OK SB1231

Amends Oklahoma insurance law regarding prepaid funeral services and merchandise contracts, requiring permits from the Insurance Commissioner for organizations accepting prepaid funeral benefit funds.

Insurance Commissioner may deny permits if organizations make material misstatements in applications or fraudulently obtain permits; all issued permits must be displayed conspicuously and only authorized representatives may use them.

Establishes procedures for transferring prepaid funeral benefit permits between organizations, requiring 45 days' notice to the Insurance Commissioner and 30 days' notice before transfer, with approval contingent on acquiring organization receiving proper licensing.

Requires organizations to retain itemized statements of charges for at least three years instead of sending them to the Insurance Commissioner; allows contracts to specify guaranteed prices or flexible fund accumulation with minimum principal protection for purchasers.

Effective November 1, 2009 for most provisions; Section 10 (grants administration) effective July 1, 2009; declares emergency requiring immediate implementation.