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Oklahoma Senate committee rejects two insurance oversight bills after heated testimony
Summary
After extended public testimony and floor debate, two bills to expand the Insurance Department’s oversight of rate filings — including a proposal to cap profits and require advance filing — failed in the Senate Business and Insurance Committee.
Senators on the Oklahoma Senate Business and Insurance Committee declined to advance two bills that would have expanded state oversight of insurance rates and required more reporting from insurers.
Senator Jessica Kurt, sponsor of two related measures, told the committee the bills were intended to give the insurance commissioner more authority to review rate changes before they take effect and to increase transparency on insurer underwriting gains. “This bill really changes our oversight options for the Department of Insurance,” Kurt said, arguing the department currently lacks tools to evaluate rate justifications.
The committee heard emotional testimony from Rebecca Williams, who said…
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