reglab/housing_qa huggingface dataset:
36 OK Stat § 36-4033 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4033. Definitions.

|As used in the Life Insurance and Annuity Policyholders Protection Act: |1. "Replacement" means any transaction in which a new life insurance policy or a new annuity policy is to be purchased, and it is known or should be known by the proposing agent, or by the proposing insurer if there is no agent, that an existing individual life insurance policy or an annuity policy has been, or is to be lapsed, surrendered, converted, become extended insurance, or that the cash loan value, or any portion thereof, is used or contemplated for use in the future with the purchase of a new insurance policy or annuity policy.2. "Notice" means a document completed by the applicant and the agent or insurer prior to completing a new application for a life insurance policy or annuity policy when an agent is involved or delivered with the policy when no agent is involved, which provides information regarding replacement transactions. The document shall be in substantially the same format for all insurers.3. "Statement" means a document to be signed by the agent or the applicant or both the agent and the applicant, which notifies the replaced insurer of the replacement.Added by Laws 1983, c. 80, § 3, eff. Nov. 1, 1983.
36 OK Stat § 36-4035 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4035. Notice to applicants regarding replacement of life insurance or annuity.

|The notice referred to in the Life Insurance and Annuity Policyholders Protection Act shall be delivered to the applicant for a replacement life insurance policy or a replacement annuity policy. The legal name and address of the replacing insurer may be printed on the notice. Said notice shall be in substance as follows: |NOTICE TO APPLICANTS REGARDING REPLACEMENT OF LIFE INSURANCE ORAN ANNUITY. THIS NOTICE IS FOR YOUR BENEFIT AND IS REQUIRED BY LAW.1. If you are urged to purchase life insurance and to surrender, lapse, or in any other way change the status of existing life insurance, the agent is required to give you this notice.2. It may not be advantageous to drop or change existing life insurance in favor of new life insurance, whether issued by the same or a different insurance company. Some of the disadvantages are:a. The amount of the annual premium under an existing policy may be lower than that under a new policy having the same or similar benefits.b. Generally, the initial costs of life insurance policies are charged against the cash value increases in the earlier policy years, the replacement of an old policy could result in the policyholder sustaining the burden of these costs twice.c. The incontestable and suicide clauses begin anew in a new policy. This could result in a claim under a new policy being denied by the company which would have been paid under the old policy.d. Existing policies may have more favorable provisions than new policies in such areas as settlement options and disability benefits.e. An existing policy may have a reserve value in addition to any cash value which may be of some benefit to the insured.f. The insurance company carrying your current insurance policy can often make a desired change on terms which would be more favorable than if existing insurance is replaced with new insurance.3. It may not be advantageous to change an existing policy to reduced paid-up or extended term insurance or to borrow against its loan value beyond your expected ability or intention to repay in order to obtain funds for premiums on a new policy.4. There may be a situation in which a replacement policy is advantageous. You may want to receive the comments of the present insurance company before deciding this important financial matter.I hereby acknowledge that I received the above "Notice to Applicants Regarding Replacement of Life Insurance or an Annuity" before I signed the application for the proposed new insurance._______________________________________________DateSignature of ApplicantSubparagraph c of paragraph 2 of this section shall be in 12-point type.Added by Laws 1983, c. 80, § 5, eff. Nov. 1, 1983.
36 OK Stat § 36-4036 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4036. Statement by applicant regarding notification of replacement to replaced insurer.

|The statement referred to in the Life Insurance and Annuity Policyholders Protection Act shall be delivered to the applicant for a replacement life insurance policy or a replacement annuity policy along with the notice provided for in Section 5 of the Life Insurance and Annuity Policyholders Protection Act. The legal name and address of the replacing insurer may be printed on the statement. Said statement shall be in substance as follows: |STATEMENT BY APPLICANT REGARDING NOTIFICATIONOF REPLACEMENT TO THE REPLACED INSURERI have read the "NOTICE TO APPLICANTS REGARDING REPLACEMENT OF LIFE INSURANCE OR AN ANNUITY" which was furnished to me by the agent taking the application for this policy.(Applicant: Please sign ONE of the following statements.)1. Please notify my present insurer(s) regarding this transaction._______________________ ________________________Date  Signature of Applicant2. Please do not notify my present insurer(s) regarding this transaction._______________________ ________________________Date Signature of ApplicantThe signature of the applicant shall be that of the insured unless someone other than the insured is the owner of the policy. If someone other than the insured is the owner of the policy, the owner must sign. If the insured is under eighteen (18) years of age, the parent is deemed to be the owner of the policy.Certification by the agent:I hereby certify that nothing was said or done during the sales presentation to influence the decision of the applicant regarding this statement.________________________ _______________________Date  Signature of Agent__________________________Insurance Agency or AgentLicense NumberAdded by Laws 1983, c. 80, § 6, eff. Nov. 1, 1983.
36 OK Stat § 36-4038 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4038. Violations - Penalties.

|Violation of any provision of the Life Insurance and Annuity Policyholders Protection Act may result in censure, suspension, or revocation of the insurance license or certificate or a fine of no more than One Thousand Dollars ($1,000.00) per incident, or both. |Added by Laws 1983, c. 80, § 8, eff. Nov. 1, 1983.
36 OK Stat § 36-4055.1 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4055.1. Short title.

|Sections 1 through 17 of this act shall be known and may be cited as the “Viatical Settlements Act of 2008”. |Added by Laws 2008, c. 183, § 1, eff. Nov. 1, 2008.
36 OK Stat § 36-4055.4 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4055.4. Denial, suspension, revocation or nonrenewal of license - Hearing.

|A. The Insurance Commissioner may refuse to issue, suspend, revoke or refuse to renew the license of a viatical settlement provider or viatical settlement broker if the Commissioner finds that: |1. There was any material misrepresentation in the application for the license;2. The licensee or any officer, partner, member or key management personnel has been convicted of fraudulent or dishonest practices, is subject to a final administrative action or is otherwise shown to be untrustworthy or incompetent;3. The viatical settlement provider demonstrates a pattern of unreasonable payments to viators;4. The licensee or any officer, partner, member or key management personnel has been found guilty of, or has pleaded guilty or nolo contendere to, any felony, or to a misdemeanor involving fraud or moral turpitude, regardless of whether a judgment of conviction has been entered by the court;5. The viatical settlement provider has entered into any viatical settlement contract that has not been approved pursuant to the Viatical Settlements Act of 2008;6. The viatical settlement provider has failed to honor contractual obligations set out in a viatical settlement contract;7. The licensee no longer meets the requirements for initial licensure;8. The viatical settlement provider has assigned, transferred or pledged a viaticated policy to a person other than a viatical settlement provider licensed in this state, viatical settlement purchaser, an accredited investor or qualified institutional buyer as defined respectively in Rule 501(a) or Rule 144A promulgated under the Federal Securities Act of 1933, as amended, financing entity, special purpose entity, or related provider trust; or9. The licensee or any officer, partner, member or key management personnel has violated any provision of the Viatical Settlements Act of 2008.B. The Commissioner may suspend, revoke or refuse to renew the license of a viatical settlement broker or a life insurance producer operating as a viatical settlement broker pursuant to the Viatical Settlements Act of 2008 if the Commissioner finds that the viatical settlement broker or life insurance producer has violated the provisions of the Viatical Settlements Act of 2008 or has otherwise engaged in bad-faith conduct with one or more viators.C. If the Commissioner denies a license application or suspends, revokes or refuses to renew the license of a viatical settlement provider, viatical settlement broker or suspends, revokes, or refuses to renew a license of a life insurance producer operating as a viatical settlement broker pursuant to the Viatical Settlements Act of 2008 the Commissioner shall conduct a hearing in accordance with the Administrative Procedures Act.Added by Laws 2008, c. 183, § 4, eff. Nov. 1, 2008.
36 OK Stat § 36-4055.5 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4055.5. Filing of forms - Disapproval by Commissioner.

|A person shall not use a viatical settlement contract form or provide to a viator a disclosure statement form in this state unless first filed with and approved by the Insurance Commissioner. The Commissioner shall disapprove a viatical settlement contract form or disclosure statement form if, in the Commissioner’s opinion, the contract or provisions contained therein fail to meet the requirements of Sections 8, 9 and 12 and subsection B of Section 13 of this act or are unreasonable, contrary to the interests of the public, or otherwise misleading or unfair to the viator. At the Commissioner’s discretion, the Commissioner may require the submission of advertising material. |Added by Laws 2008, c. 183, § 5, eff. Nov. 1, 2008.
36 OK Stat § 36-4055.6 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4055.6. Annual statement - Disclosure of insured's identity or information.

|A. Each viatical settlement provider shall file with the Insurance Commissioner on or before March 1 of each year an annual statement containing information as the Commissioner may prescribe by regulation. In addition to any other requirements, for any policy settled within five (5) years of the date of issuance of the policy, the annual statement shall specify the total number, aggregate face amount and life settlement proceeds of policies settled during the immediately preceding calendar year, together with a breakdown of the information by policy-issue year. The information shall be limited to only those transactions where the viator is a resident of this state. Individual transaction data regarding the business of viatical settlements or data that could compromise the privacy of personal, financial and health information of the viator or insured shall be filed with the Commissioner on a confidential basis. |B. Except as otherwise allowed or required by law, a viatical settlement provider, viatical settlement broker, insurance company, insurance producer, information bureau, rating agency or company, or any other person with actual knowledge of an insured’s identity, shall not disclose that identity as an insured, or the insured’s financial or medical information to any other person unless the disclosure:1. Is necessary to effect a viatical settlement between the viator and a viatical settlement provider and the viator and insured have provided prior written consent to the disclosure;2. Is provided in response to an investigation or examination by the Commissioner or any other governmental officer or agency or pursuant to the requirements of subsection C of Section 13 of this act;3. Is a term of or condition to the transfer of a policy by one viatical settlement provider to another viatical settlement provider;4. Is necessary to permit a financing entity, related provider trust or special purpose entity to finance the purchase of policies by a viatical settlement provider and the viator and insured have provided prior written consent to the disclosure;5. Is necessary to allow the viatical settlement provider or viatical settlement broker or their authorized representatives to make contacts for the purpose of determining health status; or6. Is required to purchase stop loss coverage or financial guaranty insurance.Added by Laws 2008, c. 183, § 6, eff. Nov. 1, 2008.
36 OK Stat § 36-4055.15 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4055.15. Violation of act - Deceptive trade practice.

|A violation of the Viatical Settlements Act of 2008, including the commission of a fraudulent viatical settlement act, shall be considered a deceptive trade practice under Sections 1201 through 1219 of Title 36 of the Oklahoma Statutes subject to the penalties contained in those sections. |Added by Laws 2008, c. 183, § 15, eff. Nov. 1, 2008.
36 OK Stat § 36-4055.16 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4055.16. Authority of Commissioner.

|The Insurance Commissioner shall have the authority to: |1. Promulgate regulations implementing the Viatical Settlements Act of 2008;2. Establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill. This authority includes, but is not limited to, regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise or bequest of a benefit under a life insurance policy insuring the life of a person that is chronically or terminally ill;3. Establish appropriate licensing requirements, fees and standards for continued licensure for viatical settlement providers and brokers;4. Require a bond or other mechanism for financial accountability for viatical settlement providers and brokers; and5. Adopt rules governing the relationship and responsibilities of both insurers and viatical settlement providers and viatical settlement brokers during the viatication of a life insurance policy or certificate.Added by Laws 2008, c. 183, § 16, eff. Nov. 1, 2008.
36 OK Stat § 36-4055.17 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4055.17. Compliance with act.

|A. A viatical or life settlement provider lawfully transacting business in this state prior to the effective date of the Viatical Settlements Act of 2008 may continue to do so pending approval or disapproval of that person’s application for a license if the application is filed with the Commissioner not later than sixty (60) calendar days after publication of the application form and instructions for licensure of providers. If the publication of the application form and instructions is prior to the effective date of this act, then the application shall be filed no later than sixty (60) calendar days after the effective date of the act. During the time that such an application is pending with the Commissioner, the applicant may use any form of viatical settlement contract that has been filed with the Commissioner pending approval thereof, provided that such form is otherwise in compliance with the provisions of this act. Any person transacting business in this state under this subsection shall comply with all other requirements of this act. |B. A person who has lawfully negotiated viatical or life settlement contracts between any owner residing in this state and one or more providers for at least one year immediately prior to the effective date of this act may continue to do so pending approval or disapproval of that person’s application for a license if the application is filed with the Commissioner not later than sixty (60) calendar days after publication of the application form and instructions for licensure of brokers. If the publication of the application form and instructions is prior to the effective date of this act, then the application shall be filed no later than sixty (60) calendar days after the effective date of the act. Any person transacting business in this state under this subsection shall comply with all other requirements of this act.Added by Laws 2008, c. 183, § 17, eff. Nov. 1, 2008. Amended by Laws 2008, c. 344, § 10, eff. Nov. 1, 2008.
36 OK Stat § 36-4071 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4071. Short title.

|This act shall be known and may be cited as the "Oklahoma Charitable Gift Annuity Act". |Added by Laws 1998, c. 141, § 1, emerg. eff. April 21, 1998.
36 OK Stat § 36-4072 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4072. Definitions.

|As used in this act: |1. "Charitable gift annuity" means a transfer of cash or other property by a donor or donors to a charitable organization in return for periodic payments by the charitable organization commencing on the date of the agreement or in the future to one or more persons designated by the donor or donors over the lives of such persons;2. "Qualified charitable gift annuity" means a charitable gift annuity which:a.has an actuarial value using the actuarial factors and interest rate established by the Internal Revenue Code to determine charitable deductions for federal tax purposes which is less than ninety percent (90%) of the value of the cash or other property transferred by the donor or donors to the charitable organization and the difference in value constitutes a charitable deduction for federal tax purposes,b.has periodic payments that are calculated using a rate which will reasonably assure the promised payments to the annuitant on the date the annuity is issued, andc.is described in Section 501(m)(5) of the Internal Revenue Code;3. "Charitable organization" means an entity that:a.is described by Sections 501(c)(3) and 170(c) of the Internal Revenue Code, andb.is qualified to do business in this state;4. "Qualified charitable organization" means a charitable organization that, on the date it issues its first qualified charitable gift annuity contract:a.has a minimum of One Hundred Thousand Dollars ($100,000.00) in unrestricted assets that are exclusive of the assets comprising its qualified charitable gift annuities, andb.has been in continuous operation for at least three (3) years or is a successor or affiliate of a charitable organization that has been in continuous operation for at least three (3) years; and5. "Internal Revenue Code" means the Internal Revenue Code of 1986 (26 U.S.C.), as amended, or any similar successor federal tax legislation.Added by Laws 1998, c. 141, § 2, emerg. eff. April 21, 1998.
36 OK Stat § 36-4073 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4073. Transaction of insurance business.

|The issuance of a qualified charitable gift annuity by a qualified charitable organization shall not constitute transacting a business of insurance in this state. |Added by Laws 1998, c. 141, § 3, emerg. eff. April 21, 1998.
36 OK Stat § 36-4074 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4074. Notification to Insurance Commissioner.

|On or before ninety (90) days after the later of the effective date of this act or the date on which it issues its first charitable gift annuity contract, the charitable organization shall notify the Insurance Commissioner in writing that it has issued one or more charitable gift annuities. This notice shall be signed by an officer or director of the charitable organization and shall: |a.show the name and principal address of the charitable organization,b.certify that the organization is an organization described by Section 501(c)(3) of the Internal Revenue Code and Section 170(c) of the Internal Revenue Code,c.have attached a copy of the organization's letter from the Internal Revenue Service declaring its exempt status,d.certify that the charitable organization has issued one or more charitable gift annuity contracts and that these charitable gift annuity contracts are qualified charitable gift annuity contracts as defined in this act,e.certify that the charitable organization has a minimum of One Hundred Thousand Dollars ($100,000.00) in unrestricted assets exclusive of the assets comprising the qualified charitable gift annuities issued by the charitable organization,f.certify that the charitable organization has been in continuous operation for at least three (3) years or is a successor or an affiliate of a charitable organization that has been in continuous operation for at least three (3) years, andg.have attached the most recent annual audit of the charitable organization prepared by an independent certified public accountant or accounting firm or individual holding a permit to practice public accounting in accordance with generally accepted accounting principles.Added by Laws 1998, c. 141, § 4, emerg. eff. April 21, 1998. Amended by Laws 1998, c. 406, § 2, eff. July 1, 1998.
36 OK Stat § 36-4075 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4075. Statement of nonregulation.

|In its promotional literature, applications and agreements for qualified charitable gift annuities, the qualified charitable organization shall insert the following separate paragraph in print no smaller than that employed in the document generally: |"A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department."Added by Laws 1998, c. 141, § 5, emerg. eff. April 21, 1998.
36 OK Stat § 36-4076 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4076. Financial statement.

|Each qualified charitable organization issuing qualified charitable gift annuities shall provide the Insurance Commissioner with a copy of its annual audited financial statement prepared by an independent certified public accountant or accounting firm or individual holding a permit to practice public accounting in accordance with generally accepted accounting principles within ninety (90) days of receipt of the final audit report by the qualified charitable organization. |Added by Laws 1998, c. 141, § 6, emerg. eff. April 21, 1998.
36 OK Stat § 36-4077 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4077. Information required to be submitted to Insurance Commissioner.

|Except as otherwise required by this act, a qualified charitable organization shall not be required to submit information to the Insurance Commissioner except as necessary to determine any penalties pursuant to Section 10 of this act. |Added by Laws 1998, c. 141, § 7, emerg. eff. April 21, 1998.
36 OK Stat § 36-4078 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4078. Applicability of Oklahoma Open Records Act and Oklahoma Open Meeting Act.

|Nothing herein shall be construed to subject a charitable organization to the Oklahoma Open Records Act or the Oklahoma Open Meeting Act; provided, however, that the notices required by Section 4 of this act and the audited financial statements required by Section 6 of this act which are in the possession of the Oklahoma Insurance Department shall be deemed a "record" as defined in the Oklahoma Open Records Act. |Added by Laws 1998, c. 141, § 8, emerg. eff. April 21, 1998.
36 OK Stat § 36-4079 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4079. Purchase of annuities authorized.

|A qualified charitable organization may use a portion of the money or property received in exchange for a qualified charitable gift annuity to purchase an annuity upon the life of the annuitant of the qualified charitable gift annuity from an insurance company qualified to transact a business of insurance in this state. |Added by Laws 1998, c. 141, § 9, emerg. eff. April 21, 1998.