This bill amends Section 2025 of the Oklahoma Life and Health Insurance Guaranty Association Act to increase the coverage limits for annuities. Specifically, it raises the maximum coverage for present value annuity benefits from $300,000 to $500,000. Additionally, the bill increases the coverage limit for structured settlement annuities, also raising it from $300,000 to $500,000. The overall aggregate limit for benefits provided by the Association for any one life is similarly increased from $300,000 to $500,000, with a specific provision for health benefit plans that maintains the $500,000 cap.

The bill also clarifies the conditions under which coverage is provided to residents and non-residents, ensuring that individuals are not eligible for coverage under multiple state associations to avoid duplication. The changes are intended to enhance the financial protection for policyholders in the event of an insurer's insolvency, thereby strengthening the safety net for Oklahoma residents. The act is set to take effect on November 1, 2026.