House Bill No. 1497, introduced by Tedford, amends various sections of 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 establish guidelines for evaluating the financial health and liquidity of insurers. It mandates that insurers file an annual enterprise risk report and a group capital calculation, with certain exemptions for specific insurance holding company systems. Additionally, the bill clarifies the confidentiality of proprietary information and trade secrets, ensuring sensitive data remains protected. It updates registration requirements for insurers within holding company systems, emphasizing corporate governance and internal controls, and aligns Oklahoma's insurance regulations with national standards set by the National Association of Insurance Commissioners (NAIC).

Moreover, the bill introduces provisions regarding the publication of Liquidity Stress Test results, allowing insurers to publish rebuttals if they can substantiate that a previously published statement about their results is materially false or inappropriate. This aims to provide insurers with a means to correct misinformation that could affect their reputation or operations. The announcements made by insurers must focus solely on countering false statements. The legislative changes are set to take effect on November 1, 2025, establishing a framework for insurers to address inaccuracies in public disclosures related to their financial health.