This bill amends Section 3606 of Title 36 of the Oklahoma Statutes, which governs the capacity of minors to contract for insurance. The key changes include raising the minimum age for minors to contract for life or accident and health insurance from fifteen (15) to sixteen (16) years of age, and introducing a requirement for signed parental or guardian consent for such contracts. The bill clarifies that minors aged sixteen and older can enter into insurance contracts for their own benefit or for the benefit of family members, and they will be deemed competent to exercise all rights associated with these contracts as if they were of full legal age.

Additionally, the bill maintains that minors cannot rescind or avoid the insurance contracts due to their minority status, except for unperformed agreements to pay premiums. The effective date for this legislation is set for November 1, 2025.