The bill amends the Oklahoma Property and Casualty Insurance Guaranty Association Act to improve the management of claims related to insolvent insurers. It clarifies the Act's purpose to reduce financial losses for claimants and expands its applicability to include new categories of insurance, such as cybersecurity insurance. The bill also outlines the Association's obligations regarding covered claims, including payment limits and its role as a payor of last resort, while retaining the right to pursue recoveries on claims it pays. Additionally, it specifies that certain records are confidential, with exceptions, and allows the Association to join specific organizations and make designated payments.

Further changes include a revised assessment process for member insurers, which will now be based on their net direct written premiums, with a cap on assessments. The bill allows for the deferment of assessments that could harm a member insurer's financial standing and establishes procedures for claims handling, including the Association's right to contest settlements made by insolvent insurers. It also introduces provisions regarding high net worth insureds, stating that the Association is not required to pay first-party claims for these individuals. The bill will take effect on November 1, 2025, and includes key insertions such as the designation of the Association's Executive Director and clarification of the term "act."