SB 455 Summary

• Eliminates requirement that insurance companies deliver examination reports and orders to all states where licensed; reports only sent to state insurance departments and law enforcement upon request with written confidentiality agreements

• Modifies civil penalty enforcement to allow all final Insurance Commissioner orders imposing administrative charges, fees, civil penalties or fines to be recorded in Oklahoma County District Court for enforcement by judges

• Expands Oklahoma Captive Insurance Company Act provisions including allowing out-of-state licensed insurers to become Oklahoma domiciled captive insurers; permitting entity-protected cells as separate legal entities; expanding types of sponsors allowed; modifying capital and surplus requirements

• Makes group accident and health insurance policy language gender neutral and expands authorized payment methods for emergency living expenses to include electronic funds transfer and prepaid cards

• Eliminates certain outdated affidavit requirements (Sections 924.4-924.5) and repeals Section 6470.23; modifies Medical Professional Liability Insurance reporting requirements with flexibility for different claim scenarios