Bill No. 1516 amends Section 3606 of the Oklahoma insurance code to adjust the age at which minors can contract for insurance. The bill raises the minimum age from fifteen (15) to sixteen (16) years for minors to enter into contracts for life or accident and health insurance, provided they have signed parental or guardian consent. Additionally, it allows minors aged sixteen and older to contract for other types of insurance with the same consent requirement. The bill emphasizes that minors, with the appropriate consent, will be deemed competent to exercise all rights related to their insurance contracts, including the ability to surrender their interest and receive benefits.

Furthermore, the bill introduces a provision that protects insurance agents from liability for failing to obtain signed parental or guardian consent when minors enter into insurance contracts. This means that the responsibility for ensuring consent does not fall on the insurance agents involved in the transaction. The act is set to take effect on November 1, 2025.