OKLAHOMA CITY, Nov. 21, 2013 /PRNewswire/ -- Oklahoma Insurance Commissioner John D. Doak has determined that President Obama's administrative fix to the Affordable Care Act isn't needed in Oklahoma because consumers in both the individual and small group health insurance markets were offered early policy renewals.
"Thankfully, we worked with the insurance industry and stayed ahead of the curve on this latest Obamacare fiasco," said Doak. "By allowing early renewals, consumers were given the option of keeping their plan for a while longer or shopping for a new one. That decision benefitted Oklahoma consumers and avoided the massive cancellations happening in other states."
In addition to supporting consumer-friendly business practices, Doak said he is also committed to protecting the solvency of the insurance industry.
"The president's so-called fix is too little too late – I call it "Obamacareless," said Doak. "His goal is to destroy the health insurance marketplace and move our country into a single-payer system. That could damage the industry beyond repair. State-based, free market solutions are best for the industry and for consumers. The federal government overreach has gone too far. The President lied to the American public and it's accountability time. He can't just pass the buck to state insurance regulators."
Doak also expressed concern over comments made Tuesday during the House Oversight Committee hearing by Henry Chao, deputy chief information officer for the Center for Medicare & Medicaid Services.
"He said as much as 40 percent of the exchange system isn't even ready! He's talking about the accounting and payment systems. This is supposed to start in just over a month and right now they can't even process payments. This could be the next shoe to drop. What a disaster," said Doak.
ABOUT THE OKLAHOMA INSURANCE DEPARTMENT
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.
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SOURCE Oklahoma Insurance Department