OK HB1516

Increases the minimum age for minors to contract for life or accident and health insurance from 15 to 16 years old, requiring signed parental or guardian consent.

Allows 16-year-old minors with parental or guardian consent to contract for other types of insurance in which they have an insurable interest.

Minors cannot rescind, avoid, or repudiate insurance contracts or exercise contract rights based on their minority status, except they are not bound by unperformed agreements to pay premiums.

Insurance agents are immune from liability for failure to obtain signed parental or guardian consent.

Becomes effective November 1, 2025.