SB 703 Summary

• Amends 36 O.S. 2011, Section 2024 of the Life and Health Insurance Guaranty Association Act to clarify and update terminology used throughout the statute.

• Replaces the phrase "Sections 2021 through 2043 of this title" with the formal statutory name "the Life and Health Insurance Guaranty Association Act" for clarity and consistency.

• Adds the term "Owner" as a clarifying definition alongside existing terms "policy owner" and "contract owner" to specify legal ownership of insurance policies and contracts.

• Effective date is November 1, 2013.