OK HB1293

Amends 36 O.S. 2011, Section 624 to create a reduced tax rate for employer-owned life insurance policies (EOLI) covering employees or directors for the employer's benefit

Standard insurance premium tax rate remains at 2.25% for most policies

EOLI policies taxed at 2.25% on the first $100,000 of policy year premium, then reduced to 0.1% on premium amounts exceeding $100,000

Premiums taxed at the reduced 0.1% rate are exempt from the retaliatory tax provisions under Section 628

Insurance Commissioner required to promulgate rules governing the sale of life insurance policies subject to the reduced tax rate