Oklahoma HB1084 prohibits the assignment of benefits in residential, auto, or commercial property insurance policies, declaring such assignments null.
Oklahoma HB1084 amends the state's insurance laws to prohibit the assignment of benefits in residential, auto, or commercial property insurance policies. This means that any agreement to transfer or assign insurance benefits to a third party is against public policy and is null and void. Exceptions are made for assignments to federally insured financial institutions, mortgagees, or subsequent purchasers of the property, as well as for liability coverage under auto, residential, or commercial property insurance policies.
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- Core Provisions
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- Impact
- Legal Framework
- Critical Issues
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