Bill > HB1516

This bill modifies Oklahoma's existing insurance law by changing the age at which minors can contract for insurance from fifteen to sixteen years old and requiring parental or guardian consent for such contracts. Specifically, minors aged sixteen or older can now purchase life, accident, health, and other types of insurance policies with signed parental consent, for themselves or for certain family members in whom they have an insurable interest. The bill clarifies that while minors can enter into these insurance contracts and exercise related rights, they cannot be bound by unperformed premium payment agreements if they are not otherwise emancipated. An important additional provision protects insurance agents from liability if they fail to obtain parental consent when selling insurance to a minor. This change aims to provide more consistent guidelines for insurance contracts involving minors while ensuring parental involvement and protecting the interests of both the minor and the insurance provider. The bill is set to become effective on November 1, 2025.

Business and Industry

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1516&Session=2600