OK HB1968

Amends Section 1250.5 of Oklahoma insurance law to add a new prohibited unfair claims settlement practice (paragraph 17) prohibiting life insurers from denying applications, refusing renewals, canceling policies, or charging different rates based on an applicant's or insured's lawful travel destinations.

Amends Section 4024 to add subsection C, which explicitly prohibits life insurance companies from denying applications or modifying coverage based on lawful travel destinations, except where denial or rate differences are based on sound actuarial principles or actual/anticipated experience.

Establishes that violations of the travel restriction prohibitions constitute unfair trade practices under Section 1250.5, making them subject to enforcement by insurance regulators.

Applies only to life insurance policies issued on or after November 1, 2011, and does not apply to group life insurance, accident and health insurance, reinsurance, annuities, disability benefits, or accidental death provisions.

Becomes effective November 1, 2011.