han | 0 Comments

BULLETIN NO. 11-2023

To:	All Health Insurance Companies, HMOs, and Other Interested Parties
Re:	New Legislative Changes to 36 O.S. § 1250.5(10) for Mental Health Parity (SB 557)
From:	Glen Mulready, Insurance Commissioner
Date:	September 5, 2023

Effective November 1, 2023, Senate Bill 557 amends 36 O.S. § 1250.5(10) to assist with mental health parity and denials of mental health and substance use disorder claims. The new law requires that in the event any claim for mental health or substance use disorder treatments and services are under review, the reviewing health care provider shall have appropriate, qualified, and specialized credentials with respect to the services and treatments.

The Bill also clarifies these review requirements apply to mental health and substance use disorder treatments and services provided by any person or entity licensed or otherwise authorized to provide health care services, not just treating physicians and hospitals.

Regulated entities can direct inquiries regarding this bulletin to Nicole Nash, Oklahoma Insurance Department Deputy General Counsel, at Nicole.Nash@oid.ok.gov and Landon Hubbart, Chief of Market Regulation, at Landon.Hubbart@oid.ok.gov.

BULLETIN NO. 10-2023

September 5, 2023 | By Britney Han | 0 Comments

BULLETIN NO. 10-2023

To:	All Health Insurance Companies, Health Maintenance Organizations, and Other Interested Parties
Re:	New Medicare Supplement Enrollment Requirements
From:	Glen Mulready, Insurance Commissioner
Date:	September 1, 2023

Effective September 1, 2023, amendments to the Oklahoma Insurance Department (“OID”) Medicare supplement regulations create new enrollment requirements for Medicare supplement issuers.

OAC 365:10-5-129(f)

Amendments to Oklahoma Administrative Code (“OAC”) 365:10-5-129(f) create new enrollment opportunities for Medicare supplement policyholders. The regulation requires Medicare supplement issuers to provide new supplement policies with the same or lesser benefits to current Medicare supplement policyholders—regardless of current issuer—who have had no gap in coverage greater than ninety (90) days since initial enrollment. Previously, these policyholders have had no opportunity after initial enrollment to move to any other Medicare supplement policies or issuers, trapping the policyholders in policies with rising premium costs and no opportunity to search for lower premium rates.

Issuers offering a new (i.e., succeeding) supplement policy shall waive medical underwriting or preexisting exclusions if the new supplement policy offers the same or lesser benefits. Issuers of the current (i.e., prior) policy are required to furnish a statement of benefits or other pertinent information sufficient to permit verification of benefit determination to any new issuer upon request.

OAC 365:10-5-129(g)

Amendments to OAC 365:10-5-129(g) require issuers of Medicare supplement policies to provide notice to individuals under the age of sixty-five (65) enrolled in Medicare by reason of disability of their eligibility for open enrollment to Medicare supplement policies upon reaching the age of sixty-five (65). Issuers must provide this notice sixty (60) to ninety (90) days prior to the first day of the first month in which the individual becomes sixty-five (65) years of age.

Questions concerning this bulletin should be directed to Nicole Nash, Deputy General Counsel, at nicole.nash@oid.ok.gov and Mike Rhoads, Deputy Commissioner of Consumer Services, at mike.rhoads@oid.ok.gov.

Consumer Alert: Friday Health Plan Members Must Enroll in New Health Insurance by August 31 to Avoid a Gap in Coverage

August 28, 2023 | By Britney Han | 0 Comments

For Immediate Release:
August 28, 2023

Consumer Alert: Friday Health Plan Members Must Enroll in New Health Insurance by August 31 to Avoid a Gap in Coverage

Nearly 4,000 Members Have Not Selected a New Plan

OKLAHOMA CITY – The Oklahoma Insurance Department (OID) urges members of Friday Health Plans of Oklahoma (FHP-OK) to sign up for a new plan before August 31 to prevent a gap in coverage. The Centers for Medicare & Medicaid Services (CMS) reported that 3,790 FHP-OK members have not selected a new plan. These members have only four days to choose a new health insurance plan before their current coverage ends.

“I’d like to remind Friday Health Plans members that they don’t have to do this alone,” Insurance Commissioner Glen Mulready said. “Our team is here to help make this transition as smooth as possible and find an affordable replacement. We also encourage the insurance industry and Oklahomans to reach out to their customers and neighbors to spread the word and help people stay covered.”

Commissioner Mulready placed FHP-OK in receivership in June, ending coverage for all FHP-OK customers on August 31, 2023. This action was taken due to the declared insolvency by the company earlier this year.

Below are IMPORTANT DATES to keep in mind:

August 31	Last Day to Enroll Without a Gap in Coverage
August 31	All Friday Health Plans Policies Are Terminated
October 30	Last Day of Special Enrollment Period

For more information regarding FHP-OK, please call the OID Consumer Assistance Division at 1-800-522-0071 or visit oid.ok.gov/fhpok.

Media questions or comments should be directed to
Chief of Communications, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221

Oklahoma Insurance Department Adopts Best Interest Annuity Rule

August 24, 2023 (updated August 28, 2023) | By Britney Han | 0 Comments

For Immediate Release:
August 24, 2023

Oklahoma Insurance Department Adopts Best Interest Annuity Rule

OKLAHOMA CITY – The Oklahoma Insurance Department (OID) announced today that Oklahoma has adopted regulations enacting a “best interest” standard on annuity sales and recommendations based on the National Association of Insurance Commissioners’ (NAIC) Model Regulation (#275).

The amended regulations, which are located in Oklahoma Administrative Code (OAC) 365:25-17, are set to go into effect on September 1, 2023. The rules require a producer to act in the best interest of consumers under the circumstances known at the time the recommendation is made.

“The new rules will provide stronger protections for retirees and safeguard access for lower and middle-income families in the state,” Insurance Commissioner Glen Mulready said.

Oklahoma is the 40th state to implement the NAIC model regulation, a template for states to create their own regulation governing annuity sales that would align with the Securities and Exchange Commission’s Regulation Best Interest, providing robust consumer protection at the state and federal levels.

Earlier this month, the OID issued a bulletin about the training requirements for producers involved in the sale, solicitation, or negotiation of annuities. The training requirements are now located in OAC 365:25-17-7.1. To learn more about annuities, visit https://www.oid.ok.gov/consumers/annuity/ or contact the OID at 800-522-0071.

Media questions or comments should be directed to
Chief of Communications, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221

Statement on the Tenth Circuit’s Decision in PCMA v. Mulready

August 21, 2023 (updated August 28, 2023) | By Britney Han | 0 Comments

For Immediate Release:
August 21, 2023

Statement on the Tenth Circuit’s Decision in PCMA v. Mulready

OKLAHOMA CITY – On August 15^th, the Tenth Circuit Court of Appeals released their opinion Pharmaceutical Care Management Association v. Glen Mulready, severely diminishing the State of Oklahoma’s ability to effectively regulate pharmacy benefits managers.

The Patient’s Right to Pharmacy Choice Act (“Act”) was passed by the Oklahoma legislature in 2019 with the stated purpose of establishing minimum and uniform access by patients to pharmacy providers. This purpose is in part achieved by four provisions of the Act known as Access Standards, the Discount Prohibition, the Any Willing Provider provision, and the Probation Prohibition, which act in concert to enhance the bargaining power of independent pharmacies with PBMs and ensure patients’ access to their pharmacies of choice.

Since the Act has been in effect, these four provisions have been the subject of litigation in federal court, PCMA v. Glen Mulready. In its decision last week, the Tenth Circuit Court of Appeals concluded that these four challenged provisions are preempted by ERISA and Medicare Part D and, therefore, cannot be applied when self-funded employer-sponsored health plans and Medicare plans cover prescription drug costs.

“The decision from the Tenth Circuit bolstering the power of PBMs in the prescription drug market is disappointing and will be appealed,” Mulready said. “Enforcement of the Act will continue to the maximum ability of state law. I have been working closely with Attorney General Gentner Drummond since the close of Oklahoma’s Legislative session to ensure a smooth transition of PBM oversight to the Office of the Attorney General.”

“I believe it is in the best interests of Oklahomans to appeal this ruling,” said Drummond. “While I respect the Tenth Circuit Court of Appeals, I disagree with their decision in this matter. I believe it is clear that the U.S. Supreme Court’s unanimous decision in Rutledge v. PCMA allows states to regulate pharmacy benefit managers and hold them to account when appropriate. I greatly appreciate the dedication of Commissioner Mulready and his staff, who remain committed to securing the best outcome for the People of Oklahoma.”

INSURANCE COMMISSIONER

Posts by: Britney Han