Okla. Stat. tit. 47, § 47-7-207: Release from liability

A. A person shall be relieved from the requirement for deposit

of security for the benefit or protection of another person injured

or damaged in the accident, provided he or she has given proof of

financial responsibility, in the event he or she is released from

liability by the other person.

B. A covenant not to sue shall relieve the parties thereto as

to each other from the security requirements of this chapter.

C. In the event the Department of Public Safety has received

medical evidence that the injuries or damage to any minor are in an

amount not more than Two Hundred Dollars ($200.00), the Department

may accept, for the purposes of this article only, evidence of a

release from liability executed by a custodial parent or a legal

guardian on behalf of the minor without the approval of any court or

judge.