SB 2043 Summary

• Amends the Oklahoma Life and Health Insurance Guaranty Association Act to expand definitions and modernize terminology, including adding "extra-contractual claims," "principal place of business," "structured settlement annuities," and "unallocated annuity contracts"

• Modifies coverage provisions to include structured settlement annuities under specified conditions and extends guaranty protection to nonresident payees and beneficiaries when certain requirements are met

• Expands the Association's powers to guarantee, assume, or reinsure policies of impaired or insolvent insurers, issue substitute coverage, assume reinsurance contracts, and take legal actions necessary to fulfill its obligations

• Increases the stay period for proceedings involving insolvent insurers from 60 days to 180 days to allow the Association adequate time to take proper legal action

• Adds provisions allowing the Association to join organizations with other state guaranty associations, receive disbursements from marshaled assets, and make recommendations to the Insurance Commissioner regarding insurer solvency