OKLAHOMA CITY, March 6, 2014 /PRNewswire/ -- Oklahoma Insurance Commissioner John D. Doak released the following statement about the Obama Administration's announcement yesterday regarding policy extensions and the responsibilities of state insurance regulators.
"Here in Oklahoma, we like to say that if you don't like the weather, just wait a day and it'll change. I would say the same about Obamacare: if you don't like it, wait a day and it will change. Policy extensions until 2016 for renewal policies are the latest in a series of modifications made outside of the governing body that passed the law, and it will create further confusion and drive up costs," said Doak. "After dozens of similar unilateral changes, it's time to ask the question again, what is this law actually accomplishing for the consumer? Can the insurance industry survive in this unpredictable environment? The negative impact on the overall health insurance market is unacceptable. Simply put, this decision is a double standard, allowing different rules for different policies and will undermine the new marketplace. My department will be evaluating options and will determine what is in the best interest of the Oklahoma consumers and the industry. The only redeeming value is that this decision will be left up to the states and not to the federal government."
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