Oklahoma Bailout

Read the Bailout Bill:
A. There is hereby created the “Health Care Indemnity Fund Task Force”.
B. The task force shall study a mechanism for creating a health care indemnity fund for purposes of paying a portion of damages awarded by the court or settled and approved by the court in professional negligence cases against physicians as defined in subsection I of Section 24 of this act. The task force shall study the following issues:
1. Funding, expenses and investments;
2. Capping the fund at a rate of Twenty Million Dollars annually;
3. Limiting damage award payments from the fund to:
a. professional negligence cases against physicians where the noneconomic damage cap has been removed, and
b. only that amount of damages that exceed the noneconomic damage cap of Four Hundred Thousand Dollars ($400,000.00) per occurrence;
5. Professional liability insurance coverage requirements, including, but not limited to, One Million Dollars ($1,000,000.00) for physicians and medical care providers employed by hospitals and physician-owned facilities;
7. Qualifications for coverage under the fund;
6. Applicant, compliance, payment and rating procedures; and
6. Any other issues necessary for creating a health care indemnity fund.
C. The task force shall be composed of eight (8) members as follows;
1. The Oklahoma Insurance Commissioner;
2. Three (3) members appointed by the Governor;
2. Two (2) members appointed by the President Pro Tempore of the Senate; and
3. Two (2) members appointed by the Speaker of the House of Representatives;
D. The task force may meet as often as necessary to perform the duties imposed upon it. Members of the task force shall receive no compensation for their services, but shall receive travel
1. Legislative members of the task force shall be reimbursed for necessary travel expenses incurred in the performance of their duties in accordance with the provisions of Section 456 of Title 74 of the Oklahoma Statutes; and
2. Nonlegislative members of the task force shall be reimbursed for necessary travel expenses incurred in the performance of their duties in accordance with the State Travel Reimbursement Act.
E. The task for shall be authorized to hire actuarial or any other professional services necessary to perform the duties imposed on it.
F. A quorum of the task force shall be required for any final action, and shall report its findings and recommendations to the President Pro Tempore of the Senate and the Speaker of the House of Representatives not later than June 1, 2011.