Posts by: Britney Han

New Year, New Holiday Tradition: Home Inventory Update

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Oklahoma Insurance Department

For Immediate Release:
December 22, 2020

 

New Year, New Holiday Tradition: Home Inventory Update

By Oklahoma Insurance Commissioner Glen Mulready

It’s the most wonderful time of the year! People are busy decorating, gift-shopping and thinking about New Year’s resolutions. Tradition is one of the things that make the holiday season so special. While insurance may be the last thing on your mind during the holidays, the start of a new year is the perfect time to review your insurance coverage and update your home inventory list. When you reflect on the last 12 months, especially with the pandemic, you might realize that some of those changes could greatly affect your insurance needs.

The holiday season is when many people reflect on the past year and pledge to do better next year. Whether it’s eating healthier, being more organized or running your first marathon, try starting a new tradition: update your home inventory list. Here are four good reasons to add an annual insurance review and home inventory update to your list of holiday traditions. 

 

  1. Your new gifts may not be covered.
    I hope you’ve been good this year and receive some nice gifts over the festive period. Your homeowners insurance will cover most of your big-ticket gifts like a big screen TV, new electronics and expensive jewelry, but only up to your policy limits. That’s why it’s important to maintain a current record of all your belongings. Update your home inventory this holiday season so your coverage limits meet your needs.
  2. A lot can change in a year.
    Think about the new “normal” we’re living in with COVID-19. With many people spending more time in their homes, it is not surprising that home improvement projects have increased in popularity. According to a recent Porch.com survey, 76% of homeowners have completed at least one home improvement project since the start of the pandemic. Take photos or a video of your remodeled kitchen or bathroom, gather receipts and add them to your inventory list. When you review coverage at the start of the year, you can ensure your new assets are safeguarded.
  3. It will make filing an insurance claim easier.
    The information you put into the home inventory list can make an insurance claim settlement faster and easier. This is especially crucial for high–value items. Don’t forget to document your attic, basement, closets and other storage areas. Can you imagine trying to compile all this information after a disaster? Without a record of your belongings, remembering everything you own or what you’ve lost can be challenging.
  4. It’s free and easy.
    With today’s technology, it’s never been easier to keep a detailed catalog of your possessions. Check out our free Home Inventory Checklist resources to get started. Keep your home inventory list in a safe place outside your home or cloud-based storage services like Dropbox or Google Drive. Also, your insurance agent will be happy to review your insurance coverage with you at no cost. 

 

Creating a home inventory doesn’t have to be complicated. It can be as simple as standing in the middle of each room and taking a 360-degree video. Tackle this project with your children and show them family keepsakes and their history. I hope this new holiday tradition helps you improve your home’s protection and make lasting memories with your loved ones.

For more insurance information, please contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov. 

Federal Agencies Warn of Emerging Fraud Schemes Related to COVID-19 Vaccines

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Oklahoma Insurance Department

December 21, 2020

Federal Agencies Warn of Emerging Fraud Schemes Related to COVID-19 Vaccines

 

The Federal Bureau of Investigation (FBI), Department of Health and Human Services Office of Inspector General (HHS-OIG), and Centers for Medicare & Medicaid Services (CMS) are warning the public about several emerging fraud schemes related to COVID19 vaccines.

The FBI, HHS-OIG, and CMS have received complaints of scammers using the public’s interest in COVID-19 vaccines to obtain personally identifiable information (PII) and money through various schemes. We continue to work diligently with law enforcement partners and the private sector to identify cyber threats and fraud in all forms.

The public should be aware of the following potential indicators of fraudulent activity:

  • Advertisements or offers for early access to a vaccine upon payment of a deposit or fee
  • Requests asking you to pay out of pocket to obtain the vaccine or to put your name on a COVID-19 vaccine waiting list
  • Offers to undergo additional medical testing or procedures when obtaining a vaccine
  • Marketers offering to sell and/or ship doses of a vaccine, domestically or internationally, in exchange for payment of a deposit or fee
  • Unsolicited emails, telephone calls, or personal contact from someone claiming to be from a medical office, insurance company, or COVID-19 vaccine center requesting personal and/or medical information to determine recipients’ eligibility to participate in clinical vaccine trials or obtain the vaccine
  • Claims of FDA approval for a vaccine that cannot be verified
  • Advertisements for vaccines through social media platforms, email, telephone calls, online, or from unsolicited/unknown sources
  • Individuals contacting you in person, by phone, or by email to tell you the government or government officials require you to receive a COVID-19 vaccine

Tips to avoid COVID-19 vaccine-related fraud:

  • Consult your state’s health department website for up-to-date information about authorized vaccine distribution channels and only obtaining a vaccine through such channels.
  • Check the FDA’s website (fda.gov) for current information about vaccine emergency use authorizations.
  • Consult your primary care physician before undergoing any vaccination.
  • Don’t share your personal or health information with anyone other than known and trusted medical professionals.
  • Check your medical bills and insurance explanation of benefits (EOBs) for any suspicious claims and promptly reporting any errors to your health insurance provider.
  • Follow guidance and recommendations from the U.S. Centers for Disease Control and Prevention (CDC) and other trusted medical professionals.

General online/cyber fraud prevention techniques:

  • Verify the spelling of web addresses, websites, and email addresses that look trustworthy but may be imitations of legitimate websites.
  • Ensure operating systems and applications are updated to the most current versions.
  • Update anti-malware and anti-virus software and conduct regular network scans.
  • Do not enable macros on documents downloaded from an email unless necessary and after ensuring the file is not malicious.
  • Do not communicate with or open emails, attachments, or links from unknown individuals.
  • Never provide personal information of any sort via email; be aware that many emails requesting your personal information may appear to be legitimate.
  • Use strong two-factor authentication if possible, using biometrics, hardware tokens, or authentication apps.
  • Disable or remove unneeded software applications.

If you believe you have been the victim of a COVID-19 fraud, immediately report it to the FBI (ic3.gov, tips.fbi.gov, or 1-800-CALL-FBI) or HHS OIG (tips.hhs.gov or 1-800-HHSTIPS).

For accurate and up-to-date information about COVID-19, visit:

COVID-19 Tests: A financial warning for consumers

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Oklahoma Insurance Department

For Immediate Release:
December 14, 2020

COVID-19 Tests: A financial warning for consumers

By Oklahoma Insurance Commissioner Glen Mulready 

 

As of December 1, 2020, the Oklahoma State Department of Health has reported over 200,000 cases of the Coronavirus (COVID-19) among Oklahomans since March. Yet, thousands more Oklahoma citizens have also tested negative for the virus. The cost of each test, by law, is free to the public with health coverage, but we have received numerous complaints of a standard COVID-19 diagnostic test costing thousands of dollars. This is an issue we don’t regulate, but consumers shouldn’t have to make these financial choices. There are multiple alternatives to the cost of the test that avoid unnecessary and wasteful expenditures.

COVID-19 diagnostic tests are available at over 80 local county health department sites across the State. The diagnostic test is also available at no cost to Oklahomans through their health coverage. The Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief and Economic Security (CARES) Act required health coverage for the test – including the test itself, the related visit, and other services related to the testing – with no cost-sharing for individuals covered by private health plans, Medicare and Medicaid. The CARES Act, passed by Congress in March, includes a provision that says insurers must pay for an out-of-network COVID-19 test at the price the testing facility lists on its website. But it sets no maximum for the cost of the tests.

Although providers are required to post the price for a COVID-19 test on a public website, there is no regulated price for the test. However, Medicare covers the testing without cost-sharing for patients and reimburses providers $51 – $100 per diagnostic test depending on the type of test administered. This price contrasts sharply with the outrageous charges made by certain providers that can run from $2,000 – $5,000 per test.

There is a better way to control the cost of testing. Here are a few reminders to help protect consumers from balance billing, and insurance companies or your employer from a costly claim.

  1. Call your doctor’s office if you are experiencing symptoms like a fever, cough, fatigue or if you think you may have been exposed to the virus. Your primary care physician will schedule and direct you to an in-network testing site.
  2. DO NOT go directly to an emergency room. There are collateral charges for a COVID-19 test at an ER that you will be responsible to pay. Before going to an ER for the test, ask yourself: Would I call an ambulance right now if I suspect exposure to the virus?
  3. For a free COVID-19 test, call your local county health department to schedule a test. If the appointment results in an extended waiting period, call or go to an urgent care facility and request a test.
  4. If you are insured, stay in-network with your health carrier. If you are uninsured, you should utilize the testing resources of your local county health department.
  5. If your symptoms warrant a test, follow the posted CDC guidelines.

For more information, visit here.

Questions or comments should be directed to
Communications Director, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221

Avoid Extra COVID-19 Charges

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Oklahoma Insurance Department

How to avoid extra COVID-19 testing charges

 

Oklahomans who want a test for COVID-19 can likely avoid unnecessary charges by taking a few steps first. If your doctor requests the test as medically necessary, you shouldn’t be charged for it. That’s federal law.

To reduce your chances of facing extra costs:

  • Call your primary care doctor before getting tested. Get your doctor’s testing order and recommended testing site. The order makes the test possible at no cost to you.
  • Ask the testing site if it has any charges or fees not covered by insurance.
  • Do not authorize non-COVID tests at the same time unless your doctor orders them.
  • Unless it’s a medical emergency, avoid hospital or free-standing emergency rooms, which usually charge more.
  • If you aren’t paying with insurance, shop around on the web or by phone to compare testing charges and possible add-on fees.

If you get a bill related to a COVID test, call your health plan to find out why. If you can’t resolve the issue with your plan, call the OID at 1-800-522-0071.

If you believe you have been excessively charged, call the Oklahoma Attorney General’s Office at 1-833-681-1895 or consumerprotection@oag.ok.gov. For more information on COVID testing in Oklahoma, visit the Oklahoma State Department of Health website. For testing sites, including free sites, visit Testing Sites Map.

Oklahoma Insurance Department Receives 5-year Accreditation Renewal

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Oklahoma Insurance Department

For Immediate Release:
December 3, 2020

 

Oklahoma Insurance Department Receives 5-year Accreditation Renewal

 

OKLAHOMA CITY – Commissioner Glen Mulready announced today that the Oklahoma Insurance Department (OID) received its accreditation renewal by the National Association of Insurance Commissioners (NAIC) at their virtual Fall National Meeting.

Commissioner Mulready and the financial regulation team led by Andy Schallhorn view accreditation by the NAIC as a vital part of our commitment to the citizens of Oklahoma. Accreditation standards enable OID to provide expanded consumer protections and to institute and maintain the highest standards in financial regulation. The accreditation review is repeated every five years to confirm that the Oklahoma Insurance Department meets all requirements. 

“Our financial analysts and examiners take great pride in providing accurate and thorough reviews on all companies domiciled in the state.  It is a tedious process but one that we take great pride in performing.  Our primary mission is to protect the consumer and to give them the confidence that they are doing business with a financially sound and solvent insurance company,” said Commissioner Mulready.

All state insurance departments are accredited by the NAIC. To achieve this accreditation, the department must meet stringent national standards that effectively monitor insurance company solvency. The accreditation process involves an extensive evaluation by the NAIC accreditation team that reviews data and procedural documents and interviews the financial team members performing the analysis. OID will have its next full review in 2025.

If you have questions about other insurance issues, please contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov.

 

Questions or comments should be directed to
Communications Director, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221

Commissioner Mulready Approves Second Insurance Business Transfer

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Oklahoma Insurance Department

For Immediate Release:
December 2, 2020

Commissioner Mulready Approves Second Insurance Business Transfer

 

OKLAHOMA CITY – Oklahoma Insurance Commissioner Glen Mulready has issued an order authorizing Sentry Insurance a Mutual Company (Sentry), a Wisconsin-based insurance company, to submit its Insurance Business Transfer (IBT) Plan to the District Court of Oklahoma County for approval. This is the second IBT approved by an insurance commissioner in the United States. The first one was also approved by Commissioner Mulready in November 2019.

If approved by the Court, this IBT would transfer a block of reinsurance business underwritten by Sentry to National Legacy Insurance Company, a subsidiary of Randall & Quilter Investment Holdings Ltd (NLIC), an insurance company domiciled in Oklahoma. The transfer would include the liabilities associated with the reinsurance as well as $2.9 million from Sentry to NLIC as consideration for assuming those liabilities.

The application filed by Sentry and reviewed by the Commissioner and department staff includes the IBT Plan, extensive financial documents and a plan for how the transaction will be communicated to policyholders and other interested parties. It also includes a report from an independent expert who concluded that the proposed transaction will not have a materially adverse impact on the policyholders and claimants of both companies.

“I’m excited to approve our second IBT in the past year,” Commissioner Mulready said. “The Oklahoma IBT law continues to bring tremendous opportunities to Oklahoma, and I look forward to seeing continued business growth while ensuring protections for policyholders.”

Oklahoma’s IBT law became effective in November 2018 and is the most expansive such law in the country. The Oklahoma process closely mirrors Part VII of the Financial Services & Markets Act of 2000 in the United Kingdom, which has resulted in over 300 successful transfers. This cutting-edge mechanism focuses on the protection of consumers while allowing insurance companies to strategically deploy assets to their areas of focus.

If you have questions about other insurance issues, please contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov.

Questions or comments should be directed to
Communications Director, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221

Don’t Let a Grinch Steal Your Holiday Spirit or Holiday Packages

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Oklahoma Insurance Department

For Immediate Release:
November 19, 2020

Don’t Let a Grinch Steal Your Holiday Spirit or Holiday Packages

By Oklahoma Insurance Commissioner Glen Mulready 

 

The holidays are almost here. Like nearly everything else in 2020, holiday shopping this year will be quite different. The unofficial start of holiday shopping is usually Black Friday, but this year, more people are expected to shop earlier and spend more online. With thousands of packages scheduled to arrive on doorsteps throughout this season, many are left unattended and vulnerable. Package theft is at an all-time high, with 1.7 million packages stolen or lost every day in the U.S., according to researchers at Rensselaer Polytechnic Institute.

In response, Oklahoma implemented a new measure to combat package thieves. The Porch Piracy Act, which went into effect November 1, enforces stricter penalties against porch pirates with punishments of up to two years in prison or up to a $5,000 fine. Despite the new law, it still largely falls on homeowners to protect their packages from thieves. Yet, taking the proper precautions can prevent theft from occurring. Here are four tips to keep your holiday deliveries safe:

  1. Consider Shipping Insurance — Shipping insurance is sold by postal services, courier companies and shipping-insurance companies. Not all insurers will insure all goods. However, if you’re ordering high-value items online, you may purchase shipping insurance to ensure delivery. 
  2. Give Specific Instructions — Instead of having deliveries left unsecured at your front door, you can instruct drivers to leave a package at a back door, with a building superintendent, in a coded lockbox or with neighbors. You can also have deliveries placed on hold and request a specific delivery time. Most, but not all, of these services are free.
  3. Install Security Camera or Doorbell Camera  — Security cameras or video doorbells can also come in handy. The mere presence of these cameras or smart doorbells may be enough to ward off the potential package thieves. Even if it doesn’t, you’ll at least have evidence for a police report. Bonus: installing these cameras may qualify you for a homeowners insurance discount. 
  4. Sign Up for Tracking Notifications — Most carriers offer package tracking services and text or email alerts to know when a delivery will be made so that you can adjust your schedule accordingly. Sign up for text or email notifications to check your delivery status.

Finally, if your package is stolen, here’s what you can do.

  • Contact the Seller — File a claim with the seller and ask for a replacement.  
  • Contact the Shipping Company — File a claim with the postal service that shipped your package. FedEx, UPS, USPS, DHL and Amazon have a claim-filing system to help you track down your package.  
  • Check Your Credit Card — Many credit cards have purchase protection that covers lost or stolen items. Make sure you used a credit card to purchase the item.  
  • File an Insurance Claim — Your homeowners or renters insurance may cover mail theft. Keep in mind that filing a claim only makes sense for high-value packages worth more than your policy’s deductible.

  

Questions or comments should be directed to
Communications Director, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221

UPDATE: Uniform Statement of Actuarial Opinion format for Captives

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Oklahoma Insurance Department

November 10, 2020

UPDATE: Uniform Statement of Actuarial Opinion format for Captives

 

The  purpose  of  this  Notice is to advise all participants in the captive insurance industry that the Oklahoma Insurance Department (OID), pursuant to OAC 365.25-15-3(e)(5), has determined that all Statements of Actuarial Opinion are to be submitted in the attached uniform format going forward.

  1. Certification of Loss Reserves and Loss Expense Reserves.
  2. The annual audit shall include an opinion as to the adequacy of the company’s life, health, or annuity reserves, or its loss reserves and loss expense reserves.
  3. Certification shall be in such form as the Insurance Commissioner deems appropriate.

The template is provided by going to the link here.

 

Questions or comments should be directed to
Donald Ashwood, PIR, ACS, ALMI
Donald.Ashwood@oid.ok.gov | (405) 522-2374

Mulready Recognizes Extraordinary Career of Insurance Department General Counsel

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Oklahoma Insurance Department

For Immediate Release:
November 5, 2020 

Mulready Recognizes Extraordinary Career of Insurance Department General Counsel

 

OKLAHOMA CITY –  Insurance Commissioner Glen Mulready announced today the retirement of the Oklahoma Insurance Department’s General Counsel, Gordon Amini. His retirement from the agency is effective on December 31, 2020.

During his 43-year career as corporate legal and regulatory counsel, Amini was a member of the Oklahoma Bar Association and admitted to practice before the bar of the U.S. District Court for the Western District of Oklahoma, the 10th U.S. Circuit Court of Appeals and the U.S. Supreme Court.

Amini served twice as OID General Counsel, first in 1980 for Commissioner Gerald Grimes, and most recently for the last six years under Commissioner John Doak and Commissioner Glen Mulready. Beyond state service, Amini served as General Counsel at First Life Assurance Company in Oklahoma City and later was promoted to the chief legal officer at First Life until he accepted a position as senior vice president, secretary and general counsel at C.L. Frates and Company in 1986. During his tenure at Frates, Amini provided legal services to several “insurance companies” owned by various associations such as the Oklahoma Medical Association, Oklahoma Hospital Association and the community bankers’ associations of 17 states.

“Gordon Amini is a name known throughout this industry, and upon entering this office, I knew that I wanted him by my side,” said Insurance Commissioner Glen Mulready. “His expertise and tenacity to protect consumers, hold insurers accountable, and work with new businesses that want to domicile in Oklahoma are second to none. We will miss his presence moving forward, but I wish him and his family the very best in their next chapter.”

In 2005 Amini resigned his position at Frates to accept employment at Physicians Liability Insurance Company (“PLICO”). He served as senior vice president, general counsel, and secretary until he retired in May of 2014. After two months of “leisure,” Amini rejoined the Oklahoma Insurance Department as senior counsel in 2014.

“At the end of my career, I have greatly appreciated the opportunity to apply some of the knowledge that my initial service at OID made possible,” said Amini. “Thank you to the Commissioner and all my colleagues, who are working every day to assist and protect insurance consumers.”

LH BULLETIN NO. 2020-05

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Oklahoma Insurance Department

LH BULLETIN NO. 2020-05

To: All Health Insurance Companies, Health Maintenance Organizations and Other Interested Parties

From: Glen Mulready, Oklahoma Insurance Commissioner

Date: October 30, 2020 (Revised May 20, 2021)

Re: Mental Health Parity II

The purpose of this bulletin is to provide further guidance regarding 36 O.S. § 6060.11 as it relates to amendments passed by the Oklahoma Legislature under SB 1718 (2020) and effective November 1, 2020.

Oklahoma law requires all health insurance companies to cover benefits for mental health and substance use disorders that are equal to benefits for treatment for all other physical diseases and disorders. Treatment limitations applicable to mental health or substance use disorder benefits shall be no more restrictive than the predominant treatment limitations applied to substantially all medical and surgical benefits covered by a plan.

All health benefit plans must meet the requirements of the federal Paul Wellston and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 (MHPAEA), as amended, and federal guidance or regulations issued under these acts including 45 C.F.R. § 146.136, 45 C.F.R. § 147.160 and 45 C.F.R. § 156.115 (a)(3).

Carriers must demonstrate compliance to MHPAEA through the submission of an annual report to the Insurance Commissioner on or before April 1 of each year that details their compliance to the requirements as set forth in 36 O.S. § 6060.11(E). The reports shall include a comprehensive review of all elements outlined in the act that demonstrates benefits are comparable to and are applied no more stringently than to medical and surgical benefits in the same classifications of benefits. The format of these annual reports can be found at: https://www.oid.ok.gov/mentalhealthparity/.

Implementation of the requirements as set out in 36 O.S. §§ 6060.11-6060.13 and this Bulletin, shall be included at the time a health benefit plan is offered, issued or upon renewal of a policy on or after the effective date of the new law (November 1, 2020).

With the passing of 2021 Senate Bill 887, no later than December 31, 2021, and by December 31 of each year thereafter, the Commissioner shall make available to the public the reports submitted by insurers, as required in this Bulletin 2020-05 during the most recent annual cycle; provided, however, that any information that is confidential or a trade secret shall be redacted.

The Commissioner shall identify insurers that have failed in whole or in part to comply with the full extent of reporting required in this Bulletin and shall make a reasonable attempt to obtain missing reports or information by June 1 of the following year.

The reports submitted by insurers and the identification by the Commissioner of noncompliant insurers shall be made available to the public by posting on the Internet website of the Insurance Department on the Mental Health Parity page.

Any filing violations of this Bulletin will be subject to 36 O.S. § 311.1 penalties.

Questions or comments regarding this bulletin should be directed to the Legal Division at the Oklahoma Insurance Department, 400 NE 50th Street, Oklahoma City, OK 73105.