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 to sixteen 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 aged sixteen and older can also contract for other types of insurance with the same consent requirement. The bill ensures that these minors are deemed competent to exercise all rights related to their insurance contracts, while also stipulating 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 parental or guardian consent when a minor enters into an insurance contract. This change aims to streamline the process for minors seeking insurance while ensuring that agents are not held responsible for the consent process. The act is set to take effect on November 1, 2025.