Bill > HB2931

This bill modifies the Oklahoma Life and Health Insurance Guaranty Association Act by increasing the coverage limits for annuities from $300,000 to $500,000 for individual payees and structured settlement annuities. The bill clarifies the circumstances under which the guaranty association will provide coverage for various insurance products, including life, health, and annuity contracts. It specifies detailed conditions for coverage, such as residency requirements, limitations on types of policies covered, and maximum benefit amounts. The bill defines exclusions to coverage, including self-funded employer plans, policies with certain interest rate calculations, and specific government healthcare programs. The legislation also establishes that the association's total liability for an individual is capped at $500,000, with an additional limit of $5 million for one policy owner with multiple non-group life insurance policies. The changes aim to provide more comprehensive protection for insurance policy holders in cases of insurer insolvency, with the new provisions set to take effect on November 1, 2026.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2931&Session=2600