Oklahoma 2024 Regular Session

Oklahoma House Bill HB1503 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	ENGR. H. B. NO. 1503 Page 1 1
	3	+	HB1503 HFLR Page 1
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28		-	ENGROSSED HOUSE
29		-	BILL NO. 1503 By: Sneed of the House
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
30	30
31		-	~~and~~
	31	+	STATE OF OKLAHOMA
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33		-	Montgomery of the Senate
	33	+	1st Session of the 59th Legislature (2023)
	34	+
	35	+	COMMITTEE SUBSTITUTE
	36	+	FOR
	37	+	HOUSE BILL NO. 1503 By: Sneed
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	43	+	COMMITTEE SUBSTITUTE
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40		-	[ insurance - motor vehicle liability policies -
41		-	minimum insurance coverage requirements - effective
42		-	date ]
	45	+	An Act relating to insurance; amending 47 O.S. 20 21,
	46	+	Section 7-324, which relates to motor vehicle
	47	+	liability policies; modifying minimum insurance
	48	+	coverage requirements; and providing an ef fective
	49	+	date.
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47	55		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
48	56		SECTION 1. AMENDATORY 47 O.S. 2021, Section 7-324, is
49	57		amended to read as follows:
50	58		Section 7-324. (a) Certification. A "motor vehicle liability
51	59		policy" as the term is used in this article shall mean an "owner's
52	60		policy" or an "operator's policy" of liability insurance, certified
53	61		as provided in Sectio n 7-321 or Section 7-322 for which a security
54	62		verification form, as defined in Section 7 -600 of this title, has
55	63		been issued as proof of financial responsibility, and issued, except
56	64		as otherwise provided in Section 7-322 7-204 of this title, by an
57		-	insurance carrier duly authorized to transact business in this
58		-	state, to or for the benefit of the person named t herein as insured.
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60		-	ENGR. H. B. NO. 1503 Page 2 1
	66	+	HB1503 HFLR Page 2
	67	+	BOLD FACE denotes Committee Amendments. 1
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	92	+	insurance carrier duly authorized to transact business in this
	93	+	state, to or for the benefit of the person named t herein as insured.
85	94		(b) Owner's policy. Such owner 's policy of liability
86	95		insurance:
87	96		1. Shall designate by explicit descriptio n or by appropriate
88	97		reference all vehicles with respect to which coverage is thereby to
89	98		be granted; and
90	99		2. Shall insure the pers on named therein and any other person
91	100		except as herein provided, as insured, using any such vehicle or
92	101		vehicles with the expres s or implied permission o f such named
93	102		insured, against loss from the liability imposed by law for damages
94	103		arising out of the owne rship, maintenance or use of such vehicle or
95	104		vehicles within the United States of America or the Dominion of
96	105		Canada, subject to limits exclusive of inte rest and costs, with
97	106		respect to each such vehicle, as follows: Twenty-five Thousand
98		-	Dollars ($25,000.00) Thirty-five Thousand Dollars ($35,000.00)
99		-	because of bodily injury to or death of one person in any one
100		-	accident and, subject to sa id limit for one person, Fifty Thousand
101		-	Dollars ($50,000.00) Seventy-five Thousand Dollars ($75,000.00)
102		-	because of bodily injury to or death of two or more persons in any
103		-	one accident, and Twenty-five Thousand Dollars ($25,000.00) Thirty-
104		-	five Thousand Dollars ($35,000.00) because of injury to or
105		-	destruction of property of others in any one accident .; and
106		-	3. May by agreement in a separate written endorsement between
107		-	any named insured and the insurer exclude as insured any person or
108		-	persons designated by name from coverage under the polic y.
	107	+	Dollars ($25,000.00) Fifty Thousand Dollars ($50,000.00) because of
	108	+	bodily injury to or death of one person in any one accident and,
	109	+	subject to said limit for one person, Fifty Thousand Dollars
	110	+	($50,000.00) One Hundred Thousand Dollars ($100,000.00) because of
	111	+	bodily injury to or death of two or more persons in any one
	112	+	accident, and Twenty-five Thousand Dollars ($25,000.00) Fifty
	113	+	Thousand Dollars ($50,000.00) because of injury to or destruction of
	114	+	property of others in any one accident .; and
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110		-	ENGR. H. B. NO. 1503 Page 3 1
	116	+	HB1503 HFLR Page 3
	117	+	BOLD FACE denotes Committee Amendments. 1
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	142	+	3. May by agreement in a separate written endorsement between
	143	+	any named insured and the insurer exclude as insured any person or
	144	+	persons designated by name from coverage under the polic y.
135	145		(c) Operator's policy. Such operator 's policy of liability
136	146		insurance shall insure the person named as insured therein against
137	147		loss from the liability imposed upon him or her by law for damages
138	148		arising out of the use by him of any motor vehicle not own ed by him
139	149		or her, within the same territorial limits and subject to the same
140	150		limits of liability as are set forth above with respect to an
141	151		owner's policy of liability insurance.
142	152		(d) Required statements in policies. Such motor veh icle
143	153		liability policy sha ll state the name and address of the named
144	154		insured, the coverage afforded by the policy, the premium cha rged
145	155		therefor, the policy period and the limits of liability, and shall
146	156		contain an agreement or be endorsed that insurance is p rovided
147	157		thereunder in accordance with the coverage defined in this chapter
148	158		as respects bodily injury and death or property damage , or both, and
149	159		is subject to all the provisions of this title.
150	160		(e) Policy need not insure workmen's workers' compensation.
151	161		Such motor vehicle liabilit y policy need not insure any liability
152	162		under any workmen's workers' compensation law nor any liability o n
153	163		account of bodily injury to or death of an employee of the insured
154	164		while engaged in the employment, other than domestic, of t he
155	165		insured, or while enga ged in the operation, maintenance or repair of
156		-	any such vehicle nor any liability for damage to property owned by,
157		-	rented to, in charge of or transported by the insur ed.
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159		-	ENGR. H. B. NO. 1503 Page 4 1
	167	+	HB1503 HFLR Page 4
	168	+	BOLD FACE denotes Committee Amendments. 1
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	193	+	any such vehicle nor any liability for damage to property owned by,
	194	+	rented to, in charge of or transported by the insured.
184	195		(f) Provisions incorporated in policy. Every motor vehicle
185	196		liability policy shall be subject to the following provisions which
186	197		need not be contained therein:
187	198		1. The liability of the insur ance carrier with respect to the
188	199		insurance required by this title shall become absolute whenever
189	200		injury or damage covered by sa id motor vehicle liabilit y policy
190	201		occurs; said policy may not be canceled or annulled as to such
191	202		liability by any agreement betwe en the insurance carrier and the
192	203		insured after the occurrence of the injury or damage; no statement
193	204		made by the insured or on h is or her behalf and no violation of said
194	205		policy shall defeat or void said policy.
195	206		2. The satisfaction by the insured of a judgm ent for such
196	207		injury or damage shall not be a condition precedent to the right or
197	208		duty of the insurance carrier to make payment on account of such
198	209		injury or damage.
199	210		3. The insurance carrier shall have the right to settle any
200	211		claim covered by the policy, an d if such settlement is made in good
201	212		faith, the amount thereof shall be deductible from the limits of
202	213		liability specified in pa ragraph 2 of subsection ( b) of this
203	214		section.
204	215		4. The policy, the written application therefor, if any, and
205	216		any rider or endorseme nt which does not conflict with the provisions
206		-	of this title shall constitute the entire contract between the
207		-	parties.
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209		-	ENGR. H. B. NO. 1503 Page 5 1
	218	+	HB1503 HFLR Page 5
	219	+	BOLD FACE denotes Committee Amendments. 1
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	244	+	of this title shall constitute the entire contract between the
	245	+	parties.
234	246		(g) Excess or additional coverag e. Any policy which grants the
235	247		coverage required for a motor vehicle liability policy may also
236	248		grant any lawful coverage in excess of or in addition to the
237	249		coverage specified for a motor vehicle liability policy and such
238	250		excess or additional coverage shal l not be subject to the provisions
239	251		of this title. With respect to a policy which grants such excess or
240	252		additional coverage, the term "motor vehicle liability policy " shall
241	253		apply only to that part of the coverage which is required by this
242	254		section.
243	255		(h) Reimbursement provision permitted. Any motor vehicle
244	256		liability policy may provide that the insured shall r eimburse the
245	257		insurance carrier for any payment the insurance carrier would not
246	258		have been obligated to make under the terms of t he policy except for
247	259		the provisions of this title.
248	260		(i) Proration of insurance permitted. Any motor vehicle
249	261		liability policy may provide for the prorating of the insurance
250	262		thereunder with other valid and collectible insurance.
251	263		(j) Multiple policies. The requirements for a motor vehicle
252	264		liability policy may be fulfilled by the policies of one or more
253	265		insurance carriers which polic ies together meet such requirements.
254		-	(k) Binders. Any binder issued pending the issuance of a motor
255		-	vehicle liability policy shall be deemed to fulfil l the requirements
256		-	for such a policy.
257		-	SECTION 2. This act shall become effective Novem ber 1, 2023.
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259		-	ENGR. H. B. NO. 1503 Page 6 1
	267	+	HB1503 HFLR Page 6
	268	+	BOLD FACE denotes Committee Amendments. 1
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284		-	Passed the House of Representatives the 20th day of March, 2023.
	293	+	(k) Binders. Any binder issued pending the issuance of a motor
	294	+	vehicle liability policy shall be deemed to fulfil l the requirements
	295	+	for such a policy.
	296	+	SECTION 2. This act shall become effective Novem ber 1, 2023.
285	297
286		-
287		-
288		-
289		-	Presiding Officer of the House
290		-	of Representatives
291		-
292		-
293		-	Passed the Senate the ___ day of __________, 2023.
294		-
295		-
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298		-	Presiding Officer of the Senate
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	298	+	COMMITTEE REPORT BY: COMMITTEE ON INSURANCE, dated 02/22/2023 - DO
	299	+	PASS, As Amended.