Bill No. 1160, introduced by Tedford and Reinhardt, amends the Oklahoma Property and Casualty Insurance Guaranty Association Act to improve its functionality and clarify its provisions. The bill modifies the purpose of the Act to include minimizing financial loss to claimants due to insurer insolvency and provides clearer definitions for terms such as "covered claim," "member insurer," and "cybersecurity insurance." It also expands the applicability of the Act by explicitly excluding certain types of insurance, including government-provided insurance, and clarifies the Association's obligations regarding the payment of claims, particularly those related to cybersecurity insurance.

Additionally, the bill outlines the powers and duties of the Association, including the ability to join organizations and make specific payments, while establishing that the Association is not to be used for selling or soliciting insurance. It mandates that the Commissioner notify the Association's Executive Director of an insolvent insurer within three days of determination and introduces provisions regarding high net worth insureds, stating that the Association is not obligated to pay first-party claims for insureds with a net worth exceeding $50 million. The bill also ensures confidentiality for records related to the Association, with certain exceptions, and is set to take effect on November 1, 2025.