SB911 Summary

• Modifies insurance commissioner's duties under the Oklahoma Insurance Code to specify that requirements must be imposed "by law or rule" rather than referencing specific subsections

• Removes outdated bonding requirements for life and accident/health insurance brokers, replacing them with errors and omissions insurance requirements of at least $100,000 annual aggregate

• Adds definition of "enterprise risk" and requires ultimate controlling persons of insurance holding company systems to file annual enterprise risk reports with lead state commissioners

• Expands confidentiality protections for insurance department information shared with NAIC and other regulators, clarifying that such materials are privileged and exempt from Oklahoma Open Records Act

• Makes technical amendments to cemetery and funeral services laws, extending record retention requirements from 3 to 6 years and modifying permit renewal deadlines for cemetery merchandise trusts