The bill amends various sections of the Oklahoma Statutes concerning insurance regulations, particularly focusing on the definitions, registration of insurers, and the confidentiality of documents. It introduces new definitions such as "Group Capital Calculation Instructions" and "NAIC Liquidity Stress Test Framework," while clarifying existing terms like "control" and "enterprise risk." Insurers within an insurance holding company system are required to register with the Insurance Commissioner and submit an annual enterprise risk report detailing material risks. Additionally, the ultimate controlling person of each insurer must file an annual group capital calculation, with specific exemptions for certain insurance holding company systems.

Moreover, the bill underscores the importance of confidentiality regarding proprietary information and trade secrets, directing the commissioner to protect certain documents from public disclosure. It updates citations and clarifies that the definition of materiality for reporting does not apply to the new group capital calculation instructions or liquidity stress test framework. The bill also establishes a supervision approach for non-U.S. insurance groups, allowing the lead state commissioner to require group capital calculations and grant exemptions based on specific criteria. The act is set to take effect on November 1, 2025.