SB 2018 Summary

• Amends Oklahoma insurance law to modify travel insurance coverage requirements for limited lines producers, expanding allowable coverage types to include trip interruption/cancellation, baggage loss, damages to accommodations, and sickness/accident during travel.

• Establishes new "Limited Lines Travel Insurance Producer" licensing category for managing general underwriters, managing general agents, third-party administrators, or licensed insurance producers designated as travel insurance supervising entities.

• Permits travel retailers to offer and disseminate travel insurance under a limited lines license if they register with a supervising producer, designate a responsible licensed producer, provide required training to employees, and supply specified disclosures to customers.

• Requires limited lines travel insurance producers to maintain and annually update a register of travel retailers offering insurance on their behalf, including retailer contact information and Federal Tax Identification Numbers.

• Effective November 1, 2014.