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36 OK Stat § 36-4017 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4017. Grace period; annuities.

|In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that there shall be a period of grace of one (1) month, but not less than thirty (30) days, within which any stipulated payment to the insurer falling due after the first may be made, subject at the option of the insurer to an interest charge thereon at a rate to be specified in the contract but not exceeding six percent (6%) per annum for the number of days of grace elapsing before such payment, during which period of grace the contract shall continue in full force; but in case a claim arises under the contract on account of death prior to expiration of the period of grace before the overdue payment to the insurer or the deferred payments of the current contract year, if any, are made, the amount of such payments, with interest on any overdue payments, may be deducted from any amount payable under the contract in settlement. |Laws 1957, p. 373, § 4017.
36 OK Stat § 36-4018 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4018. Incontestability; annuities.

|If any statements, other than those relating to age, sex and identity are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, and subject to Section 4020 of this article, there shall be a provision that the contract shall be incontestable after it has been in force during the lifetime of the person or of each of the persons as to whom such statements are required, for a period of two (2) years from its date of issue, except for nonpayment of stipulated payments to the insurer; and at the option of the insurer such contract may also except any provisions relative to benefits in the event of disability and any provisions which grant insurance specifically against death by accident or accidental means. |Laws 1957, p. 373, § 4018.
36 OK Stat § 36-4019 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4019. Application and contract as entire contract in annuities.

|In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the contract when issued, a provision that the contract and the application therefor shall constitute the entire contract between the parties. |Laws 1957, p. 374, § 4019.
36 OK Stat § 36-4020 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4020. Misstatement of age; annuities.

|In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that if the age of the person or persons upon whose life or lives the contract is made, or any of them, has been misstated, the amount payable or benefits accruing under the contract shall be such as the stipulated payment or payments to the insurer would have purchased according to the correct age; and that if the insurer shall make or has made any overpayment or overpayments on account of any such misstatement, the amount thereof, with interest at the rate to be specified in the contract but not exceeding six percent (6%) per annum, may be charged against the current or next succeeding payment or payments to be made by the insurer under the contract. |Laws 1957, p. 374, § 4020.
36 OK Stat § 36-4021 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4021. Dividends on annuities.

|If an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract. |Laws 1957, p. 374, § 4021.
36 OK Stat § 36-4022 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4022. Reinstatement of annuities.

|In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract may be reinstated at any time within one (1) year from the default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated with interest thereon at a rate to be specified in the contract but not exceeding six percent (6%) per annum payable annually, and in cases where applicable the insurer may also include a requirement of evidence of insurability satisfactory to the insurer. |Laws 1957, p. 374, § 4022.
36 OK Stat § 36-4023 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4023. Standard provisions required in reversionary annuities.

|A. Except as stated herein, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions: |1. Any such reversionary annuity contract shall contain the provisions specified in Sections 4017, 4018, 4019, 4021 and 4022 of this article, except that under said Section 4017 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue or deferred payment in lieu of providing for deduction of such payments from an amount payable upon settlement under the contract.2. In such reversionary annuity contracts there shall be a provision that the contract may be reinstated at any time within three (3) years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the insurer on account of the contract be paid, or, within the limits permitted by the then cash values of the contract, reinstated, with interest as to both payments and indebtedness at a rate to be specified in the contract but not exceeding six percent (6%) per annum compounded annually.B. This section shall not apply to group annuities or to annuities included in life insurance policies, and any of such provisions not applicable to single premium annuities shall not to that extent be incorporated therein.Laws 1957, p. 374, § 4023.
36 OK Stat § 36-4025 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4025. Incontestability after reinstatement.

|The reinstatement of any policy of life insurance or annuity contract hereafter delivered or issued for delivery in this state may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and exceptions as the policy provides with respect to contestability after original issuance. |Laws 1957, p. 375, § 4025.
36 OK Stat § 36-4026 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4026. Policy settlements.

|Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy or as agreed to in writing by the insurer and the policyholder. Upon maturity of a policy, in the event the policyholder has made no such agreement, the insurer shall have the power to hold the proceeds of the policy under an agreement with the beneficiaries. The insurer shall not be required to segregate the funds so held but may hold them as part of its general assets. |Laws 1957, p. 375, § 4026.
36 OK Stat § 36-4027 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4027. Authorized deductions from insurance proceeds.

|In determining the amount due under any life insurance policy heretofore or hereafter issued, deduction may be made of: |1. Any unpaid premiums or instalments thereof for the current policy year due under the terms of the policy, and of2. The amount of principal and accrued interest of any policy loan or other indebtedness against the policy then remaining unpaid.Laws 1957, p. 375, § 4027.
36 OK Stat § 36-4028 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4028. Dual or multiple pay policies prohibited.

|No life insurance policy shall be issued or delivered in this state if it provides that, on the death of anyone not specifically named therein, other than a beneficiary, the owner or beneficiary of the policy shall receive the payment or granting of anything of value. |Laws 1957, p. 375, § 4028.
36 OK Stat § 36-4030 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4030. Manner of paying premiums for single premium life policies and annuity contracts.

|A. Except as may be otherwise approved by the Insurance Commissioner, no single premium policy of life insurance or single premium annuity contract shall be delivered or issued for delivery in Oklahoma for a consideration other than cash, cashier's check, check, bank draft, money order, premium note or electronic payment. This act shall not apply to the transfer of securities to an insurer pursuant to the insuring of a pension or profit sharing plan qualified under the Federal Internal Revenue Code. |B. This act shall not be held to repeal or alter any law now in effect, but shall be construed as cumulative with and supplemental to other laws and acts now in effect or enacted hereafter.Added by Laws 1970, c. 154, §§ 1, 2, emerg. eff. April 7, 1970. Amended by Laws 2021, c. 478, § 22, emerg. eff. May 12, 2021.
36 OK Stat § 36-4030.1 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4030.1. Forms to establish proof of death and interest of claimant - Interest on proceeds - Payment of proceeds - Time - Exemptions.

|A. Within ten (10) days after an insurer receives written notification of the death of a person covered by a policy of life insurance, the insurer shall provide to the claimant the necessary forms to be completed to establish proof of the death of the insured and, if required by the policy, the interest of the claimant. If the policy contains a provision requiring surrender of the policy prior to settlement, the insurer shall include a written statement to that effect with the forms to be completed. Forms to establish proof of death and proof of the interest of the claimant shall be approved by the Insurance Commissioner. |B. An insurer shall pay the proceeds of any benefits under a policy of life insurance not more than thirty (30) days after the insurer has received proof of death of the insured. If the proceeds are not paid within this period, the insurer shall pay interest on the proceeds, at a rate which is not less than the current rate of interest on death proceeds on deposit with the insurer, from the date of death of the insured to the date when the proceeds are paid. Should the insurer hold its deposits in a noninterest bearing account, the rate of interest to be paid shall be the same rate of interest as the average United States Treasury Bill rate of the preceding calendar year, as certified to the Insurance Commissioner by the State Treasurer on the first regular business day in January of each year, plus two (2) percentage points, which shall accrue from the thirty-first day after receipt of proof of loss until the proceeds are paid. Payment shall be deemed to have been made on the date an electronic payment is made or the date a check, draft or other valid instrument which is equivalent to payment was placed in the U.S. mails in a properly addressed, postpaid envelope; or, if not so posted, on the date of delivery of such instrument to the beneficiary.C. Subsection B of this section shall not apply to any life insurance policy issued before October 1, 1978, which contains specific provisions to the contrary.Added by Laws 1978, c. 162, § 3, eff. Oct. 1, 1978. Amended by Laws 1987, c. 175, § 24, eff. Nov. 1, 1987; Laws 1994, c. 294, § 7, eff. Sept. 1, 1994; Laws 2021, c. 478, § 23, emerg. eff. May 12, 2021.
36 OK Stat § 36-4030.2 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4030.2. Short title.

|Sections 4030.2 through 4030.13 of this title shall be known and may be cited as the “Standard Nonforfeiture Law for Individual Deferred Annuities”. |Added by Laws 2000, c. 353, § 16, eff. Nov. 1, 2000. Amended by Laws 2004, c. 274, § 12, eff. July 1, 2004.
36 OK Stat § 36-4030.3 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4030.3. Applicability of act.

|This act shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced, or reversionary annuity, nor to any contract which shall be delivered outside this state through an agent or other representative of the company issuing the contract. |Added by Laws 2000, c. 353, § 17, eff. Nov. 1, 2000.
36 OK Stat § 36-4030.6 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4030.6. Minimum present value at commencement of benefits.

|Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. Present value shall be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract. |Added by Laws 2000, c. 353, § 20, eff. Nov. 1, 2000.
36 OK Stat § 36-4030.7 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4030.7. Cash surrender benefits prior to maturity.

|For contracts that provide cash surrender benefits, the cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit that would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, such present value being calculated on the basis of an interest rate not more than one percent (1%) higher than the interest rate specified in the contract for accumulating the net considerations to determine maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. In no event shall any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under such contracts shall be at least equal to the cash surrender benefit. |Added by Laws 2000, c. 353, § 21, eff. Nov. 1, 2000.
36 OK Stat § 36-4030.8 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4030.8. Present value of paid-up annuity benefit available as nonforfeiture option.

|For contracts that do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid prior to the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity, such present value being calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine maturity value, and increased by any existing additional amounts credited by the company to the contract. For contracts that do not provide any death benefits prior to the commencement of any annuity payments, present values shall be calculated on the basis of such interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. However, in no event shall the present value of a paid-up annuity benefit be less than the minimum nonforfeiture amount at that time. |Added by Laws 2000, c. 353, § 22, eff. Nov. 1, 2000.
36 OK Stat § 36-4030.9 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4030.9. Maturity dates.

|For the purpose of determining the benefits calculated under Sections 4030.7 and 4030.8 of this title for annuity contracts issued on or after November 1, 2013, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later. However, if surrender charge scales are measured from the date of each premium payment, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the payment, whichever is later. |Added by Laws 2000, c. 353, § 23, eff. Nov. 1, 2000. Amended by Laws 2004, c. 274, § 15, eff. July 1, 2004; Laws 2013, c. 269, § 10, eff. Nov. 1, 2013; Laws 2014, c. 275, § 17, eff. Nov. 1, 2014.
36 OK Stat § 36-4030.10 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4030.10. Statement required when certain benefits not provided.

|A contract that does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that such benefits are not provided. |Added by Laws 2000, c. 353, § 24, eff. Nov. 1, 2000.
36 OK Stat § 36-4030.11 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4030.11. Calculation of certain benefits under contracts with fixed scheduled considerations.

|Any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs. |Added by Laws 2000, c. 353, § 25, eff. Nov. 1, 2000.
36 OK Stat § 36-4030.12 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4030.12. Minimum nonforfeiture requirements for contracts providing both annuity and life insurance benefits.

|For a contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross considerations with interest, the minimum nonforfeiture benefits shall be equal to the sum of the minimum nonforfeiture benefits for the annuity portion and the minimum nonforfeiture benefits, if any, for the life insurance portion computed as if each portion were a separate contract. Notwithstanding the provisions of Sections 4030.6, 4030.7, 4030.8, 4030.9, and 4030.11 of this title, additional benefits payable in the event of total and permanent disability, as reversionary annuity or deferred reversionary annuity benefits, or as other policy benefits additional to life insurance, endowment and annuity benefits, and considerations for all such additional benefits, shall be disregarded in ascertaining the minimum nonforfeiture amounts, paid-up annuity, cash surrender and death benefits that may be required by the Standard Nonforfeiture Law for Individual Deferred Annuities. The inclusion of such benefits shall not be required in any paid-up benefits, unless the additional benefits separately would require minimum nonforfeiture amounts, paid-up annuity, cash surrender and death benefits. |Added by Laws 2000, c. 353, § 26, eff. Nov. 1, 2000. Amended by Laws 2004, c. 274, § 16, eff. July 1, 2004.
36 OK Stat § 36-4030.13 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4030.13. Operative date of act.

|Beginning November 1, 2004, a company may elect to apply its provisions to annuity contracts filed and approved before November 1, 2004, on a form-by-contract-form basis. Annuity contracts filed for approval and to be issued on or before November 1, 2004, must comply with the provisions of the Standard Nonforfeiture Law for Individual Deferred Annuities. In all other instances, the Standard Nonforfeiture Law for Individual Deferred Annuities shall become operative with respect to annuity contracts issued by the company after November 1, 2006. |Added by Laws 2000, c. 353, § 27, eff. Nov. 1, 2000. Amended by Laws 2004, c. 274, § 17, eff. July 1, 2004.
36 OK Stat § 36-4031 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4031. Short title.

|Sections 1 through 8 of this act shall be known and may be cited as the "Life Insurance and Annuity Policyholders Protection Act". |Added by Laws 1983, c. 80, § 1, eff. Nov. 1, 1983.
36 OK Stat § 36-4032 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-4032. Application of act.

|A. The provisions of the Life Insurance and Annuity Policyholders Protection Act shall apply to life insurance and annuity policies which cover residents of this state and which are solicited and issued by insurance corporations, fraternal benefit societies, associations, or other institutions which issue life insurance or annuity policies. |B. The provisions of the Life Insurance and Annuity Policyholders Protection Act shall not apply to:1. credit life insurance policies; or2. group life insurance policies or group annuity policies; or 3. contracts issued in connection with employee benefits or welfare plans as defined by the Federal Employee Retirement Income Security Act of 1974 (ERISA), Public Law 93-406, as amended; or4. the exercise by an insured of an existing contractual right with the same insurer for the purchase of additional insurance under a guaranteed insurability provision or conversion option or any other contractual policy change privilege; or5. short-term nonrenewable life insurance policies written to cover periods of thirty-one (31) days or less; or6. an existing nonconvertible term life insurance policy which will expire in five (5) years or less and which cannot be renewed; or7. a proposed life insurance policy that is to replace life insurance under a binding or conditional receipt issued by the same company issuing the policy which is to be replaced.Added by Laws 1983, c. 80, § 2, eff. Nov. 1, 1983.