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SENATE FLOOR VERSION
April 17, 2025
ENGROSSED HOUSE
BILL NO. 1516 By: Banning of the House
and
Guthrie of the Senate
An Act relating to insurance; amending 36 O.S. 2021,
Section 3606, which relates to the capacity of minors
to contract for insurance; requiring parental or
guardian consent; providing immunity from certain
liability; and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 36 O.S. 2021, Section 3606, is
amended to read as follows:
Section 3606. A. Any person of competent legal capacity may
contract for insurance.
B. A minor not less than fifteen (15) sixteen (16) years of age
as at nearest birthday may, notwithstanding such minority and with
signed parental or guardian consent , contract for life or accident
and health insurance on his or her own life or body or the lif e or
body of any person in whom he or she has an insurable interest, for
his or her own benefit or for the benefit of his or her father or
mother, spouse, child, brother, sister or grandparents. Such a
minor shall, notwithstanding such minority, be deemed competent to
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exercise all rights and powers with respect to or under any contract
of life or accident and health insurance on his or her own life or
body or with respect to or under any contract such minor effected on
the life or body of any person in who m he or she has an insurable
interest, as though of full legal age, and may surrender his or her
interest therein and give a valid di scharge for any benefit accruing
or money payable thereunder. The minor shall not, by reason of his
or her minority, be entitled to rescind, avoid or repudiate the
contract, nor to rescind, avoid or repudiate any exercise of a right
or privilege thereunde r, except that such minor, not otherwise
emancipated, shall not be bound by any unperformed agreement to pay,
by promissory note or otherwise, any premium on any such insurance
contract.
C. A minor not less than sixteen (16) years of age may,
notwithstanding such minority and with signed parental or guardian
consent, contract for insurance on other subjects of insurance in
which he or she has an insurable interest. A minor shall be bound
by any settlement made in connection with any insurance contract so
issued. The minor shall not, by reason of his or her minority, be
entitled to rescind, avoid or repudiate the contract, no r to
rescind, avoid or repudiate any exercise of a right or privilege
thereunder, except that such minor, not otherwise emancipated, shall
not be bound by any unperformed agreement to pay, by promissory note
or otherwise, any premium on any such insurance contract.
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D. Liability for failure to obtain signed parental or guardian
consent under subsections B and C of this section shall not rest
upon the insurance agent from whom the insurance policy was
purchased.
SECTION 2. This act shall bec ome effective November 1, 2025.
COMMITTEE REPORT BY: COMMITTEE ON BUSINESS AND INSURANCE
April 17, 2025 - DO PASS