This bill amends Section 7-324 of Title 47 of the Oklahoma Statutes, which pertains to motor vehicle liability insurance policies. The key changes include an increase in the minimum required insurance coverage for bodily injury and property damage. Specifically, the minimum amount for bodily injury to or death of one person in an accident is raised from $25,000 to $50,000, and the minimum for property damage is also increased from $25,000 to $50,000. Additionally, the language throughout the section is updated to be gender-neutral, replacing terms like "him" with "the person" and "his" with "the insured's."

The bill also clarifies various provisions related to motor vehicle liability policies, including the requirements for coverage, the rights of the insurance carrier, and the conditions under which policies may be canceled or settled. It specifies that the liability of the insurance carrier becomes absolute upon the occurrence of injury or damage, and it outlines the conditions under which the insured may be required to reimburse the insurance carrier. The act is set to take effect on November 1, 2026.