Oklahoma 2024 Regular Session

Oklahoma House Bill HB1678

Introduced
2/6/23  

Caption

Insurance; Oklahoma Insurance Act of 2023; effective date.

Impact

The impact of HB1678 is expected to significantly affect the regulation of insurance within Oklahoma by setting the groundwork for how insurance providers will be governed. This includes guidelines on operational standards and potential measures to enhance consumer protection. Advocates believe that clarifying these regulations will foster a more conducive environment for both consumers seeking assurance through insurance and providers navigating their obligations under state law.

Summary

House Bill 1678, also known as the Oklahoma Insurance Act of 2023, has been introduced with the aim of establishing a comprehensive framework for insurance regulation within the state of Oklahoma. This act will not be codified into the Oklahoma Statutes, indicating it serves as a reference framework rather than a standalone legislative change affecting existing statutes. The bill's effective date is set for November 1, 2023, marking its potential impact on both consumers and insurance providers in the state.

Contention

While HB1678 has an emphasis on regulation and consumer protection, points of contention could arise due to the balance between regulating insurance providers and ensuring that market competition remains intact. There may be concerns from industry stakeholders regarding compliance burdens or potential adverse effects on premium pricing as more regulatory measures are implemented. The discussion surrounding this legislation would likely involve debates over how stringent these regulations should be and their subsequent impact on affordability and accessibility for consumers.

Companion Bills

OK HB1678

Carry Over Insurance; Oklahoma Insurance Act of 2023; effective date.

Previously Filed As

OK HB1469

Insurance; Oklahoma Insurance Act of 2023; effective date.

OK HB1651

Insurance; Oklahoma Insurance Act of 2023; effective date.

OK HB1675

Insurance; Oklahoma Insurance Act of 2023; effective date.

OK HB1676

Insurance; Oklahoma Insurance Act of 2023; effective date.

OK HB1678

Insurance; Oklahoma Insurance Act of 2023; effective date.

OK HB1677

Insurance; Oklahoma Insurance Act of 2023; effective date.

OK HB2628

Insurance; Oklahoma Insurance Act of 2023; effective date.

OK HB2550

Insurance; Oklahoma Insurance Act of 2023; effective date.

OK HB2520

Insurance; Oklahoma Insurance Act of 2023; effective date.

OK HB2521

Insurance; Oklahoma Insurance Act of 2023; effective date.

Similar Bills

No similar bills found.