House Bill No. 1160 amends the Oklahoma Property and Casualty Insurance Guaranty Association Act to enhance 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 expands its applicability with new definitions, including "cybersecurity insurance," which covers data privacy breaches. It also specifies that the Association cannot use its existence to sell or solicit insurance and clarifies that certain records are not public. Additionally, the bill revises the obligations of the Association regarding covered claims, establishing a cap of $300,000 for claims arising from a single insured event under cybersecurity insurance policies while maintaining existing limits for other claims.

Furthermore, the bill introduces significant changes to the Association's obligations, including the cessation of its duty to defend an insured upon payment of a claim and the establishment of rights to pursue salvage and subrogation on covered claims. It also specifies that the Association is not obligated to pay first-party claims for high net worth insureds with a net worth exceeding $50 million. The confidentiality of records related to the Association is emphasized, stating they are not public records under the Oklahoma Open Records Act, with certain exceptions. The bill is set to take effect on November 1, 2025, following its passage in the House of Representatives.