On Apr. 11, OKL LEG passed bill on electronic insurance documents.
OKL LEG passed bill HB 1505 on electronic insurance document delivery and storage.
Makes amendments to OKL INS 36-123, Delivery and storage of electronic documents.
Bill Provisions
Authorizes insurance companies to upload policies or endorsements to their websites.
Provided they do not contain personally identifiable information, subject to conditions.
The policies must be easily accessible online and able to be printed or saved for free.
Insurer must provide information on declarations page given to customers detailing how to request a paper or electronic copy and where to find the policies online.
Once policy expires, insurer must archive policy and make it available upon request.
Legislative History
On Feb. 6, 2024, bill introduced in the House; on Mar. 12, 2024, bill passed in House.
On Mar. 13, 2024, bill introduced in the Senate; on Apr. 10, 2024 bill passed Senate.
On Apr. 11, 2024, bill was sent to governor and is pending governor's action.
Effectiveness
Bill shall become effective Nov. 1, 2024.
Apr. 16, 2024 OKL LEG Bill Approval
On Apr. 16, 2024, OKL LEG reported bill approval by governor, effective Nov. 1, 2024.
Regulators
OKL LEG
Entity Types
Ins
Reference
Bill, 4/16/2024; Bill HB1505, 4/11/2024; Citation: OKL INS 36-123;
Functions
Compliance; Legal; Operations; Record Retention; Reporting
