Oklahoma 2025 Regular Session

Oklahoma House Bill HB1160 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	SENATE FLOOR VERSION - HB1160 SFLR Page 1
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	3	+	ENGR. H. B. NO. 1160 Page 1 1
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29		-	SENATE FLOOR VERSION
30		-	April 10, 2025
31		-	AS AMENDED
32		-
33	28		ENGROSSED HOUSE
34	29		BILL NO. 1160 By: Tedford of the House
35	30
36	31		and
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38	33		Reinhardt of the Senate
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43	40		An Act relating to insurance; amending 36 O.S. 2021,
44	41		Sections 2002, 2003, 2004, 2007, 2009, 2020.1, and
45	42		2020.2, which relate to the Oklahoma Property and
46	43		Casualty Insurance Guaranty Association Act;
47	44		modifying purpose; modifying applicability; modifying
48	45		definitions; providing definitions; modifying the
49	46		powers and duties of the Association; clarifying
50	47		parties; clarifying timelines; permitting the
51	48		Association to join certain organizations; permitting
52	49		the Association to make certain payments; prohibiting
53	50		use of the existence of the Association to sell or
54	51		solicit insurance; clarifying that certain records
55	52		are not public records; providing exceptions;
56	53		providing for codification; and providing an
57	54		effective date.
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61	60		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
62	61		SECTION 1. AMENDATORY 36 O.S. 2021, Section 2002, is
63	62		amended to read as follows:
64	63		Section 2002. A. The purpose of the Oklahoma Property and
65	64		Casualty Insurance Guaranty Association Act is to provide a
66	65		mechanism for the payment of covered claims under certain insurance
67	66		policies, to avoid excessive delay in payment, to avoid and to the
68	67		extent provided in this act, minimize financial loss to claimants or
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96	94		policyholders because of the insolvency of an insurer, and to
97	95		provide an association to assess the cost of protection among
98	96		insurers.
99	97		B. The Oklahoma Property and Casualty Insurance Guaranty
100	98		Association Act shall be construed to effe ct the purpose provided
101	99		for in subsection A of this section which shall constitute an aid
102	100		and guide to interpretation of the Oklahoma Property and Casualty
103	101		Insurance Guaranty Association Act.
104	102		SECTION 2. AMENDATORY 36 O.S. 2021, Se ction 2003, is
105	103		amended to read as follows:
106	104		Section 2003. The Oklahoma Property and Casualty Insurance
107	105		Guaranty Association Act shall apply to all kinds of direct
108	106		insurance, but shall not be applicable to the following:
109	107		1. Life, annuity, health, or disabi lity insurance;
110	108		2. Ocean marine insurance;
111	109		3. Fidelity or surety bonds, or any other bonding obligations;
112	110		4. Title, as defined in Sections 702, 703, 705, 708 and 709 of
113	111		this title, mortgage or financial guaranty insurance or other forms
114	112		of insurance offering protection against investment risks;
115	113		5. Credit insurance, insurance of warranties or service
116	114		contracts, annuities, vendors single interest insurance, collateral
117	115		protection insurance; and
118	116		6. Any transaction or combination of transactions between a
119	117		person, including affiliates of the person, and an insurer,
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147	144		including affiliates of the insurer, which involves the transfer of
148	145		investment or credit risk unaccompanied by transfer of investment
149		-	~~insurance~~ risk; and
	146	+	risk; and
150	147		7. Any insurance provided by or guaranteed by a gove rnment.
151	148		SECTION 3. AMENDATORY 36 O.S. 2021, Section 2004, is
152	149		amended to read as follows:
153	150		Section 2004. As used in the Oklahoma Property and Casualty
154	151		Insurance Guaranty Association Act:
155	152		1. "Affiliate" means a person who directly or indirectly,
156	153		through one or more intermediaries, controls, is controlled by, or
157	154		is under common control with another person on December 31 of the
158	155		year next preceding the date the insurer becomes an insolvent
159	156		insurer;
160	157		2. "Association" means the Oklahoma Property and Casualty
161	158		Insurance Guaranty As sociation as created in Section 2005 of this
162	159		title;
163	160		3. "Assumed claims transaction " means:
164	161		a. policy obligations that have been assumed by the
165	162		insolvent insurer, prior to the entry of a final order
166	163		of liquidation, pursuant to a plan, approved by a
167	164		domestic commissioner of the assuming insurer, which
168	165		transfers the direct policy obligations and future
169	166		policy renewals from one insurer to another insurer,
170	167		or
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198	194		b. an assumption reinsurance transaction in which all of
199	195		the following have occurred:
200	196		(1) the insolvent insurer assumed, prior to the entry
201	197		of a final order of liquidation, the claim or
202	198		policy obligations of another insurer under the
203	199		claims or policies,
204	200		(2) the assumption of the claim or policy obligations
205	201		has been approved, if an approval is required, by
206	202		the appropriate regulatory authorities, and
207	203		(3) as a result of the assumption, the claim or
208	204		policy obligations became the direct obligations
209	205		of the insolvent insurer through novation of the
210	206		claims or policies;
211	207		4. "Claimant" means any person instituting a c overed claim;
212	208		provided that no person who is an affiliate of the insolvent insurer
213	209		may be a claimant;
214	210		5. "Commissioner" means the Insurance Commissioner of Oklahoma;
215	211		6. "Control" means the possession, direct or indirect, of the
216	212		power to direct or cause the direction of the management and
217	213		policies of a person, whether through the ownership of voting
218	214		securities, by contract other than a commercial contract for goods
219	215		or nonmanagement services, or otherwise, unless t he power is the
220	216		result of an official posit ion with or corporate office held by the
221	217		person. Control shall be presumed to exist if a person, directly or
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249	244		indirectly, owns, controls, holds with the power to vote, or holds
250	245		proxies representing ten percent (10 %) or more of the voting
251	246		securities of any other person. This presumption may be rebutted by
252	247		a showing that control does not exist in fact;
253	248		7. "Covered claim" means:
254	249		a. an unpaid claim, including one of unearned premiums,
255	250		submitted by a claimant, which a rises out of and is
256	251		within the coverage and is subject to the applicable
257	252		limits of an insurance policy to which this act
258	253		applies, if the insurer becomes an insolvent insurer
259	254		after the effective date of this act and the policy
260	255		was issued by the insurer, and :
261	256		(1) the claimant or insured is a resident of this
262	257		state at the time of the insured event, provided
263	258		that for entities other than an individual, the
264	259		residence of a claimant or insured is the state
265	260		in which its principal place of business is
266	261		located at the time of the insured event, or
267	262		(2) the claim is a first-party claim for damage to
268	263		property from which the claim arises is
269	264		permanently located with a permanent location in
270	265		this state,
271	266		b. "Covered claim" includes claim obligations that arose
272	267		through the issuance of an insurance policy by a
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300	294		member insurer, which are later allocated,
301	295		transferred, merged into, novated, assumed by, or
302	296		otherwise made the sole responsibility of a member or
303	297		nonmember insurer if:
304	298		(1) the original member insurer has no remaining
305	299		obligations on the policy after the transfer,
306	300		(2) a final order of liquidation with a finding of
307	301		insolvency has been entered against the insurer
308	302		that assumed the member 's coverage obligations by
309	303		a court of competent jurisdiction in the
310	304		insurer's state of domicile,
311	305		(3) the claim would have been a covered claim, as
312	306		defined in subparagraph a of paragraph 7 of this
313	307		section, if the claim had remained the
314	308		responsibility of the original member insurer and
315	309		the order of liquidation had been entered against
316	310		the original member insurer, with the same claim
317	311		submission date and liquidation date, and
318	312		(4) in cases where the member 's coverage obligations
319	313		were assumed by a nonmember insurer, the
320	314		transaction received prior regulatory or judicial
321	315		approval,
322	316		c. "Covered claim" shall not include:
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350	343		(1) any amount awarded as punitive or exemplary
351	344		damages,
352	345		(2) any amount sought as a return of premium under
353	346		any retrospective rating plan,
354	347		(3) any amount due any reinsurer, insurer, insurance
355	348		pool, or underwriting association, health
356	349		maintenance organization, hospital plan
357	350		corporation, professional health service
358	351		corporation or self-insurer as subrogation
359	352		recoveries, reinsurance recoveries, contribution,
360	353		indemnification or otherwise. No claim for any
361	354		amount due any reinsurer, insurer, insurance
362	355		pool, or underwriting association, health
363	356		maintenance organization, hospital plan
364	357		corporation, professional health service
365	358		corporation or self-insurer may be asserted
366	359		against a person insured under a policy issued by
367	360		an insolvent insurer other than to the extent the
368	361		claim exceeds the association o bligation
369	362		limitations set for forth in Section 2007 of this
370	363		title,
371	364		(4) any claims excluded pursuant to Section 15 2020.2
372	365		of this act title due to the high net worth of an
373	366		insured,
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401	393		(5) any first-party claims by an insured that is an
402	394		affiliate of the insolvent company,
403	395		(6) any fee or other amount relating to goods or
404	396		services sought by or on behalf of any attorney
405	397		or other provider of goods and services retained
406	398		by the insolvent insurer or an insured prior to
407	399		the date it was determined to be insolvent,
408	400		(7) any fee or other amount sought by or on behalf of
409	401		any attorney or other provider of goods and
410	402		services retained by any insured or claimant in
411	403		connection with the assertion or prosecution of
412	404		any claim, covered or oth erwise, against the
413	405		Association,
414	406		(8) any claims for interest,
415	407		(9) any claim filed with the association or a
416	408		liquidator for protection afforded under the
417	409		policy of the insured for incurred -but-not-
418	410		reported losses, or
419	411		(10) notwithstanding any other provision of this act
420	412		or any other law to the contra ry, a claim that is
421	413		filed with the association Association on the
422	414		earlier of:
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450	441		(a) the final date set by the court for filing
451	442		of claims against the liquidator or receiver
452	443		of an insolvent insurer, or
453	444		(b) a date that is later than eighteen (18)
454	445		months after the date of the order of
455	446		liquidation or that is unknown and
456	447		unreported as of said date; provided,
457	448		however, that this shall not include any
458	449		claim for workers' compensation benefits
459	450		pursuant to Title 85A of the Oklah oma
460	451		Statutes and the applicable rules of OA C
461	452		Title 810;
462	453		8. "Cybersecurity insurance ", for purposes of this act,
463	454		includes first-party and third-party coverage, in a policy or
464	455		endorsement, written on a direct, admitted basis for losses and loss
465	456		mitigation arising out of or relating to data privacy breaches,
466	457		unauthorized information network, security intrusions, computer
467	458		viruses, ransomware, cyber extortion, identity theft, and similar
468	459		exposures;
469	460		9. "Insolvent insurer" means an insurer that is licensed to
470	461		transact insurance in this state either at th e time the policy was
471	462		issued, when the obligation with respect to the covered claim was
472	463		assumed under an assumed claims transaction, or when the insured
473	464		event occurred and against whom a final order of liquidation has
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501	491		been entered after the effective date of this act with a finding of
502	492		insolvency by a court of competent jurisdiction in the state of
503	493		domicile of the insurer;
504	494		9. 10. "Insured" means any named insured, any additional
505	495		insured, any vendor, lessor or any o ther party identified as an
506	496		insured under the policy;
507	497		10.
508	498		11. a. "Member insurer" means any person who:
509	499		(1) writes any kind of direct insurance to which the
510	500		Oklahoma Property and Casualty Insurance Guaranty
511	501		Association Act applies pursuant to Section 2003
512	502		of this title, including the exchange of
513	503		reciprocal or inter-insurance contracts, and
514	504		(2) is licensed to transact insurance in this state,
515	505		except those insurers enumerated in Section 110
516	506		of this title or those insurers that are
517	507		otherwise exempted by law o r order of the
518	508		Commissioner.;
519	509		b. An insurer shall cease to be a member insurer
520	510		effective on the day following the termination or
521	511		expiration of its license to transact the kinds of
522	512		insurance to which the Oklahoma Property and Casualty
523	513		Insurance Guaranty Ass ociation Act applies; however,
524	514		the insurer shall be liable as a member insurer for
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552	541		any and all obligations, including but not limited to
553	542		obligations for assessments levied after the
554	543		termination or expiration, which relate to any insurer
555	544		that becomes an insolvent insurer prior to the
556	545		termination or expiration of the license of the
557	546		insurer; and
558	547		c. "Member insurer" does not mean:
559	548		(1) a "surplus lines insurer " or a person writing
560	549		surplus lines insurance as defined in Section
561	550		1101.1 of this title, or
562	551		(2) a "risk retention group" as defined in Section
563	552		6453 of this title, or
564	553		(3) a "captive insurance company " as defined in
565	554		Section 6470.2 of this title;
566	555		11. 12. "Net direct written premiums " means direct gross
567	556		premiums written in this state on insurance policies to w hich this
568	557		act applies, including but not li mited to policy and membership
569	558		fees, less the following amounts:
570	559		a. return premiums,
571	560		b. premiums on policies not taken, and
572	561		c. dividends paid or credited to policyholders on direct
573	562		business. "Net direct written p remiums" does not
574	563		include premiums on contracts between insurers or
575	564		reinsurers;
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603	591		12. 13. "Novation" means that the assumed claim or policy
604	592		obligations became the direct obligations of the insolvent insurer
605	593		through consent of the policyholder and that there after the ceding
606	594		insurer or entity initiall y obligated under the claims or policies
607	595		is released by the policyholder from performing its claim or policy
608	596		obligations. Consent shall be express and an implied novation shall
609	597		not be allowed for the purposes, im plementation and application of
610	598		the Oklahoma Property and Casualty Insurance Guaranty Association
611	599		Act;
612	600		13. 14. "Person" means the individual or other entities as
613	601		defined in Section 104 of this title;
614	602		14. 15. "Receiver" means liquidator, rehabilitator, co nservator
615	603		or ancillary receiver, as the con text requires; and
616	604		15. 16. "Self-insurer" means a person who covers its liability
617	605		through a qualified individual or group self -insurance program or
618	606		any other formal program created for the specific purpose of
619	607		covering liabilities typically covered by insurance.
620	608		SECTION 4. AMENDATORY 36 O.S. 2021, Section 2007, is
621	609		amended to read as follows:
622	610		Section 2007. A. The Oklahoma Property and Casualty Insurance
623	611		Guaranty Association shall:
624	612		1. Be obligated to pay the covered claims existin g prior to the
625	613		determination of insolvency if the claims arise within thirty (30)
626	614		days after the determination of insolvency, or before the policy
627	615
628		-	SENATE FLOOR VERSION - HB1160 SFLR Page 13
629		-	(Bold face denotes Committee Amendments) 1
	616	+	ENGR. H. B. NO. 1160 Page 13 1
630	617		2
631	618		3
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649	636		21
650	637		22
651	638		23
652	639		24
653	640
654	641		expiration date if less than thirty (30) days after the
655	642		determination, or before the insured replaces the policy or causes
656	643		its cancellation, if the insured does so within thirty (30) days of
657	644		the determination. The obligation shall be satisfied by paying to
658	645		the claimant an amount as follows:
659	646		a. the full amount of a cover ed claim for benefits under
660	647		a workers' compensation insurance coverage,
661	648		b. an amount not exceeding Ten Thousand Dollars
662	649		($10,000.00) per policy for a covered claim for the
663	650		return of unearned premium, and
664	651		c. an amount not exceeding One Hundred Fifty Thousan d
665	652		Dollars ($150,000.00) per claimant for all other
666	653		covered claims except for claims relating to a
667	654		cybersecurity insurance policy, and
668	655		d. in no event shall the Association be obligated to pay
669		-	an amount in excess of ~~Three~~ Hundred Thousand Dollars
670		-	($~~300~~,000.00) for all first- and third-party claims
	656	+	an amount in excess of Five Hundred Thousand Dollars
	657	+	($500,000.00) for all first- and third-party claims
671	658		under a policy or endorsement providing, or that is
672	659		found to provide, cybersecurity insurance coverage and
673	660		arising out of or related to a single insured event,
674	661		regardless of the number of claims made or the number
675	662		of claimants.
676	663		In no event shall the Association be obligated to pay a claimant
677	664		an amount in excess of the obligation of the insolvent insurer under
678	665
679		-	SENATE FLOOR VERSION - HB1160 SFLR Page 14
680		-	(Bold face denotes Committee Amendments) 1
	666	+	ENGR. H. B. NO. 1160 Page 14 1
681	667		2
682	668		3
683	669		4
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685	671		6
686	672		7
687	673		8
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695	681		16
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702	688		23
703	689		24
704	690
705	691		the policy or coverage from which the claim arises or in excess of
706	692		the limits of the obligation of the Associa tion existing on the date
707	693		on which the order of liquidation is filed with the court clerk;
708	694		2. Any obligation of the association Association to defend an
709	695		insured shall cease upon the payment or tender by the association
710	696		Association of an amount equal to th e lesser of the covered claim
711	697		obligation limit of the association Association or the applicable
712	698		policy limit;
713	699		3. As payor of last resort, have all rights, duties and
714	700		obligations of the insolvent insurer as if the insurer had not
715	701		become insolvent including , but not limited to, the right to pursue
716	702		and retain salvage and subrogation recoverable on covered claim
717	703		obligations to the extent paid by the association Association. The
718	704		association Association shall not be deemed the insolvent insurer
719	705		for the purpose of conferring jurisdiction;
720	706		4. Allocate claims paid and expenses incurred among the three
721	707		accounts set out in Section 2005 of this title separately, and
722	708		assess member insurers separately for each account amounts necessary
723	709		to pay the obligations of the Ass ociation under this section
724	710		subsequent to a member insurer becoming an insolvent insurer, the
725	711		expenses of handling covered claims subsequent to an insolvency, and
726	712		other expenses authorized by the Oklahoma Property and Casualty
727	713		Insurance Guaranty Associatio n Act, Sections 2001 through 2020 of
728	714		this title and Sections 2020.1 and 2020.2 of this title. The
729	715
730		-	SENATE FLOOR VERSION - HB1160 SFLR Page 15
731		-	(Bold face denotes Committee Amendments) 1
	716	+	ENGR. H. B. NO. 1160 Page 15 1
732	717		2
733	718		3
734	719		4
735	720		5
736	721		6
737	722		7
738	723		8
739	724		9
740	725		10
741	726		11
742	727		12
743	728		13
744	729		14
745	730		15
746	731		16
747	732		17
748	733		18
749	734		19
750	735		20
751	736		21
752	737		22
753	738		23
754	739		24
755	740
756	741		assessments of each member insurer shall be in the proportion that
757	742		the net direct written premiums of the member insurer for the
758	743		calendar year preceding the assessment on the kinds of insurance in
759	744		the account bear to the net direct written premiums of all
760	745		participating insurers for the calendar year preceding the
761	746		assessment on the kinds of insurance in the account. Each member
762	747		insurer shall be notified in wri ting of the assessment not later
763	748		than thirty (30) days before it is due. No member insurer may be
764	749		assessed in any year an amount greater than two percent (2%) of the
765	750		net direct written premiums of that member or one percent (1%) of
766	751		that surplus of the mem ber insurer as regards policyholders for th e
767	752		calendar year preceding the assessment on the kinds of insurance in
768	753		the account, whichever is less. If the maximum assessment, together
769	754		with the other assets of the Association, does not provide in any
770	755		one (1) year in any account an amount sufficient to make all
771	756		necessary payments from that account, the funds available may be
772	757		prorated and the unpaid portion shall be paid as soon thereafter as
773	758		funds become available. The Association shall pay claims in any
774	759		order which it deems reasonable, including the p ayment of claims as
775	760		the claims are received from the claimants or in groups or
776	761		categories of claims. The Association may exempt or defer, in whole
777	762		or in part, the assessment of any member insurer, if the assessme nt
778	763		would cause the financial statement of the member insurer to reflect
779	764		amounts of capital or surplus less than the minimum amounts required
780	765
781		-	SENATE FLOOR VERSION - HB1160 SFLR Page 16
782		-	(Bold face denotes Committee Amendments) 1
	766	+	ENGR. H. B. NO. 1160 Page 16 1
783	767		2
784	768		3
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786	770		5
787	771		6
788	772		7
789	773		8
790	774		9
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795	779		14
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802	786		21
803	787		22
804	788		23
805	789		24
806	790
807	791		for a certificate of authority by any jurisdiction in which the
808	792		member insurer is authorized to transact insurance. During the
809	793		period of deferment, no divide nds shall be paid to shareholders or
810	794		policyholders. Deferred assessments shall be paid when the payments
811	795		will not reduce capital or surplus below required minimums. The
812	796		payments may be refunded to those companie s receiving larger
813	797		assessments by virtue of the deferment, or, at the election of any
814	798		company credited against future assessments. Each member insurer
815	799		serving as a servicing facility may set off against any assessment
816	800		authorized payments made on covered c laims and expenses incurred in
817	801		the payment of covered claims by a member insurer if they are
818	802		chargeable to the account for which the assessment is made;
819	803		5. Investigate claims brought against the Association and
820	804		adjust, compromise, settle and pay covered c laims to the extent of
821	805		the obligation of the Association and deny all other claims. The
822	806		Association shall pay claims in any order that it may deem
823	807		reasonable, including, but not limited to, the payment of claims as
824	808		they are received from claimants or in g roups of categories of
825	809		claims. The Associa tion shall have the right to select and to
826	810		direct legal counsel under liability insurance policies for the
827	811		defense of covered claims;
828	812		6. Notify claimants in this state as deemed necessary by the
829	813		Commissioner and upon the request of the Commissioner, to the extent
830	814		records are available to the Association. Notification may include,
831	815
832		-	SENATE FLOOR VERSION - HB1160 SFLR Page 17
833		-	(Bold face denotes Committee Amendments) 1
	816	+	ENGR. H. B. NO. 1160 Page 17 1
834	817		2
835	818		3
836	819		4
837	820		5
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842	825		10
843	826		11
844	827		12
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853	836		21
854	837		22
855	838		23
856	839		24
857	840
858	841		but shall not be limited to, a legal posting on the website of the
859	842		Association;
860	843		7. a. Handle claims through employees or through one or more
861	844		insurers or other persons designated as servicing
862	845		facilities. Designation of a servicing facility is
863	846		subject to approval of the Commissioner, but such
864	847		designation may be declined by a member insurer.
865	848		b. The Association shall have the right to review and
866	849		contest as set forth in this paragraph, settlements,
867	850		releases, compromises, waivers and judgments to which
868	851		the insolvent insurer or its insureds were parties
869	852		prior to the entry of the order of liquidation. In an
870	853		action to enforce settlements, release s and judgments
871	854		to which the insolvent insu rer or its insureds were
872	855		parties prior to the entry of the order of
873	856		liquidation, the Association shall have the right to
874	857		assert the following defenses:
875	858		(1) the Association shall not be bound by a
876	859		settlement, release, compromise or waiver
877	860		executed by an insured or the insurer, or any
878	861		judgment entered against the insured or the
879	862		insurer by consent or through a failure to
880	863		exhaust all appeals, if the settlement, release,
881	864		compromise waiver or judgment was:
882	865
883		-	SENATE FLOOR VERSION - HB1160 SFLR Page 18
884		-	(Bold face denotes Committee Amendments) 1
	866	+	ENGR. H. B. NO. 1160 Page 18 1
885	867		2
886	868		3
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888	870		5
889	871		6
890	872		7
891	873		8
892	874		9
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903	885		20
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905	887		22
906	888		23
907	889		24
908	890
909	891		(a) executed or entered within one hundred
910	892		twenty (120) days prior to the entry of an
911	893		order of liquidation, and the insured or the
912	894		insurer did not use reasonable care in
913	895		entering into the settlement, release,
914	896		compromise, waiver or judgment, or did not
915	897		pursue all reasonable appeals of an adverse
916	898		judgment, or
917	899		(b) executed by or taken against an insured or
918	900		the insurer based on default, fraud,
919	901		collusion or the failure of the insurer to
920	902		defend,
921	903		(2) if a court of competent jurisdiction finds that
922	904		the Association is not bound b y a settlement,
923	905		release, compromise, waiver or judgment for the
924	906		releases provided for in division (1) of
925	907		subparagraph b of this paragraph, the settlement,
926	908		release, compromise, waiver or judgment shall be
927	909		set aside and the Association shall be permitted
928	910		to defend any covered claim on the merits. The
929	911		settlement, release, compromise, waiver or
930	912		judgment shall not be considered as evidence of
931	913		liability in connection with any claim brought
932	914		against the Association or any other party
933	915
934		-	SENATE FLOOR VERSION - HB1160 SFLR Page 19
935		-	(Bold face denotes Committee Amendments) 1
	916	+	ENGR. H. B. NO. 1160 Page 19 1
936	917		2
937	918		3
938	919		4
939	920		5
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942	923		8
943	924		9
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959	940
960	941		pursuant to the Oklahoma Prope rty and Casualty
961	942		Insurance Guaranty Associa tion Act, and
962	943		(3) the Association shall have the right to assert
963	944		any statutory defenses or rights of offset
964	945		against any settlement, release, compromise or
965	946		waiver executed by an insured or the insurer, or
966	947		any judgment taken against the insured or the
967	948		insurer.
968	949		c. As to any covered claims arising from a judgment under
969	950		any decision, verdict or finding based on the default
970	951		of the insolvent insurer or its failure to defend, the
971	952		Association, either on its own behalf or on behalf of
972	953		an insured, may apply to have th e judgment, order,
973	954		decision, verdict or finding set aside by the same
974	955		court or administrator that entered the judgment,
975	956		claim, decision, verdict or finding and shall be
976	957		permitted to defend on the merits;
977	958		8. Reimburse each servicing facility for obligations of the
978	959		Association paid by the facility and for reasonable expenses
979	960		incurred by the facility while handling claims on behalf of the
980	961		Association and pay the other expenses of the Association authorized
981	962		by the Oklahoma Property and Casualty Insurance Guara nty Association
982	963		Act;
983	964
984		-	SENATE FLOOR VERSION - HB1160 SFLR Page 20
985		-	(Bold face denotes Committee Amendments) 1
	965	+	ENGR. H. B. NO. 1160 Page 20 1
986	966		2
987	967		3
988	968		4
989	969		5
990	970		6
991	971		7
992	972		8
993	973		9
994	974		10
995	975		11
996	976		12
997	977		13
998	978		14
999	979		15
1000	980		16
1001	981		17
1002	982		18
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1004	984		20
1005	985		21
1006	986		22
1007	987		23
1008	988		24
1009	989
1010	990		9. Have standing to appear before any court of this state which
1011	991		has jurisdiction over an impaired or insolvent insurer for whom the
1012	992		Association is or may become obligated pursuant to the prov isions of
1013	993		the Oklahoma Property and Casualty Insurance Guaranty Association
1014	994		Act. Standing shall extend to all matters germane to the powers and
1015	995		duties of the Association including, but not limited to, proposals
1016	996		for rehabilitation, acquisition, merger, rei nsuring, or guaranteeing
1017	997		the covered policies of the impaired or insolvent insurer, and the
1018	998		determination of covered policies and contractual obligations of the
1019	999		impaired or insolvent insurer; and
1020	1000		10. Notwithstanding any other provision of the Oklahoma
1021	1001		Property and Casualty Insurance Guaranty Association Act, an
1022	1002		insurance policy issued by a member insurer and later allocated,
1023	1003		transferred, assumed by or otherwise made the sole responsibility of
1024	1004		another insurer pursuant to any provision of law providing for t he
1025	1005		division of an insurance company, or the statutory assumption or
1026	1006		transfer of designated policies under which there is no remaining
1027	1007		obligation to the transferring entity, shall be considered to have
1028	1008		been issued by a member insurer which is an insolvent i nsurer for
1029	1009		the purposes of this Act act in the event that the insurer to which
1030	1010		the policy has been allocated, transferred, assumed or otherwise
1031	1011		made the sole responsibility of is placed in liquidation. An
1032	1012		insurance policy that was issued by an insurer who is not a member
1033	1013		insurer and subsequently a llocated, transferred, assumed by or
1034	1014
1035		-	SENATE FLOOR VERSION - HB1160 SFLR Page 21
1036		-	(Bold face denotes Committee Amendments) 1
	1015	+	ENGR. H. B. NO. 1160 Page 21 1
1037	1016		2
1038	1017		3
1039	1018		4
1040	1019		5
1041	1020		6
1042	1021		7
1043	1022		8
1044	1023		9
1045	1024		10
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1047	1026		12
1048	1027		13
1049	1028		14
1050	1029		15
1051	1030		16
1052	1031		17
1053	1032		18
1054	1033		19
1055	1034		20
1056	1035		21
1057	1036		22
1058	1037		23
1059	1038		24
1060	1039
1061	1040		otherwise made the sole responsibility of a member insurer under any
1062	1041		provision of law providing for the division of an insurance company
1063	1042		shall not be considered to have been is sued by a member insurer
1064	1043		pursuant to this Act act.
1065	1044		B. The Association may:
1066	1045		1. Employ or retain persons as are necessary to handle claims
1067	1046		and perform other duties of the Association;
1068	1047		2. Borrow funds necessary to effect the purposes of the
1069	1048		Oklahoma Property and Casualty Insurance Guaranty Associat ion Act in
1070	1049		accordance with the plan of operation;
1071	1050		3. Sue or be sued;
1072	1051		4. Negotiate and become a party to contracts as are necessary
1073	1052		to carry out the purpose of the Oklahoma Property and Casualty
1074	1053		Insurance Guaranty Association Act;
1075	1054		5. Refund to member insurers in proportion to the contribution
1076	1055		of each member insurer that amount by which the assets of the
1077	1056		Association exceed its liabilities, if at the end of any calendar
1078	1057		year the board of directors finds that the as sets of the Association
1079	1058		exceed the liabilities as estimated by the board of directors for
1080	1059		the coming year;
1081	1060		6. Lend monies to an insurer declared to be impaired by the
1082	1061		Commissioner. The Association, with approval of the Commissioner,
1083	1062		shall approve the amo unt, length and terms of the loan. "Impaired
1084	1063		Insurer" for purposes of this section shall mean an insurer
1085	1064
1086		-	SENATE FLOOR VERSION - HB1160 SFLR Page 22
1087		-	(Bold face denotes Committee Amendments) 1
	1065	+	ENGR. H. B. NO. 1160 Page 22 1
1088	1066		2
1089	1067		3
1090	1068		4
1091	1069		5
1092	1070		6
1093	1071		7
1094	1072		8
1095	1073		9
1096	1074		10
1097	1075		11
1098	1076		12
1099	1077		13
1100	1078		14
1101	1079		15
1102	1080		16
1103	1081		17
1104	1082		18
1105	1083		19
1106	1084		20
1107	1085		21
1108	1086		22
1109	1087		23
1110	1088		24
1111	1089
1112	1090		potentially unable to fulfill its contractual obligations, but shall
1113	1091		not mean an insolvent insurer;
1114	1092		7. Perform other acts as are necessary or proper to effectuate
1115	1093		the purpose of the Oklahoma P roperty and Casualty Insurance Guaranty
1116	1094		Association Act;
1117	1095		8. Intervene as a party in interest in any supervision,
1118	1096		conservation, liquidation, rehabilitation, impairment or
1119	1097		receivership in which policyholders ' interests and interests of the
1120	1098		Association may be or are affected; and
1121	1099		9. Be designated or may contract as a servicing facility for
1122	1100		any entity which may be recommended by the board of directors of the
1123	1101		Association and shall be approved by the Commissioner.
1124	1102		SECTION 5. AMENDATORY 36 O.S. 2021, Section 2009, is
1125	1103		amended to read as follows:
1126	1104		Section 2009. A. The Commissioner shall:
1127	1105		1. Notify the Oklahoma Property and Casualty Insurance Guaranty
1128	1106		Association Executive Director of the existence of an insolvent
1129	1107		insurer as soon as possible but not later than three (3) days after
1130	1108		notice of the determination is received. The Association shall be
1131	1109		entitled to a copy of a complaint seeking an order of liquidation
1132	1110		with a finding of insolvency against a member company at the same
1133	1111		time that the complaint is filed with a court of competent
1134	1112		jurisdiction; and
1135	1113
1136		-	SENATE FLOOR VERSION - HB1160 SFLR Page 23
1137		-	(Bold face denotes Committee Amendments) 1
	1114	+	ENGR. H. B. NO. 1160 Page 23 1
1138	1115		2
1139	1116		3
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1141	1118		5
1142	1119		6
1143	1120		7
1144	1121		8
1145	1122		9
1146	1123		10
1147	1124		11
1148	1125		12
1149	1126		13
1150	1127		14
1151	1128		15
1152	1129		16
1153	1130		17
1154	1131		18
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1157	1134		21
1158	1135		22
1159	1136		23
1160	1137		24
1161	1138
1162	1139		2. Provide the Association with a statement of the net direct
1163	1140		written premiums of each member insurer upon the request of the
1164	1141		board of directors.
1165	1142		B. The Commissioner may:
1166	1143		1. Suspend or revoke, after the notice and hearing, the
1167	1144		certificate of authority to transact insurance in this state of any
1168	1145		member insurer which fails to pay an assessment when due or fails to
1169	1146		comply with the plan of operation. As an alternative, the
1170	1147		Commissioner may levy a fine on any member insurer which fails to
1171	1148		pay an assessment when due. The fine shall not exceed five percent
1172	1149		(5%) of the unpaid assessment per month, except that no fine shall
1173	1150		be less than One Hundred Dollars ( $100.00) per month;
1174	1151		2. Revoke the designation of any servicing facility if the
1175	1152		Commissioner finds claims are being handled unsatisfactorily; or
1176	1153		3. Examine or audit the Association.
1177	1154		C. Any final action or order of the Commissioner under the
1178	1155		Oklahoma Property and Casualty Insurance Guaranty Associ ation Act
1179	1156		shall be subject to judicial review in a court of competent
1180	1157		jurisdiction.
1181	1158		SECTION 6. AMENDATORY 36 O.S. 2021, Section 2020.1, is
1182	1159		amended to read as follows:
1183	1160		Section 2020.1. A. The Oklahoma Property and Casualty
1184	1161		Insurance Guaranty Association may join one or more organizations of
1185	1162		other state associations of similar purposes, to further the
1186	1163
1187		-	SENATE FLOOR VERSION - HB1160 SFLR Page 24
1188		-	(Bold face denotes Committee Amendments) 1
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1213	1189		purposes and administer the powers and duties of the Association.
1214	1190		The Association may designate one or more of these organizations t o
1215	1191		act as a liaison for the Association and, to the extent the
1216	1192		Association authorizes, to bind the Association in agreements or
1217	1193		settlements with receivers of insolvent insurance companies or their
1218	1194		designated representatives.
1219	1195		B. The Oklahoma Property and Casualty Insurance Guaranty
1220	1196		Association, in cooperation with other obligated or potentially
1221	1197		obligated guaranty associations, or their designated
1222	1198		representatives, shall make all reasonable efforts to coordinate and
1223	1199		cooperate with receivers, or their designate d representatives, in
1224	1200		the most efficient and uniform manner, including the use of Uniform
1225	1201		Data Standards as promulgated or approved by the National
1226	1202		Association of Insurance Commissioners.
1227	1203		SECTION 7. AMENDATORY 36 O.S. 2021, Section 2020.2, is
1228	1204		amended to read as follows:
1229	1205		Section 2020.2. A. For purposes of this section, "high net
1230	1206		worth insured" means any insured whose net worth exceeds Fifty
1231	1207		Million Dollars ($50,000,000.00) on December 31 of the year prior to
1232	1208		the year in which the insurer becomes an insolvent insurer; provided
1233	1209		that the net worth of an insured on that date shall be deemed to
1234	1210		include the aggregate net worth of the insured and all of its
1235	1211		subsidiaries and affiliates as calculat ed on a consolidated basis.
1236	1212
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1263	1238		B. 1. The Oklahoma Property and Casualty Insurance Guaranty
1264	1239		Association shall not be obligated to pay any first -party claims by
1265	1240		a high net worth insured; and
1266	1241		2. The Association shall have the right to recover from a high
1267	1242		net worth insured all amounts paid by the association Association to
1268	1243		or on behalf of the insured, whether for indemnity, defense or
1269	1244		otherwise; and
1270	1245		3. The Association may also, at its sole discretion and without
1271	1246		assumption of any ongoing duty to do so, pay any cybersecurity
1272	1247		insurance obligations covered by a policy or endorsement of an
1273	1248		insolvent company on behalf of a high net worth insured as defined
1274	1249		in this section. In that case, the Association shall recover from
1275	1250		the high net worth insured under this sectio n all amounts paid on
1276	1251		its behalf, all alloc ated claim adjusted expenses related to such
1277	1252		claims, the Association 's attorney fees, and all court costs in any
1278	1253		action necessary to collect the full amount to the Association 's
1279	1254		reimbursement under this section .
1280	1255		C. The Association shall not be obligated to pay any claim that
1281	1256		would otherwise be a covered claim that is an obligation to or on
1282	1257		behalf of a person who has a net worth greater than that allowed by
1283	1258		the insurance guaranty association law of the state of res idence of
1284	1259		the claimant at the time specifie d by the applicable law of that
1285	1260		state, and which association has denied coverage to that claimant on
1286	1261		that basis.
1287	1262
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1314	1288		D. The Association shall establish reasonable procedures for
1315	1289		requesting financial information from insureds on a confidential
1316	1290		basis for purposes of applying this section, provided that the
1317	1291		financial information may be shared with any other association
1318	1292		similar to the association and the liquidator for the insolvent
1319	1293		insurer on the same confidential basis. Any request to an insured
1320	1294		seeking financial information shall advise the insured of the
1321	1295		consequences of failing to provide the financial information. If an
1322	1296		insured refuses to provide the requested financial information where
1323	1297		it is requested and availabl e, the Association may, until the time
1324	1298		as the information is provided, provisionally deem the insured to be
1325	1299		a high net worth insured for the purpose of denying a claim under
1326	1300		subsection B of this section.
1327	1301		E. In any lawsuit contesting the applicability of t his section
1328	1302		where the insured has refused t o provide financial information under
1329	1303		the procedure established pursuant to subsection D of this section,
1330	1304		the insured shall bear the burden of proof concerning its net worth
1331	1305		at the relevant time. If the insured f ails to prove that its net
1332	1306		worth at the relevant time was less than the applicable amount, the
1333	1307		court shall award the association its full costs, expenses and
1334	1308		reasonable attorney fees in contesting the claim.
1335	1309		SECTION 8. NEW LAW A new section of law to be codified
1336	1310		in the Oklahoma Statutes as Section 2020.3 of Title 36, unless there
1337	1311		is created a duplication in numbering, reads as follows:
1338	1312
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1365	1338		No person, including an insurer, insurance producer, or
1366	1339		affiliate of an insurer, shall publish, dis seminate, circulate, or
1367	1340		place before the public, or cause, directly or indirectly, to be
1368	1341		published, disseminated, circulated or placed before the public, in
1369	1342		any newspaper, magazine or other publication, or in the form of a
1370	1343		notice, circular, pamphlet, lette r or poster, or over any radio
1371	1344		station or television station, or in any other way, any
1372	1345		advertisement, which uses the existence of the Insurance Guaranty
1373	1346		Association of this state for the purpose of sales, solicitation, or
1374	1347		inducement to purchase any form of insurance covered by the Oklahoma
1375	1348		Property and Casualty Insurance Guaranty Association law. However,
1376	1349		this section does not apply to the Insurance Guaranty Association or
1377	1350		to any other entity which does not sell or solicit insurance.
1378	1351		SECTION 9. NEW LAW A new section of law t o be codified
1379	1352		in the Oklahoma Statutes as Section 2020.4 of Title 36, unless there
1380	1353		is created a duplication in numbering, reads as follows:
1381	1354		A. Except as provided in subsection B of this section, records
1382	1355		created, held by, or pertaining to the Oklahoma Property and
1383	1356		Casualty Insurance G uaranty Association are not public records under
1384	1357		the Oklahoma Open Records Act, are confidential, and are not subject
1385	1358		to inspection or disclosure.
1386	1359		B. Subsection A of this section does not apply to the plan of
1387	1360		operation required under Section 2008 of Title 36 of the Oklahoma
1388	1361		Statutes and other information required to be filed with the
1389	1362
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1416	1388		Insurance Commissioner under Title 36 of the Oklahoma Statutes
1417	1389		unless otherwise prohibited from release by law.
1418	1390		SECTION 10. This act shall become effective November 1, 2025.
1419		-	COMMITTEE REPORT BY: COMMITTEE ON BUSINESS AND INSURANCE
1420		-	April 10, 2025 - DO PASS AS AMENDED
	1391	+	Passed the House of Representatives the 3rd day of March, 2025.
	1392	+
	1393	+
	1394	+
	1395	+
	1396	+	Presiding Officer of the House
	1397	+	of Representatives
	1398	+
	1399	+
	1400	+
	1401	+	Passed the Senate the ____ day of __________, 2025.
	1402	+
	1403	+
	1404	+
	1405	+
	1406	+	Presiding Officer of the Senat e
	1407	+
	1408	+