OK HB1498

Requires prepaid funeral benefit and cemetery merchandise permit applications and annual reports to be filed electronically with the Insurance Commissioner, with $50-$200 filing/renewal fees plus applicable transaction fees

Allows expired permits to be reinstated within 90 days by paying double the renewal fee; permits expired over 90 days require reapplication as a new applicant with detailed reports of services provided during the lapsed period

Expands funding options for prepaid funeral benefit contracts to include both standard life/accident insurance policies and individual or group fixed annuities, not just life insurance

Grants the Insurance Commissioner authority to suspend, revoke, or refuse to renew permits after opportunity for hearing, with civil penalties up to $1,000 per violation for non-compliance with prepaid funeral and cemetery merchandise regulations

Changes information security program reporting requirements so executive management reports to the board of directors rather than the Insurance Commissioner, and reduces surety bond cancellation notice from 90 to 30 days