The Oklahoma Insurance Department plans to submit a federal waiver application this fall seeking approval for a healthcare reinsurance program to take effect January 1, 2028.
The initiative aims to address longstanding challenges in the state's individual health insurance market, which has experienced declining enrollment, high premiums, and limited competition among insurers, the department said.
Under the Section 1332 State Innovation Waiver, the state would implement a reinsurance program projected to reduce premiums by 4.1 to 6.4 percent statewide, with reductions reaching as high as 14.6 percent in high-cost regions with limited insurer participation.
"This waiver gives Oklahoma an opportunity to develop solutions tailored to our state rather than relying on a one-size-fits-all approach," Insurance Commissioner Glen Mulready said.
The state is accepting public comments on the draft waiver through October 31, 2026, via email at 1332waiver@oid.ok.gov or by mail. The department is hosting two public hearings on October 13 and 14, and a separate hearing for Oklahoma's Tribal Nations on October 22, all at the Oklahoma Health Care Authority in Oklahoma City.