HB 2931
Insurance; Oklahoma Life and Health Insurance Guaranty Association coverage; annuities; effective date.
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- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill amends the Oklahoma Life and Health Insurance Guaranty Association Act to increase the funding available for annuity coverage. Specifically, it raises the guarantee fund for annuities, expanding coverage to include beneficiaries of structured settlement annuities and residents of Oklahoma who are not domiciled in states with similar guaranty associations. The bill also clarifies coverage limitations and excludes certain types of policies, such as those related to self-funded employer plans or Medicare benefits, from the guaranty association’s responsibility.
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