Insurance; Oklahoma Property and Casualty Insurance Guaranty Association; powers and duties; joining organizations; records; effective date.

Added page headers, session information, and bold-face indicators for committee amendments to the text.

Removed the 'Enrolled' header and specific legislative formatting codes used in the final version.

The definition of 'covered claim' was updated to include obligations that arose from policies issued by a member insurer but were later transferred, merged, or assumed by another insurer following a liquidation order.

The criteria for determining state residency for 'covered claims' was clarified to specify that business entities qualify if their principal place of business is located in Oklahoma at the time of the insured event.

The document header was updated from 'Engrossed' to 'Enrolled', indicating the final version ready for the Governor's signature, and page numbers were renumbered.

The maximum financial cap for the Insurance Guaranty Association was lowered from $500,000 to $300,000.

New definitions were introduced for 'Claimant' and 'Covered claim' to specify eligibility criteria.

A typo in the act's title was corrected by replacing the word 'investment' with 'insurance'.

Clarified the purpose of the act to focus on 'insurance' risk rather than 'investment' risk, ensuring the law applies specifically to insurance policies.

Reduced the minimum claim amount the Insurance Guaranty Association must cover from $500,000 to $300,000, increasing the number of smaller claims eligible for assistance.