Bill > HB1160

This bill modifies the Oklahoma Property and Casualty Insurance Guaranty Association Act to update its purpose, definition, and operational guidelines. The bill expands the Association's ability to handle insurance claims by clarifying its obligations and introducing new provisions, such as specific coverage limits for cybersecurity insurance policies. It adds definitions for terms like "cybersecurity insurance" and modifies the definition of "member insurer" to exclude surplus lines insurers, risk retention groups, and captive insurance companies. The bill increases the Association's flexibility by allowing it to join other state associations and establish procedures for handling claims from high net worth insureds. It also introduces restrictions on using the Association's existence for insurance sales or solicitation and clarifies that most of the Association's records are confidential. Additionally, the bill provides more detailed guidelines for how the Association will handle claims from insolvent insurers, including the right to investigate, contest, and defend claims. The bill will become effective on November 1, 2025, and amends several sections of Oklahoma insurance law to implement these changes.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1160&Session=2600