OKLAHOMA CITY - A new law strengthening parental involvement in insurance decisions will take effect later this year.

Rep. Chris Banning, R-Bixby, authored House Bill 1516, which requires signed parental or guardian consent before a minor can enter into a life, accident or health insurance contract. The bill also raises the minimum age from 15 to 16 for minors to contract for such insurance and provides legal protections for insurance agents acting in good faith.

“The Oklahoma legislative branch encompasses numerous intricate components, and it is concerning that minors have been able to enter into legally binding agreements with insurance companies," Banning said. "I would like to express my gratitude to my fellow legislators for their support in advancing HB1516 which is a sensible adjustment to current law no longer allowing minors to enter into such agreements.”

Previously, Oklahoma law allowed 15-year-olds to enter into certain insurance agreements on their own. HB1516 revises that by requiring parental or guardian consent and ensuring that unemancipated minors cannot be held to premium payment agreements such as promissory notes, without oversight.

Additionally, the law expands regulation to include other forms of insurance contracts beyond life, accident and health, ensuring a broader layer of protection for minors and their families. The intent is to prevent minors from entering into legally and financially binding agreements without the maturity, understanding or supervision necessary for such commitments.

HB1516 passed both chambers and became law without the governor’s signature. It takes effect Nov. 1.