House Bill No. 1497, introduced by Tedford, amends Oklahoma's insurance statutes to enhance regulatory oversight of insurance holding company systems. The bill introduces new definitions, such as "Group Capital Calculation Instructions" and "NAIC Liquidity Stress Test Framework," which set guidelines for financial assessments and reporting requirements. It mandates that all insurers within a holding company system register with the Insurance Commissioner and submit an annual enterprise risk report detailing material risks that could affect their financial condition. Additionally, the bill requires the filing of a group capital calculation, with certain exemptions for specific insurance holding company systems, and clarifies the confidentiality of proprietary documents and trade secrets.

The legislation also emphasizes the confidentiality of sensitive information related to group capital calculations and Liquidity Stress Test results, outlining conditions under which the Commissioner can share this information with other regulatory bodies. It establishes protocols for maintaining confidentiality and clarifies that these assessments are regulatory tools for risk evaluation, not for ranking insurers. Furthermore, the bill allows insurers to publish rebuttals to false statements regarding their Liquidity Stress Test results, provided they can substantiate their claims to the Commissioner. The effective date for these provisions is set for November 1, 2025, aiming to protect insurers' reputations and ensure accurate public information.