The bill amends existing Oklahoma health insurance laws, specifically focusing on premium taxes and tax credits for insurance companies. It clarifies the applicability of certain exclusions related to premium taxes, stating that considerations received for annuity contracts and payments from health maintenance organizations to the Secretary of Health and Human Services will no longer be considered premiums for insurance and thus exempt from the tax. Additionally, it updates statutory language and references, including the designation of the Medicaid Health Improvement Revolving Fund, which will now receive premium tax proceeds without being subject to certain apportionments.

Furthermore, the bill introduces a new exclusion for tax credits, stating that these credits will not be available to contracted entities as defined in the Oklahoma Statutes. It also emphasizes that insurers must meet specific hiring minimum requirements to qualify for tax credits related to establishing or expanding regional home offices. The bill declares an emergency, allowing it to take effect immediately upon passage and approval.

Statutes affected:
Floor (House): 36-624
Engrossed: 36-624
Enrolled (final version): 36-624