reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 36. Insurance › §36-3630. Claims administration not waiver.

Without limitation of any right or defense of an insurer otherwise, none of the following acts by or on behalf of an insurer shall be deemed to constitute a waiver of any provision of a policy or of any defense of the insurer thereunder:
1. Acknowledgment of the receipt of notice of loss or claim under the policy.
2. Furnishing forms for reporting a loss or claim, for giving information relative thereto, or for making proof of loss, or receiving or acknowledging receipt of any such forms or proofs completed or uncompleted.
3. Investigating any loss or claim under any policy or engaging in negotiations looking toward a possible settlement of any such loss or claim.
Laws 1957, p. 370, § 3630.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3631.1. Certain money and benefits exempt from legal process or seizure - Exceptions.

A. All money or benefits of any kind, including policy proceeds and cash values, to be paid or rendered to the insured or any beneficiary under any policy of insurance issued by a life, health or accident insurance company, under any policy issued by a mutual benefit association, or under any plan or program of annuities and benefits, shall:
1. Inure exclusively to the benefit of the person for whose use and benefit the money or benefits are designated in the policy, plan or program;
2. Be fully exempt from execution, attachment, garnishment or other process;
3. Be fully exempt from being seized, taken or appropriated or applied by any legal or equitable process or operation of law to pay any debt or liability of the insured or of any beneficiary, either before or after said money or benefits is or are paid or rendered; and
4. Be fully exempt from all demands in any bankruptcy proceeding of the insured or beneficiary.
B. The exemptions provided by subsection A of this section shall apply without regard to whether:
1. The power to change the beneficiary is reserved to the insured; or
2. The insured or the insured's estate is a contingent beneficiary.
C. The exemptions provided by subsection A of this section do not apply to:
1. Premium payments made in fraud of creditors subject to the applicable statute of limitations for the recovery of the premium payments;
2. Fines imposed for violation of state or federal statutes; or
3. A debt of the insured or beneficiary secured by a pledge of the policy or its proceeds.
D. This section shall not prevent the proper assignment of any money or benefits to be paid or rendered under an insurance policy, or any rights under the policy, by the insured or owner in accordance with the terms of the policy. A policy shall also be deemed to be payable to a person other than the insured if and to the extent that a facility-of-payment clause or similar clause in the policy permits the insurer to discharge its obligation after the death of the individual insured by paying the death benefits to a person as permitted by such clause.
E. Wherever any policy of insurance or plan or program of annuities and benefits mentioned in subsection A of this section shall contain a provision against assignment or commutation by any beneficiary thereunder of the money or benefits to be paid or rendered thereunder, or any rights therein, any assignment or commutation or any attempted assignment or commutation by such beneficiary of such money or benefits or rights in violation of such provision shall be wholly void.
F. This section shall apply to money or benefits to be paid or rendered to an insured or a beneficiary under any policy, plan or program provided for in subsection A of this section without regard to whether the policy was issued or the plan or program was established before, on, or after September 1, 1992.
Added by Laws 1992, c. 261, § 1, eff. Sept. 1, 1992.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3632. Exemption of proceeds, group life.

A. A policy of group life insurance or the proceeds thereof payable to the individual insured or to the beneficiary thereunder, shall not be liable, either before or after payment, to be applied by any legal or equitable process to pay any liability of any person having a right under the policy. The proceeds thereof, when not made payable to a named beneficiary or to a third person pursuant to a facility-of-payment clause, shall not constitute a part of the estate of the individual insured for the payment of his debts.
B. This section shall not apply to group life insurance issued pursuant to Article 41 (Group life insurance and group annuity contracts) to a creditor covering his debtors, to the extent that such proceeds are applied to payment of the obligation for the purpose of which the insurance was so issued.
Laws 1957, p. 370, § 3632.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3634. Chiropody, podiatry, psychology and clinical social work - Accident and health benefits.

Medical or surgical services or procedures constituting the practice of podiatric medicine, as defined by Section 142 of Title 59 of the Oklahoma Statutes, psychological services or procedures constituting the practice of psychology, as defined by Section 1352 of Title 59 of the Oklahoma Statutes, and licensed and certified clinical social work services provided by persons meeting the qualifications required under subsection B of Section 1261.1 of Title 59 of the Oklahoma Statutes and covered by the terms of any individual, group, blanket or franchise policy, agreement or service contract providing accident or health benefits coverage in Oklahoma issued by any insurer, whether a stock or mutual insurance company, a medical service corporation or association, or any other type of issuer whatever, and covering an Oklahoma risk may be performed by any practitioner licensed to do so under Sections 136 through 160.2, Sections 1351 through 1376 or subsection B of Section 1261.1 of Title 59 of the Oklahoma Statutes, who is selected by the insured provided that where covered benefits are offered through a contracting preferred provider organization, the podiatrist, psychologist, or clinical social worker is a contracting provider. Except in the case of a contracting preferred provider organization, any provision, exclusion or limitation in such a policy denying an insured the free choice of such licensed podiatric physician, psychologist or certified clinical social worker shall, to the extent of the denial, be void, but such voidance shall not affect the validity of the other provisions of the policy.
Added by Laws 1963, c. 146, § 1, emerg. eff. June 5, 1963. Amended by Laws 1965, c. 133, § 1, emerg. eff. May 24, 1965; Laws 1974, c. 115, § 1, emerg. eff. May 1, 1974; Laws 1975, c. 79, § 1, emerg. eff. April 22, 1975; Laws 1982, c. 61, § 2, operative Oct. 1, 1982; Laws 1993, c. 26, § 1, eff. Sept. 1, 1993.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3634.1. Prescription drug coverage - Enforcement.

A. This act shall apply to medical benefit contracts, health care centers, insurance companies and health maintenance organizations which provide coverage for prescription drugs.
B. The Insurance Commissioner shall implement and enforce the provisions of this act pursuant to the Oklahoma Insurance Code, Section 101 et seq. of this title.
Added by Laws 1994, c. 141, § 1, eff. Sept. 1, 1994.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3634.2. Prescription drug coverage - Definitions.

As used in this act:
1. "Co-payment" means a type of cost sharing whereby insured or covered persons pay a specified predetermined amount per unit of service with their insurer paying the remainder of the charge. The co-payment is incurred at the time the service is rendered. The co-payment may be a fixed or variable amount;
2. "Contract provider" means a pharmacy or pharmacist granted the right to provide prescription drugs and pharmacy services according to the terms of the insurer;
3. "Insurer" means any individual, plan, policy or contract that provides health care coverage benefits for pharmacy services including, but not limited to, prescription drugs;
4. "Pharmacist" means any person licensed by the Oklahoma State Board of Pharmacy to practice pharmacy; and
5. "Pharmacy" means a pharmacy licensed by the Oklahoma State Board of Pharmacy.
Added by Laws 1994, c. 141, § 2, eff. Sept. 1, 1994.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3634.3. Prescription drug coverage - Pharmacy contracts - Open pharmacy networks.

A. A health insurance plan or policy or health maintenance organization providing prescription drugs as a covered benefit shall provide a pharmacy or group of pharmacies with the right to bid on a periodic basis, but not less than every three (3) years, on any pharmacy contract to provide pharmacy services, including, but not limited to, prescription drugs.
B. Nothing in this act shall be interpreted to preclude a health insurance plan or policy or health maintenance organization from establishing an open pharmacy network for the provision of pharmacy services, including, but not limited to, prescription drugs.
C. The provisions of this section shall not apply to a health insurance plan or policy or health maintenance organization that maintains an open pharmacy network.
Added by Laws 1994, c. 141, § 3, eff. Sept. 1, 1994.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3634.5. Synchronization of prescription drug refills.

A. A health benefit plan that provides benefits for prescription drugs delivered, issued or renewed after November 1, 2017, shall provide for synchronization of prescription drug refills on at least one occasion per insured per year, provided all of the following conditions are met:
1. The prescription drugs are covered by the health benefit plan's clinical coverage policy or have been approved by a formulary exceptions process;
2. The prescription drugs are maintenance medications as defined by the plan and have available refill quantities at the time of synchronization;
3. The medications are not Schedule II, III or IV controlled substances;
4. The insured meets all utilization management criteria to the prescription drugs at the time of synchronization;
5. The prescription drugs are of a formulation that can be safely split into short-fill periods to achieve synchronization;
6. The prescription drugs do not have special handling or sourcing needs as determined by the plan, contract, or agreement that require a single, designated pharmacy to fill or refill the prescription; and
7. The covered person agrees to the synchronization.
B. When necessary to permit synchronization, the health benefit plan shall apply a prorated daily cost-sharing rate to any medication dispensed by a network pharmacy pursuant to this section. No dispensing fees shall be prorated, and all dispensing fees shall be based on the number of prescriptions filled or refilled.
C. As used in this section, "synchronization" means the coordination of medication refills for a patient taking two or more medications for one or more chronic conditions such that the patient's medications are refilled on the same schedule for a given time period.
Added by Laws 2017, c. 140, § 1, eff. Nov. 1, 2017.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3634.6. Direct payment or reimbursement to pharmacist.

An insurer, as defined in Section 3634.2 of Title 36 of the Oklahoma Statutes, shall provide direct payment or reimbursement to a pharmacist licensed in this state for providing a health care service to an individual if:
1. The pharmacist provided any health care service he or she is licensed to perform in the practice of pharmacy, as defined in Section 353.1 of Title 59 of the Oklahoma Statutes, in this state; and
2. The health benefit policy, contract or agreement of the individual provides for payment or reimbursement of the service.
Added by Laws 2021, c. 435, § 1, eff. Jan. 1, 2022.
NOTE: Editorially renumbered from § 3436.6 of this title to maintain consistency in numbering.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3635. "Motor vehicle" defined.

The term "motor vehicle" as used in this act means and includes a self-propelled land motor vehicle designed for use principally upon public roads or streets but does not mean or include crawler or farm-type tractors, farm implements and, if not subject to motor vehicle registration, any equipment which is designed for use principally off public roads and streets.
Laws 1968, c. 106, § 1, eff. July 1, 1968.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3635.1. Time of expiration of certain policies.

All policies insuring against loss resulting from liability imposed by law for bodily injury or death suffered by any person arising out of the ownership, maintenance or use of a motor vehicle, as defined in Section 3635 of this title, shall expire at 12:01 a.m. Standard Time on the expiration date stated in the policy. This section shall apply to all such policies on the first policy renewal date after December 31, 1982.
Amended by Laws 1982, c. 57, § 1, eff. Jan. 1, 1983.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3637. Exceptions.

This act shall not apply to any policy covering motor trucks operated by a motor carrier as defined in 47 O.S. 1961, Section 161, as amended, where the named insured has employees who operate motor trucks or to any other commercial automobile liability policy covering motor trucks where the named insured has employees and such employees are covered by workers' compensation on the effective date of the policy.
Added by Laws 1968, c. 106, § 3, eff. July 1, 1968. Amended by Laws 2004, c. 267, § 1, eff. Nov. 1, 2004.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3639.3. Homeowner coverage as condition of financing – Amount not to exceed replacement value - Definitions.

A. No lender, as a condition of financing a residential mortgage or providing other financing arrangements for residential property, including a mobile or manufactured home, may require a borrower to purchase homeowner insurance coverage, mobile or manufactured home insurance coverage, dwelling fire coverage, or other residential property coverage in an amount that exceeds the replacement value of the dwelling and its contents, regardless of the amount of the mortgage or other financing arrangement entered into by the borrower. As used in this section, “replacement value” shall not include the cleanup costs or the value of outbuildings if the limits of coverage are separate from the dwelling limits coverage.
B. A lender may not include the fair market value of the land on which a dwelling is located in the replacement value of the dwelling and its contents.
C. A lender may accept the value of the dwelling determined by the insurer, or use the value placed on the dwelling that is determined by an appraisal of the real property by the lender to determine the replacement value.
D. As used in this section:
1. "Lender" means any person, partnership, corporation, association, or other entity, or any agent, loan agent, servicing agent, or any loan or mortgage broker, who lends money and receives or otherwise acquires a mortgage, lien, deed of trust, or any other security interest in or upon any real or personal property as security for such loan; and
2. "Borrower" means any person, partnership, corporation, association, or other entity, who has or acquires a legal or equitable interest in real or personal property which is or becomes subject to a mortgage, lien, security agreement, deed of trust, or other security instrument.
Added by Laws 2004, c. 87, § 1, eff. Nov. 1, 2004.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3642. Purpose of act - Intent.

A. The purpose of the Life, Accident and Health Insurance Policy Language Simplification Act is to establish minimum standards for language used in policies and certificates of life, accident and health insurance, and subscriber certificates of medical care corporations, health care corporations, hospital service associations, and health maintenance organizations, delivered or issued for delivery in this state, to facilitate ease of reading by insureds and subscribers.
B. The Life, Accident and Health Insurance Policy Language Simplification Act is not intended to increase the risk assumed by insurance companies or other entities or to supercede their obligation to comply with the substance of other applicable insurance laws. The Life, Accident and Health Insurance Policy Language Simplification Act is not intended to impede flexibility and innovation in the development of policy forms or content, or to lead to the standardization of policy forms or content.
Added by Laws 1986, c. 141, § 2, eff. Jan. 1, 1987.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3643. Definitions.

As used in the Life, Accident and Health Insurance Policy Language Simplification Act:
1. "Policy" or "policy form" means any policy, contract, plan or agreement of life insurance, health and accident insurance, or subscriber certificates of medical care corporations, health care corporations, hospital service associations, or health care maintenance organizations, delivered or issued for delivery in this state by any company subject to the Life, Accident and Health Insurance Policy Language Simplification Act; any certificate, contract or policy issued by a fraternal benefit society; any certificate issued pursuant to a group insurance policy delivered or issued for delivery in this state; and any evidence of coverage issued by a health maintenance organization.
2. "Company" or "insurer" means any entity authorized to do the business of life insurance, accident and health insurance; a fraternal benefit society; a medical care corporation; a health care corporation; a hospital service association; or a health maintenance organization.
Added by Laws 1986, c. 141, § 3, eff. Jan. 1, 1987.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3644. Application of act - Exemptions.

A. The Life, Accident and Health Insurance Policy Language Simplification Act shall apply to all policies delivered or issued for delivery in this state by any company on or after the date such forms must be approved, except:
1. any policy which is a security subject to federal jurisdiction;
2. any group annuity contract which serves as a funding mechanism for pension, profit sharing, or deferred compensation plans;
3. any form used in connection with, as a conversion from, as an addition to, or in exchange pursuant to a contractual provision for, a policy delivered or issued for delivery on a form approved or permitted to be issued prior to January 1, 1990;
4. the renewal of a policy delivered or issued for delivery prior to January 1, 1990; or
5. any group policy covering a group of one thousand or more lives at the date of issue, other than a group credit life insurance policy or a group credit health insurance policy; however, this shall not exempt any certificate issued pursuant to a group policy delivered or issued for delivery in this state.
B. Any non-English language policy delivered or issued for delivery in this state shall be deemed to be in compliance with the Life, Accident and Health Insurance Policy Language Simplification Act if the insurer certifies that such policy is translated from an English language policy which does comply with said act.
Added by Laws 1986, c. 141, § 4, eff. Jan. 1, 1987.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3646. Effect on existing laws.

Nothing in the Life, Accident and Health Insurance Policy Language Simplification Act shall be construed to negate any law of this state permitting the issuance of any policy form after it has been on file for the time period specified by state law.
Added by Laws 1986, c. 141, § 6, eff. Jan. 1, 1987.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3647. Authorizing lower score than Flesch reading ease score - Conditions.

The Commissioner may authorize a lower score than the required Flesch reading ease score if, in his discretion, he finds that a lower score meets any of the following conditions:
1. The lower score will provide a more accurate reflection of the readability of a policy form;
2. The lower score is warranted by the nature of a particular policy form or type or class of policy form;
3. The lower score is caused by certain policy language that is drafted to conform to the requirement of any law, rule, or agency interpretation.
Added by Laws 1986, c. 141, § 7, eff. Jan. 1, 1987.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3648. Date for compliance with act.

The provisions of the Life, Accident and Health Insurance Policy Language Simplification Act shall apply to all policy forms subject to said act filed on or after January 1, 1990, and no policy form shall be delivered or issued for delivery in this state on or after January 1, 1992, unless approved by the Commissioner or otherwise permitted to be issued. Any policy form that has been approved or permitted to be issued prior to January 1, 1992, that meets the standards established need not be refiled for approval, but may continue to be lawfully delivered or issued for delivery in this state upon the filing with the Commissioner of a list of such forms identified by form number and accompanied by a certificate which may list all forms submitted concurrently in the manner provided in subsection D of Section 3645 of this title.
Added by Laws 1986, c. 141, § 8, eff. Jan. 1, 1987. Amended by Laws 1986, c. 251, § 41, eff. Nov. 1, 1986.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3649. Violations - Penalties.

Violation of any provision of the Life, Accident and Health Insurance Policy Language Simplification Act may result in censure of the insurer, corporation or organization found to be in violation, suspension or revocation of the certificate or license of said insurer, corporation, or organization, or a fine of not more than One Thousand Dollars ($1,000.00) per incident, or any combination of such penalties.
Added by Laws 1986, c. 141, § 9, eff. Jan. 1, 1987.
2023 Oklahoma Statutes › Title 36. Insurance › §36-3651. “Actual charge” and “actual fee” defined - Application.

A. As used in an individual or group specified disease insurance policy, “actual charge” or “actual fee” means the amount actually paid by or on behalf of the insured and accepted by a provider for services provided. Insurance policies that use these terms must use them as defined in this section.
B. Except as provided by subsection C of this section, the change in law made by this section applies only to insurance policies delivered, issued for delivery, or renewed on or after the effective date of this act. An insurance policy delivered, issued for delivery, or renewed before the effective date of this act is governed by the law in effect immediately before that date, and that law is continued in effect for that purpose.
C. This section applies to an insurance policy in effect on the effective date of this act only if the policy does not define “actual charge” or “actual fee”.
Added by Laws 2006, c. 164, § 1, eff. Nov. 1, 2006.
2023 Oklahoma Statutes › Title 36. Insurance › §36-4001. Scope of article.

This article applies to contracts of life insurance and annuities, other than reinsurance, group life insurance, group annuities, and industrial life insurance; except that Section 2 of this act (Return of policy within ten days), Section 3 of this act (Interest on proceeds), and Sections 4015 (Excluded or restricted coverage), 4024 (Limitation of liability), 4025 (Incontestability after reinstatement), 4028 (Dual or multiple pay policies prohibited) and 4029 (Nonforfeiture provisions) of this article shall apply to industrial life insurance also.
Added by Laws 1957, p. 371, § 4001, operative July 1, 1957. Amended by Laws 1978, c. 162, § 1, eff. Oct. 1, 1978.
2023 Oklahoma Statutes › Title 36. Insurance › §36-4002. Standard provisions required in life insurance policies.

A. No policy of life insurance other than industrial, group, and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in Oklahoma unless it contains in substance all of the provisions required by Sections 4003 to 4014, inclusive, of this article. This section shall not apply to annuity contracts nor to any provision of a life insurance policy relating to disability benefits or to additional benefits in the event of death by accident or accidental means.
B. Any of such provisions or portions thereof not applicable to single premium or term policies shall to that extent not be incorporated therein.
Laws 1957, p. 371, § 4002.
2023 Oklahoma Statutes › Title 36. Insurance › §36-4003. Grace period.

There shall be a provision that a grace period of thirty (30) days, or, at the option of the insurer, of one month of not less than thirty (30) days, shall be allowed within which the payment of any premium after the first may be made, during which period of grace the policy shall continue in full force; but if a claim arises under the policy during such period of grace before the overdue premium is paid the amount of such premium may be deducted from the policy proceeds.
Laws 1957, p. 371, § 4003.
2023 Oklahoma Statutes › Title 36. Insurance › §36-4003.1. Cancellation of policy - Time period.

A. No policy of individual life insurance or any annuity shall be delivered or issued for delivery in this state unless it shall have printed thereon or attached thereto a notice stating in substance that, during a period of ten (10) days from the date the policy or annuity is delivered to the insured, it may be surrendered to the insurer together with a written request for cancellation of the policy or annuity and, in such event, the policy or annuity shall be void from the beginning and the insurer will refund any premium or moneys paid therefor within thirty (30) days from the date of cancellation. If the insurer does not return any premiums or moneys paid therefor within thirty (30) days from the date of cancellation, the insurer shall pay interest on the proceeds which 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 date of cancellation until the premiums or moneys are returned. In such event, the policy or annuity shall be deemed to have been canceled on the date the policy 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 policy or annuity to the insurer.
B. This section shall not apply to life insurance policies issued in connection with a credit transaction or issued under a contractual policy change or conversion privilege provision contained in the policy.
Added by Laws 1978, c. 162, § 2, eff. Oct. 1, 1978. Amended by Laws 1984, c. 149, § 13, eff. Nov. 1, 1984; Laws 1994, c. 294, § 6, eff. Sept. 1, 1994.
2023 Oklahoma Statutes › Title 36. Insurance › §36-4004. Incontestability.

There shall be a provision that the policy (exclusive of provisions relating to disability benefits or to additional benefits in the event of death by accident or accidental means) shall be incontestable, except for nonpayment of premiums, after it has been in force during the lifetime of the insured for a period of two (2) years from its date of issue.
Laws 1957, p. 371, § 4004.
2023 Oklahoma Statutes › Title 36. Insurance › §36-4005. Application and policy as entire contract; statements in application as representations.

There shall be a provision that the policy, or the policy and the application therefor if a copy of such application is endorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties, and that all statements contained in the application shall, in the absence of fraud, be deemed representations and not warranties.
Laws 1957, p. 371, § 4005.
2023 Oklahoma Statutes › Title 36. Insurance › §36-4006. Misstatement of age.

There shall be a provision that if the age of the insured or any other person whose age is considered in determining the premium has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the correct age or ages.
Laws 1957, p. 371, § 4006.
2023 Oklahoma Statutes › Title 36. Insurance › §36-4007. Dividends.

There shall be a provision in participating policies that, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversary or other dividend date specified in the policy provided the policy is in force and all premiums to that date are paid. Except as hereinafter provided, any dividend so apportioned shall at the option of the party entitled to elect such option be either (a) payable in cash or (b) applied to any one of such other dividend options as may be provided by the policy. If any such other dividend options are provided, the policy shall further state which option shall be automatically effective if such party shall not have elected some other option. If the policy specifies a period within which such other dividend option may be elected, such period shall be not less than thirty (30) days following the date on which such dividend is due and payable. The annually apportioned dividend shall be deemed to be payable in cash within the meaning of (a) above even though the policy provides that payment of such dividend is to be deferred for a specified period, provided such period does not exceed six (6) years from the date of apportionment and that interest will be added to such dividend at a specified rate. If a participating policy provides that the benefit under any paid-up nonforfeiture provision is to be participating, it may provide that any divisible surplus apportioned while the insurance is in force under such nonforfeiture provision shall be applied in the manner set forth in the policy.
Laws 1957, p. 371, § 4007.
2023 Oklahoma Statutes › Title 36. Insurance › §36-4011. Reinstatement.

There shall be a provision that unless the policy has been surrendered for its cash surrender value or unless the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within three (3) years from the date of premium default upon written application therefor, the production of evidence of insurability satisfactory to the insurer, the payment of all premiums in arrears, with interest at a rate not exceeding six percent (6%) compounded annually, and the payment or reinstatement of any other indebtedness to the insurer upon the policy, with compound interest at the interest rate or rates which apply to policy loans between the due date of the premium first in default and the date of reinstatement.
Amended by Laws 1984, c. 149, § 14, eff. Nov. 1, 1984.
2023 Oklahoma Statutes › Title 36. Insurance › §36-4013. Payment of claims.

There shall be a provision that when a policy shall become a claim by the death of the insured settlement shall be made upon receipt of due proof of death and, at the insurer's option, surrender of the policy and/or proof of the interest of the claimant. If an insurer shall specify a particular period prior to the expiration of which settlement shall be made, such period shall not exceed two months from the receipt of such proofs.
Laws 1957, p. 373, § 4013.
2023 Oklahoma Statutes › Title 36. Insurance › §36-4015. Excluded or restricted coverage.

A clause in any policy of life insurance providing that such policy shall be incontestable after a specified period shall preclude only a contest of the validity of the policy, and shall not preclude the assertion at any time of defenses based upon provisions in the policy which exclude or restrict coverage, whether or not such restrictions or exclusions are excepted in such clause; nor shall it be construed to preclude adjustment at any time of the amount payable or benefits accruing under the policy for misstatement of age, whether or not such age adjustment provision is excepted in such clause.
Laws 1957, p. 373, § 4015.
2023 Oklahoma Statutes › Title 36. Insurance › §36-4016. Standard provisions required in annuity and pure endowment contracts.

A. No annuity or pure endowment contract, other than reversionary annuities, survivorship annuities or group annuities and except as stated herein, shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions specified in Sections 4017 to 4022, inclusive, of this article. Any of such provisions not applicable to single premium annuities or single premium pure endowment contracts shall not, to that extent, be incorporated therein.
B. This section shall not apply to contracts for deferred annuities included in, or upon the lives of beneficiaries under, life insurance policies.
Laws 1957, p. 373, § 4016.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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 of
2. 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.