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Senate passes bill to standardize service-contract industry fees
Summary
The Senate adopted House Bill 1085 to replace disparate fee arrangements in the service contract industry with a uniform annual fee; an amendment changing dates was adopted and the measure passed 44–3 on third reading.
Senator Coleman explained and the Senate passed House Bill 1085 to level fee structures in the service contract industry. The bill replaces a patchwork in which some firms are grandfathered at a $3,000 annual fee while others pay 2% of revenue with a uniform $3,700 annual fee for all service-contract entities doing business in Oklahoma.
During explanation Senator Coleman noted the disparity: "There is one company that is paying the state of Oklahoma $300,000 while all these others are paying $3,000." He offered a substantive amendment limited to date changes; the amendment was read, explained as changing dates, and adopted by voice vote.
The bill advanced and, on third reading, the clerk reported 44 ayes and 3 nays and the chair declared House Bill 1085 passed. The transcript does not specify an effective date beyond the usual enactment process or implementation details such as regulatory oversight or enforcement timelines.
Next steps are standard post-enactment processes including any rulemaking by the Insurance Department or agencies referenced in bill text.
