Vote Smart's Synopsis:

Vote to pass a bill that amends state insurance laws to protect policyholders in the event of an insurance company's insolvency in Oklahoma.

Highlights:

• Amends state insurance laws to protect policyholders in the event of an insurance company's insolvency in Oklahoma (Sec. 2-9).

• Amends and updates the Oklahoma Property and Casualty Insurance Guaranty Act to ensure that insurance claims are handled efficiently when an insurer goes bankrupt (Sec. 2-9).

• Establishes clear guidelines for handling cyber insurance insolvencies and strengthens protections for consumers (Sec. 2-9).

• Specifies that the provisions of this bill shall take effect beginning November 1, 2025 (Sec. 10).

Full Bill Text