OK SB1675

Allows state employees, retirees, and disability benefit recipients to assign life insurance coverage incidents of ownership to third parties, including individuals, business entities, or trustees

Assignees gain rights to designate beneficiaries, make subsequent assignments, and increase coverage; assignee must pay premiums after assignment takes effect

Any coverage increases elected by assignee are automatically included in the existing assignment without requiring separate authorization

Requires the State and Education Employees Group Insurance Board to promulgate rules establishing procedures for assignments and premium payment methods by assignees

Effective July 1, 2012, with emergency clause allowing immediate implementation