House Bill No. 1497, introduced by Tedford, amends the Oklahoma 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 provide guidelines for evaluating the financial health and liquidity of insurers. It mandates that insurers within a holding company system file an annual enterprise risk report and a group capital calculation, with exemptions for certain small or regulated entities. The legislation also clarifies the confidentiality of proprietary information, ensuring sensitive data remains protected, and revises the registration process for insurers to report material changes and maintain updated financial information.

Additionally, the bill emphasizes the confidentiality of sensitive information related to the group capital calculation and Liquidity Stress Test results, establishing protocols for sharing this information while maintaining its privileged status. It allows insurers to publish rebuttals to false statements regarding their Liquidity Stress Test results, provided they can substantiate their claims. The act is set to take effect on November 1, 2025, and aims to strengthen the regulatory framework governing insurers in Oklahoma, ensuring they are better equipped to manage risks and maintain financial stability.