House 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 clarifies that minors of this age can also contract for other types of insurance in which they have an insurable interest, while maintaining that they cannot rescind or avoid the contract due to their minority status, except for unperformed premium payment agreements.

Furthermore, the bill introduces a provision that protects insurance agents from liability for failing to obtain the required signed parental or guardian consent when minors enter into these insurance contracts. This change aims to streamline the process for minors seeking insurance while ensuring that agents are not held responsible for compliance with consent requirements. The act is set to take effect on November 1, 2025.