On Oct. 8, OKL INS adopted rule amendments on service warranties.
OKL INS adopted rule amendments to OKL INS Chapter 25 on Other Licensees (OKL INS OKL INS 365:25, including service warranty financial statement filings and fees.
Follows OKL LEG enactment of SB 541, see #210012, and guidance issued relating to registration and licensing requirements for service warranty associations, #224406.
Redline versions of proposed rule, amended proposed rule included with documents.
Adopted Rule
Service warranty associations and insurers for service warranties must electronically file quarterly financial statements and the applicable administrative fee amount
Deadlines for quarterly financial statements, fees are for 1Q, due Apr. 30 of each year, for 2Q, due Jul. 31 of each year; for 3Q, due Oct. 31 of each year; 4Q, due Jan. 31.
Also, added agreements for cost sharing services and management services as a proposed transaction to which an insurer is required to give prior notice on Form D.
Removed unnecessary language after the enforcement of pharmacy benefit managers (PBMs) moved to the OKL Attorney General’s Office effective as of Nov. 1, 2023.
Remove audited requirement from financial statements for pharmacy benefit manager.
Effectiveness
Legislative changes with enactment of SB 541 become effective on Nov. 1, 2024.
OKL INS also published rule impact statement, as well as notice of rulemaking with comments due Jan. 5, 2024, and public hearing was scheduled for Jan. 4, 2024.
