House Bill No. 1498 amends various sections of the Oklahoma insurance laws to enhance information security protocols for licensees and modify the duties of the Insurance Commissioner. Key provisions require licensees to develop and maintain a comprehensive information security program that includes risk assessments, safeguards for nonpublic information, and incident response plans. Licensees must also report annually to their board on the status of their information security program and compliance with the law. The Insurance Commissioner is tasked with overseeing the implementation of these security measures and ensuring accountability among licensees for maintaining the integrity of their information systems.

The bill further revises regulations surrounding prepaid funeral services, clarifying permit requirements and organizational responsibilities. It introduces new definitions, stipulates conditions for accepting payments for prepaid funeral benefits, and outlines the circumstances under which permits may be suspended or revoked. Additionally, organizations must respond to inquiries from the Insurance Commissioner within specified timeframes and are required to electronically file permit applications and annual reports. The bill establishes penalties for non-compliance, including misdemeanors for failing to file reports and felonies for contract violations. Overall, House Bill No. 1498 aims to strengthen consumer protection and enhance operational standards within the insurance and prepaid funeral benefits sectors in Oklahoma.

Statutes affected:
Introduced: 36-6124.1, 36-6813, 36-6814, 36-6815
House Committee Substitute: 36-6124.1, 36-1106.1, 36-6813, 36-6814, 36-6815
Floor (House): 36-6124.1, 36-1106.1, 36-6813, 36-6814, 36-6815
Floor (Senate): 36-6124.1, 36-1106.1, 36-6813, 36-6814, 36-6815
Engrossed: 36-6124.1, 36-1106.1, 36-6813, 36-6814, 36-6815
Enrolled (final version): 36-6124.1, 36-1106.1, 36-6813, 36-6814, 36-6815
Sub Committee OR Policy Committee Recommendations (House) Policy Committee Recommendation: 36-6124.1, 36-1106.1, 36-6813, 36-6814, 36-6815