OKLAHOMA CITY -- This week President Obama announced plans to establish a Health Insurance Rate Authority. The federal panel would determine a reasonable rate increase for health insurance policies. State Representative Randy McDaniel (R) determined it was time to voice Oklahoma's opposition.
"What benefit are consumers getting by having more redundant regulation?" he asks.
So McDaniel authored House Concurrent Resolution 1047, which declares federal oversight of insurance rates would "create an expensive, unwieldy and inaccessible federal bureaucracy, all without consumer demand."
"We can regulate ourselves," McDaniel says. "We know the market better internally. We have a capable insurance department. We know consumer demand."
It passed the House by an 82-15 vote on Monday.
One of those dissenting votes belonged to State Representative Ryan Kiesel.
"Oklahomans are having a hard time affording insurance," he says.
Kiesel points to more than 500,000 Oklahomans who are without insurance and feels federal oversight would give states leverage against insurance companies that raise premiums.
"At the same time, these insurance companies are recording record profits, but our benefits are going down," he says. "Where are these rate hikes going?"
Insurance Commissioner Kim Holland supports the resolution, saying the federal government isn't familiar with Oklahoma's unique health care costs and needs.
She says the Oklahoma Insurance Department makes sure insurance rates are fair, but also protect consumers over the long haul.
About 85 cents of every premium dollar is supposed to pay medical expenses for the beneficiary.
Holland believes the federal government can't properly monitor an insurance company's ability to pay claims, from Washington.
"But we can figure those problems out," she says. "We don't need the federal government to tell us how to do it. What we could use is their financial assistance."
Holland says federal funding would help Oklahoma find affordable solutions to rising health care costs, using local research to expand coverage.
House Concurrent Resolution 1047 now heads to the state Senate for approval.
"What benefit are consumers getting by having more redundant regulation?" he asks.
So McDaniel authored House Concurrent Resolution 1047, which declares federal oversight of insurance rates would "create an expensive, unwieldy and inaccessible federal bureaucracy, all without consumer demand."
"We can regulate ourselves," McDaniel says. "We know the market better internally. We have a capable insurance department. We know consumer demand."
It passed the House by an 82-15 vote on Monday.
One of those dissenting votes belonged to State Representative Ryan Kiesel.
"Oklahomans are having a hard time affording insurance," he says.
Kiesel points to more than 500,000 Oklahomans who are without insurance and feels federal oversight would give states leverage against insurance companies that raise premiums.
"At the same time, these insurance companies are recording record profits, but our benefits are going down," he says. "Where are these rate hikes going?"
Insurance Commissioner Kim Holland supports the resolution, saying the federal government isn't familiar with Oklahoma's unique health care costs and needs.
She says the Oklahoma Insurance Department makes sure insurance rates are fair, but also protect consumers over the long haul.
About 85 cents of every premium dollar is supposed to pay medical expenses for the beneficiary.
Holland believes the federal government can't properly monitor an insurance company's ability to pay claims, from Washington.
"But we can figure those problems out," she says. "We don't need the federal government to tell us how to do it. What we could use is their financial assistance."
Holland says federal funding would help Oklahoma find affordable solutions to rising health care costs, using local research to expand coverage.
House Concurrent Resolution 1047 now heads to the state Senate for approval.
