Oklahoma SB 481 Summary

• Adds "Prepaid funeral benefits" as a new limited lines producer license category for insurance or annuity contracts funding formal funeral agreements offered by funeral establishments.

• Employees or authorized representatives of funeral establishments with prepaid funeral benefits licenses must be employed by or authorized to act on behalf of the funeral establishment and are not required to be individually licensed.

• Exempts limited lines producers selling prepaid funeral benefits from general continuing education requirements but mandates minimum 6 clock hours annually, including 2 hours of ethics course work.

• Makes technical corrections to surety bond definition and clarifies that surety bail bonds are excluded from limited line licensing requirements.

• Effective date: November 1, 2015.