The bill amends various sections of the Oklahoma Statutes to enhance information security protocols for insurance licensees and modify the duties of the Insurance Commissioner. It requires licensees to establish a comprehensive written information security program that includes administrative, technical, and physical safeguards to protect nonpublic information. Licensees must designate responsible personnel, conduct risk assessments, and report annually to the Insurance Commissioner on compliance with these security measures. Additionally, the bill clarifies the Commissioner's duties, including the annual review of trust negotiations and operations, and mandates that organizations offering prepaid funeral services obtain permits, with specified conditions for permit denial and compliance responsibilities.

Further amendments focus on prepaid funeral benefits, introducing the term "organization" to refer specifically to "funeral establishments" as defined in the Funeral Services Licensing Act. The bill requires permit holders to respond to inquiries from the Insurance Commissioner within twenty days and notify of any contact changes within thirty days, with penalties for late submissions. It establishes annual expiration for permits on December 31 and outlines the reinstatement process. The bill also clarifies funding sources for prepaid funeral benefits, mandates electronic filing of annual reports, and increases penalties for non-compliance, including a maximum fine increase from $100 to $1,000 per occurrence. The act is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 36-6124.1, 36-6813, 36-6814, 36-6815