reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 5 - LONG-TERM CARE INSURANCE › Section 365:10-5-48.6 - Nonforfeiture benefit requirement

Current through Vol. 41, No. 20,
				  July 1, 2024
(a) No
				  insurer may offer a long-term care insurance policy unless the insurer also
				  offers to the applicant the option to purchase a policy that provides for
				  nonforfeiture benefits. This section does not apply to life insurance policies
				  or riders containing accelerated long-term care benefits.
(1) For purposes of this section, attained
				  age rating is defined as a schedule of premiums starting from the issue date
				  which increases with increasing age at least one percent per year prior to age
				  fifty (50), and at least three percent (3%) per year beyond age fifty
				  (50).
(2) For purposes of this
				  section, the nonforfeiture benefit shall be a shortened benefit period
				  providing paid-up long-term care insurance coverage after lapse. The same
				  benefits (amounts and frequency in effect at the time of lapse but not
				  increased thereafter) will be payable for a qualifying claim, but the lifetime
				  maximum dollars or days of benefits shall be determined as specified in
				  Paragraph (3) of this subsection.
(3) The standard nonforfeiture credit will be
				  equal to 100 percent of the sum of all premiums paid, including the premiums
				  paid prior to any changes in benefits. The insurer may offer additional
				  shortened benefit period options, as long as the benefits for each duration
				  equal or exceed the standard nonforfeiture credit for that duration. However,
				  the minimum nonforfeiture credit shall not be less than thirty (30) times the
				  daily nursing home benefit at the time of lapse. In either event, the
				  calculation of the nonforfeiture credit is subject to the limitation of
				  paragraph (b) of this subsection.
(4) No policy or certificate shall begin a
				  nonforfeiture benefit later than the end of the third year following the policy
				  or certificate issue date except that for a policy or certificate with attained
				  age rating, the nonforfeiture benefit shall begin on the earlier of:
(A) The end of the tenth year following the
				  policy or certificate issue date; or
(B) The end of the second year following the
				  date the policy or certificate is no longer subject to attained age
				  rating.
(5)
				  Nonforfeiture credits may be used for all care and services qualifying for
				  benefits under the terms of the policy or certificate, up to the limits
				  specified in the policy or certificate.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 5 - LONG-TERM CARE INSURANCE › Section 365:10-5-48.7 - Standards for benefit triggers

Current through Vol. 41, No. 20,
				  July 1, 2024
(a) A
				  long-term care insurance policy shall condition the payment of benefits on a
				  determination of the insured's ability to perform activities of daily living
				  and on cognitive impairment. Eligibility for the payment of benefits shall not
				  be more restrictive than requiring either a deficiency in the ability to
				  perform not more than three (3) of the activities of daily living or the
				  presence of cognitive impairment.
(b)
Activities of daily living.
(1) Activities of daily living shall include
				  at least the following as defined in Rule
				  365:10-5-42(a)
				  and in the policy:
(A) Bathing;
(B) Continence;
(C) Dressing;
(D) Eating;
(E) Toileting; and
(F) Transferring;
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 5 - LONG-TERM CARE INSURANCE › Section 365:10-5-49 - Policy summary [REVOKED]

Current through Vol. 41, No. 20,
				  July 1, 2024
Revoked at 10 Ok Reg
					 397, eff 11-12-92 (emergency); Revoked at 10 Ok Reg 3033, eff
					 7-15-93
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 5 - LONG-TERM CARE INSURANCE › Section 365:10-5-50 - Standard format outline of coverage

Current through Vol. 41,
				  No. 20, July 1, 2024
This section implements, interprets and makes specific, the
					 provisions of 36 O.S. Section
					 4426(F)
					 in prescribing a standard format and the content of an outline of
					 coverage.
(1)
Free-standing
				  document.
The outline of coverage shall be a free-standing document,
				  using no smaller than ten point type.
(2)
Contain no advertising.
The
				  outline of coverage shall contain no material of an advertising
				  nature.
(3)
Emphasizing
				  text.
Text which is capitalized or underscored in the standard format
				  outline of coverage may be emphasized by other means which provide prominence
				  equivalent to such capitalization or underscoring.
(4)
Sequence of text.
Use of the
				  text and sequence of text of the standard format outline of coverage is
				  mandatory, unless otherwise specifically indicated.
(5)
Format for outline of
				  coverage.
Format for outline of coverage shall be as described in
				  Appendix AA of this chapter.
Amended at 10 Ok Reg
					 397, eff 11-12-92 (emergency); Amended at 10 Ok Reg 4231, eff 7-15-93
					 (emergency); Amended at 10 Ok Reg 3033, eff 7-15-93; Amended at 11 Ok Reg 1843,
					 eff 5-15-94; Amended at 15 Ok Reg 3207, eff
					 7-13-98
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 5 - LONG-TERM CARE INSURANCE › Section 365:10-5-50.1 - Requirement to deliver shopper's guide

Current through Vol. 41,
				  No. 20, July 1, 2024
(a)
				  A long-term care insurance shopper's guide in the format developed by the
				  National Association of Insurance Commissioners, or a guide developed or
				  approved by the Commissioner, shall be provided to all prospective applicants
				  of a long-term care insurance policy or certificate.
(1) In the case of agent solicitations, an
				  agent must deliver the shopper's guide prior to the presentation of an
				  application or enrollment form.
(2)
				  In the case of direct response solicitations, the shopper's guide must be
				  presented in conjunction with any application or enrollment form.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 5 - LONG-TERM CARE INSURANCE › Section 365:10-5-51 - Prohibition against post-claims underwriting [REVOKED]

Current
				  through Vol. 41, No. 20, July 1, 2024
Revoked at 10 Ok Reg
					 397, eff 7-15-92 (emergency); Revoked at 10 Ok Reg 3033, eff
					 7-12-93
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 5 - LONG-TERM CARE INSURANCE › Section 365:10-5-52 - Requirement to offer inflation protection [REVOKED]

Current
				  through Vol. 41, No. 20, July 1, 2024
Revoked at 10 Ok Reg
					 397, eff 11-12-92 (emergency); Revoked at 10 Ok Reg 3033, eff
					 7-15-93
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 5 - LONG-TERM CARE INSURANCE › Section 365:10-5-53 - Contingent benefit upon lapse

Current through Vol. 41, No. 20,
				  July 1, 2024
(a)
				  Notwithstanding any other rule, the Commissioner may require the administration
				  by an insurer of the contingent benefit upon lapse, as described in Section
				  365:10-5-48.6(g),
				  as a condition of approval or acknowledgment of a rate adjustment for a block
				  of business for which the contingent benefit upon lapse is not otherwise
				  available.
(b) The insurer shall
				  notify policyholders and certificate holders of the contingent benefit upon
				  lapse when required by the commissioner in conjunction with the implementation
				  of a rate adjustment. The commissioner may require an insurer who files for
				  such a rate adjustment to allow policyholders and certificate holders to reduce
				  coverage to avoid an increase in the policy's premium amount.
(c) The Insurance Commissioner may also
				  approve any other alternative mechanism filed by the insurer in lieu of the
				  contingent benefit upon lapse.
Added at 25 Ok Reg
					 1643, eff 7-14-08; Amended at 26 Ok Reg 1529, eff
					 7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 5 - LONG-TERM CARE INSURANCE › Section 365:10-5-54 - State long-term care insurance partnership program

Current
				  through Vol. 41, No. 20, July 1, 2024
(a)
Purpose.
In accordance with
				  Section 6021 of the Deficit Reduction Act of 2005 (
				  Pub.L.
				  109-171 ) and in addition to the applicable
				  provisions of this chapter, the provisions of this section shall apply to any
				  qualified state long- term care insurance partnership policy.
(b)
Requirements for partnership
				  policies.
"Qualified state long-term care insurance partnership policy "
				  or " partnership policy " means an insurance policy that meets the following
				  requirements:
(1) The policy covers an insured
				  who was a resident of Oklahoma (or a Partnership State) when coverage first
				  became effective under the policy.
(2) The policy is a qualified long-term care
				  insurance policy as defined in Section 7702B(b) of the Internal Revenue Code of
				  1986 and was issued no earlier than July 1, 2008.
(3) The policy meets all the applicable
				  requirements of this Part and the requirements of the National Association of
				  Insurance Commissioners long-term care insurance model act and model regulation
				  as those requirements are set forth in Section 1917(b)(5)(A) of the Social
				  Security Act (
				  42 USC Section
				  1396 p(b)(5)(A) ).
(4) The policy provides the following
				  inflation protections:
(A) For a person who is
				  less than sixty-one years of age as of the date of purchase of the policy, the
				  policy provides annual inflation protection of at least three percent (3%) per
				  year compounded annually or a rate, compounded annually, that is based upon
				  changes in the consumer price index.
(B) For a person who is at least sixty-one
				  years of age but less than seventy-six years of age as of the date of purchase
				  of the policy, the policy provides annual inflation protection of at least
				  three percent (3%) simple or a rate that is based on the annual consumer price
				  index.
(C) For a person who is at
				  least seventy-six years of age as of the date of purchase of the policy, the
				  policy may provide inflation protection.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 5 - LONG-TERM CARE INSURANCE › Section 365:10-5-55 - Availability of New Services or Providers

Current through Vol. 41,
				  No. 20, July 1, 2024
(a)
				  An insurer shall notify policyholders of the availability of a new long-term
				  policy series that provides coverage for new long-term care services or
				  providers material in nature and not previously available through the insurer
				  to the general public. The notice shall be provided within twelve (12) months
				  of the date of the new policy series is made available for sale in this
				  state.
(b) Notwithstanding
				  Subsection (a) of this section, notification is not required for any policy
				  issued prior to the effective date of this Section or to any policyholder or
				  certificateholder who is currently eligible for benefits, within an elimination
				  period or on a claim, or who previously had been in claim status, or who would
				  not be eligible to apply for coverage due to issue age limitations under the
				  new policy. The insurer may require that policyholders meet all eligibility
				  requirements, including underwriting and payment of the required premium to add
				  such new services or providers.
(c)
				  The insurer shall make the new coverage available in one of the following ways:
(1) By adding a rider to the existing policy
				  and charging a separate premium for the new rider based on the insured's
				  attained age;
(2) By exchanging the
				  existing policy or certificate for one with an issue age based on the present
				  age of the insured and recognizing past insured status by granting premium
				  credits toward the premiums for the new policy or certificate. The premium
				  credits shall be based on premiums paid or reserves held for the prior policy
				  or certificate;
(3) By exchanging
				  the existing policy or certificate for a new policy or certificate in which
				  consideration for past insured status shall be recognized by setting the
				  premium for the new policy or certificate at the issue age of the policy or
				  certificate being exchanged. The cost for the new policy or certificate may
				  recognize the difference in reserves between the new policy or certificate and
				  the original policy or certificate; or
(4) By an alternative program developed by
				  the insurer that meets the intent of this Section if the program is filed with
				  and approved by the commissioner.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 5 - LONG-TERM CARE INSURANCE › Section 365:10-5-56 - Right to Reduce Coverage and Lower Premiums

Current through
				  Vol. 41, No. 20, July 1, 2024
(a) Every long-term care insurance policy and
				  certificate shall include a provision that allows the policyholder or
				  certificateholder to reduce coverage and lower the policy or certificate
				  premium in at least one of the following ways:
(1) Reducing the maximum benefit;
				  or
(2) Reducing the daily, weekly
				  or monthly benefit amount.
(3) The
				  insurer may also offer other reduction options that are consistent with the
				  policy or certificate design or the carrier's administrative
				  processes.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 7 - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 365:10-5-60 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The purpose of this Part is to set forth regulations
					 regarding required disclosures and policy provisions relating to credit life
					 insurance and credit accident and health insurance, filing and approval of
					 forms and rates, credit life insurance premiums, deviation procedures,
					 requirement for maintaining statistical data, refunds of unearned premiums,
					 policy reserves, claim payments, prohibited transactions and agent
					 compensation.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 7 - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 365:10-5-61 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
Except as otherwise specifically defined in this section,
					 the definitions set forth in Title 14A and Title 36 Oklahoma Statutes are
					 incorporated herein and made a part hereof. The following words or terms, when
					 used in this section, shall have the following meaning, unless the context
					 clearly indicates otherwise:
"Commissioner"
means the Insurance
					 Commissioner of the State of Oklahoma.
"Consumer credit insurance"
means insurance,
					 other than insurance on property, by which the satisfaction of debt in whole or
					 in part is a benefit provided, but does not include:
(A) insurance provided in relation to a credit transaction
					 in which a payment is scheduled more than fifteen (15) years after the
					 extension of credit:
(B) insurance issued as an isolated transaction on the part
					 of the insurer not related to an agreement or plan for insuring debtors of the
					 creditor, or
(C) insurance indemnifying the creditor against loss due to
					 the debtor's default.
"Person"
means any individual, corporation,
					 association, partnership, reciprocal exchange, interinsurer, Lloyds insurer,
					 fraternal benefit society, and any other legal entity engaged in the business
					 of insurance including agents, limited insurance representatives, brokers, and
					 adjuster.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 7 - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 365:10-5-62 - Disclosure provision

Current through Vol. 41, No. 20, July 1,
				  2024
(a)
Purpose.
The purpose of this subsection is to disclose certain
				  provisions to debtors of a creditor relating to credit life insurance and
				  credit accident and health insurance. Such disclosures are designed to:
(1) Mandate the delivery of evidence of
				  insurance to such debtors at the time indebtedness is incurred;
(2) Mandate the use of an application form if
				  an individual policy or group certificate is not delivered at the time the
				  indebtedness is incurred;
(3)
				  Prohibit certain policy provisions;
(4) Specify certain requirements for group
				  certificates; and
(5) Provide for
				  termination of coverage.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 7 - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 365:10-5-63 - Filing and approval of forms and rates

Current through Vol. 41,
				  No. 20, July 1, 2024
(a)
Purpose.
The purpose of this Part is, with respect to credit life
				  and credit accident and health insurance:
(1)
				  Insure specificity of rates and forms;
(2) Reasonably relate benefits to premiums
				  charged; and
(3) Provide for
				  compliance of policies and applications.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 7 - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 365:10-5-64 - Presumptively acceptable relationship of credit life insurance benefits to premiums

Current through Vol. 41, No. 20, July 1,
				  2024
(a)
Purpose.
The purpose of this Part is to, with respect to credit
				  life insurance:
(1) Establish single life
				  coverages per specified monthly outstanding balance indebtedness;
(2) Establish joint credit
				  insurance;
(3) Establish the
				  formula for premium charge to debtors for outstanding balance
				  insurance;
(4) Provide for premiums
				  or obligations paid in other than equal monthly installments;
(5) Establish requirements for presumed
				  reasonableness of life insurance benefits in relation to premiums;
				  and
(6) Provide for premiums based
				  on age.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 7 - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 365:10-5-65 - Presumptively acceptable relationship of credit accident and health benefits to premiums

Current through Vol. 41, No. 20, July 1,
				  2024
(a)
Purpose.
The purpose of this Part is to establish a presumptively
				  reasonable rate schedule for credit accident and health insurance.
(b)
Presumptively reasonable accident
				  and health rates.
The Commissioner of Insurance has determined that the
				  benefits of an accident and health insurance form are reasonable in relation to
				  the premium charged, if the premium rate schedule for such accident and health
				  benefits, as filed, does not exceed an amount equal, or mathematically
				  equivalent, to the rates shown in Appendix E.
(c)
Joint credit accident and health
				  insurance.
Where, with respect to a single indebtedness, coverage is
				  provided on two (2) lives, maximum presumptive credit accident and health
				  insurance premium rates shall not exceed an amount equal, or mathematically
				  equivalent, to One Hundred and Eighty-Five Percent (185%) of the applicable
				  maximum rates for single accident and health insurance as set forth in Appendix
				  E.
Amended at 13 Ok Reg
					 2669, eff 7-1-96; Amended at 14 Ok Reg 2650, eff
					 7-1-97
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 7 - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 365:10-5-66 - Standard of benefits for credit accident and health insurance

Current through Vol. 41, No. 20, July 1, 2024
(a)
Purpose.
The purpose of this
				  Part is to, with respect to credit accident and health insurance:
(1) Establish standards;
(2) Provide a mathematical formula for rates
				  for premiums;
(3) Establish to whom
				  such insurance contract may be issued; and
(4) Define "total disability".
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 7 - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 365:10-5-67 - Deviation procedures

Current through Vol. 41, No. 20, July 1,
				  2024
(a)
Purpose.
The purpose of this Part is to, with respect to credit
				  life and credit accident and health insurance:
(1) Allow deviation by case;
(2) Prescribe the form therefore;
(3) Determine case rate;
(4) Establish an effective period of case
				  rate;
(5) Provide for case rate
				  where the case ratio is above or below the acceptance range to establish
				  minimum changes; and
(6) Define
				  certain terms.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 7 - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 365:10-5-68 - Experience calls

Current through Vol. 41, No. 20, July 1,
				  2024
The Commissioner may rely upon statistical experience data
					 compiled annually by the National Association of Insurance Commissioners in
					 establishing a reasonable relationship of benefits to
					 premiums.
Amended at 10 Ok Reg
					 3049, eff 10-1-93; Amended at 14 Ok Reg 2650, eff
					 7-1-97
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 7 - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 365:10-5-69 - Premium refunds

Current through Vol. 41, No. 20, July 1,
				  2024
(a)
Purpose.
The purpose of this section is to, with respect to credit
				  life and credit accident and health insurance:
(1) Establish refunds for unearned
				  premiums;
(2) Establish procedures
				  for the payment of refunds;
(3)
				  Establish the responsibility of refunds;
(4) Provide for maintenance of refusal
				  records;
(5) Establish a refund
				  formula in the policy, whether individual or group;
(6) Establish a minimum refund; and
(7) Provide for treatment of refunds for
				  partial months.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 7 - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 365:10-5-70 - Responsibilities and obligations of insurance companies and their agents and representatives

Current through Vol. 41, No. 20, July
				  1, 2024
(a)
Purpose.
The purpose of this section is:
(1) Establish the responsibility of
				  insurers;
(2) Provide for the
				  delegation by insurer of responsibilities of policy issuance and premium
				  collection;
(3) Establish
				  restrictions on interest of creditors under group and individual
				  policies;
(4) Provide for the
				  delegation by insurer of certain claims responsibilities;
(5) Provide for the establishment of claim
				  payment, and to impose additional restrictions on settlement and adjustment of
				  claims;
(6) Provide for the
				  supervision by each insurer of its credit insurance operations within this
				  state; and
(7) Require each insurer
				  to keep and make available certain records.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 7 - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 365:10-5-71 - Policy and claims reserves

Current through Vol. 41, No. 20, July
				  1, 2024
(a)
Purpose.
The purpose of this section is to provide for the
				  establishment of policy reserves and claims reserves for credit life insurance
				  and credit accident and health insurance.
(b)
Policy reserves.
(1) Except as provided in 365:10-5-71(c), the
				  minimum reserves for the payment of benefits under outstanding credit life
				  insurance policies and certificates may not be less in the aggregate than one
				  hundred thirty percent (130%) of the reserves computed on the 1958 C.S.O.
				  Mortality Table, with interest not to exceed four and one half percent (4
				  1/2%); or, at the option of the insurer, such reserves may be maintained at one
				  hundred percent (100%) of the reserves computed on the 1941 C.S.O. Mortality
				  Table, the 1958 C.E.T. Mortality Table, or the 1960 C.S.G. Mortality Table with
				  interest not to exceed four and one half percent (4 1/2%) or the 1980 C.E.T.
				  Mortality Table.
(2) The reserve
				  for credit accident and health insurance or disability insurance which has an
				  effective date after June 30, 1982, may be the product rounded to the next
				  higher dollar of the gross presumptive single premium rate per One Hundred
				  Dollars ($100.00) of insured indebtedness for the term of the indebtedness
				  remaining as of the valuation date times the number of hundreds of dollars of
				  indebtedness outstanding as of the valuation date, or, as an alternative and at
				  the option of the insurer, the mean of the gross unearned premium calculated by
				  the sum of the digits (Rule of 78's) and the pro rata methods. The reserve for
				  such insurance which has an effective date prior to June 30, 1982, may not be
				  less than the gross unearned premium calculated by the sum of the digits (Rule
				  of 78's) method.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 7 - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 365:10-5-72 - Prohibited practices and penalties

Current through Vol. 41, No.
				  20, July 1, 2024
(a)
Purpose.
The purpose of this section is to specify those practices
				  which are considered as either unfair methods of competition or excessive rate
				  charges, and to prescribe penalties for violation of this Part.
(b)
Unfair methods of
				  competition.
The following practices when engaged in either directly or
				  by reciprocal agreement by an insurer or by any insurance agent in connection
				  with the sale or placement of credit insurance as an inducement thereto, shall
				  constitute unfair methods of competition:
(1)
				  the offer or grant by an insurer or by any insurance agent to a creditor or to
				  any person connected with the creditor of any special advantage on any service
				  not set out in a contract entered into between that creditor and such insurer
				  or agent;
(2) agreement by an
				  insurer or by an insurance agent to deposit with a bank or financial
				  institution money or securities of the insurer with the design or intent that
				  the same shall affect or take the place of a deposit of money or securities
				  which otherwise would be required of the creditor by such bank or financial
				  institution as a compensating balance or offsetting deposit for a loan or other
				  advancement;
(3) deposit as an
				  inducement to insurance by an insurer or by an insurance agent of money or
				  securities, at a rate of interest which is less than that prevailing rate of
				  interest paid upon passbook savings accounts by a creditor bank or financial
				  institution. This paragraph shall not be construed to prohibit the maintenance
				  by an insurer of such demand deposit or premium deposit accounts as are
				  reasonably necessary for use in the ordinary course of the insurer's business;
				  and
(4) collection of the insurance
				  charge by the creditor from the debtor on a single premium basis and remitted
				  to the insurer by the creditor on any basis other than a single premium
				  basis.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 7 - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 365:10-5-74 - Savings clause; severability clause

Current through Vol. 41,
				  No. 20, July 1, 2024
(a)
Savings clause.
Each cause of action, pending litigation, matter
				  and process before the Commissioner, or matter hereafter arising from an event
				  occurring prior to the effective date of this Part shall be determined in
				  accordance with and governed by the provisions of the Statutes, Rules, Orders,
				  or interpretations of the Commissioner in effect at the time of the occurrence
				  of the subject event; and, this Part operates to save the application of such
				  past procedure and law to any such event from amendment, change or repeal
				  notwithstanding any provision of this Part or any conflict or ambiguity
				  therein.
(b)
Severability.
If any of the provisions of this Part or the
				  application thereof to any person or circumstance is held invalid for any
				  reason, the invalidity shall not effect the other provisions or any other
				  application of said Part which can be given effect without the invalid
				  provision or application. To this end, all provisions of this Part are declared
				  to be severable.
Amended at 10 Ok Reg
					 3049, eff 10-1-93
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 9 - UNIVERSAL LIFE RULE › Section 365:10-5-80 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words or terms, when used in this Part, shall
					 have the following meaning, unless the context clearly indicates
					 otherwise:
"Cash Surrender Value"
means the Net Cash
					 Surrender Value plus any amounts outstanding as policy loans.
"Commissioner"
means the Insurance
					 Commissioner of the State of Oklahoma.
"Flexible premium universal life insurance
					 policy"
means a universal life insurance policy which permits the
					 policyowner to vary, independently of each other, the amount or timing of one
					 or more premium payments or the amount of insurance.
"Fixed premium universal insurance policy"
means a universal life insurance policy other than a flexible premium universal
					 life insurance policy.
"Interest indexed universal life insurance
					 policy"
means any universal life insurance policy where the interest
					 credits are linked to an external referent.
"Net Cash Surrender Value"
means the maximum
					 amount payable to the policyowner upon surrender.
"Policy Value"
means the amount to which
					 separately identified interest credits and mortality, expense, or other charges
					 are made under a universal life insurance policy.
"Universal life insurance policy"
means any
					 individual life insurance policy under the provisions of which separately
					 identified interest credits (other than in connection with dividend
					 accumulations, premium deposit funds, or other supplementary accounts) and
					 mortality and expense charges are made to the policy. A universal life
					 insurance policy may provide for other credits and charges, such as charges for
					 the cost of benefits provided by rider.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 9 - UNIVERSAL LIFE RULE › Section 365:10-5-81 - Valuation

Current through Vol. 41, No. 20, July 1, 2024
(a)
Requirements.
The minimum
				  valuation standard for universal life insurance policies shall be the
				  Commissioners Reserve Valuation Method, as described below for such policies,
				  and the tables and interest rated specified below.
(1) The terminal reserve for the basic policy
				  and any benefits and/or riders for which premiums are not paid separately as of
				  any policy anniversary shall be calculated as follows.
(2) Future guaranteed benefits, as used in
				  the formula in (1) of this subsection, are determined by:
(A) projecting the greater of the Guaranteed
				  Maturity Fund and the policy value, taking into account future Guaranteed
				  Maturity Premiums, if any, and using all guarantees of interest, mortality,
				  expense deductions, etc., contained in the policy or declared by the insurer;
				  and
(B) taking into account any
				  benefits guaranteed in the policy or by declaration which do not depend on the
				  policy value.
(3) All
				  present values in the formula in (1) of this subsection shall be determined
				  using:
(A) an interest rate (or rates)
				  specified by 36 O.S. § 1510 for policies issued in the same year;
(B) the mortality rates specified
				  by the 36 O.S. § 1510, for policies issued in the same year or contained
				  in such other table as may be approved by the Commissioner for this purpose;
				  and
(C) any other tables needed to
				  value supplementary benefits provided by a rider which is being valued together
				  with the policy.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 9 - UNIVERSAL LIFE RULE › Section 365:10-5-82 - Nonforfeiture

Current through Vol. 41, No. 20, July 1, 2024
(a)
Minimum cash surrender values for
				  flexible premium universal life insurance policies.
Minimum cash
				  surrender values for flexible premium universal life insurance policies shall
				  be determined separately for the basic policy and any benefits and riders for
				  which premiums are paid separately. The following requirements pertain to a
				  basic policy and any benefits and riders for which premiums are not paid
				  separately.
(1) The minimum cash surrender
				  value (before adjustment for indebtedness and dividend credits) available on a
				  date as of which interest is credited to the policy shall be calculated as
				  follows:
(A) The minimum cash surrender value
				  shall be equal to the accumulation to that date of the premiums paid minus the
				  accumulations to that date of:
(i) the
				  benefit charges,
(ii) the averaged
				  administrative expense charges for the first policy year and any insurance
				  increase years,
(iii) actual
				  administrative expense charges not exceeding the initial or additional expense
				  allowances, respectively,
(iv) any
				  service charges actually made (excluding charges for cash surrender or
				  execution of a paid-up nonforfeiture benefit) and
(v) any deductions made for partial
				  withdrawals.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 9 - UNIVERSAL LIFE RULE › Section 365:10-5-83 - Mandatory policy provisions

Current through Vol. 41, No. 20,
				  July 1, 2024
The following universal life policy provisions are
					 mandatory:
(1)
Periodic
				  disclosure to policyowner.
The policy shall provide that the policyowner
				  will be sent, without charge, at least annually, a report which will serve to
				  keep such policyowner advised as to the status of the policy. The end of the
				  current report period must be not more than three (3) months previous to the
				  date of the mailing of the report. Specific requirements of this report are
				  detailed in
				  365:10-5-85.
(2)
Illustrative reports.
The
				  policy shall provide for an illustrative report which will be sent to the
				  policyowner upon request and at a reasonable fee to the policyowner. Minimum
				  requirements of such reports are the same as those set forth in
				  365:10-5-84.
(3)
Policy guarantees.
The
				  policy shall provide guarantees of minimum interest credits and maximum
				  mortality and expense charges. All values and data shown in the policy shall be
				  based on guarantees. No figures based on nonguarantees shall be included in the
				  policy.
(4)
Calculation of
				  cash surrender values.
The policy shall contain at least a general
				  description of the calculation of cash surrender values including the following
				  information:
(A) The guaranteed maximum
				  expense charges and loads.
(B) Any
				  limitation on the crediting of additional interest. Interest credits shall not
				  remain conditional for a period longer than twelve (12) months.
(C) The guaranteed minimum rate or rates of
				  interest.
(D) The guaranteed
				  maximum mortality charges.
(E) Any
				  other guaranteed charges.
(F) Any
				  surrender or partial withdrawal charges.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 9 - UNIVERSAL LIFE RULE › Section 365:10-5-84 - Disclosure requirements

Current through Vol. 41, No. 20, July 1,
				  2024
In connection with any advertising, solicitation,
					 negotiation, or procurement of a universal life insurance policy:
(1)
Statement of policy cost factors
				  contents.
Any statement of policy cost factors or benefits shall
				  contain:
(A) The corresponding guaranteed
				  policy cost factors or benefits clearly identified.
(B) A statement explaining the nonguaranteed
				  nature of any current interest rates, charges, or other fees applied to the
				  policy, including the insurer's rights to alter any of these factors.
(C) Any limitations on the crediting of
				  interest, including identification of those portions of the policy to which a
				  specified interest rate shall be credited.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 9 - UNIVERSAL LIFE RULE › Section 365:10-5-85 - Periodic disclosure to policyholder

Current through Vol. 41,
				  No. 20, July 1, 2024
A universal life policy shall provide that the policyowner
					 will be sent, without charge, at least annually, a report which will serve to
					 keep such policyowner advised of the status of the policy. The end of the
					 current report period shall be not more than three (3) months previous to the
					 date of the mailing of the report. Such report shall include the
					 following:
(1) The beginning and end
				  of the current report period.
(2)
				  The policy value at the end of the previous report period and at the end of the
				  current report period.
(3) The
				  total amounts which have been credited or debited to the policy value during
				  the current report period, identifying each by type (e.q., interest, mortality,
				  expense and riders).
(4) The
				  current death benefit at the end of the current report period on each life
				  covered by the policy.
(5) The net
				  cash surrender value of the policy as of the end of the current report
				  period.
(6) The amount of
				  outstanding loans, if any, as of the end of the current report
				  period.
(7) For fixed premium
				  policies, if, assuming guaranteed interest, mortality and expense loads and
				  continued scheduled premium payments, the policy's net cash surrender value is
				  such that it would not maintain insurance in force until the end of the next
				  reporting period, a notice to this effect shall be included in the
				  report.
(8) For flexible premium
				  policies, if, assuming guaranteed interest, mortality and expense loads, the
				  policy's net cash surrender value will not maintain insurance in force until
				  the end of the next reporting period unless further premium payments are made,
				  a notice of this shall be included in the report.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 9 - UNIVERSAL LIFE RULE › Section 365:10-5-86 - Interest-indexed universal life insurance policies

Current through Vol.
				  41, No. 20, July 1, 2024
(a) The following information shall be
				  submitted in connection with any filing of interest-indexed universal life
				  insurance policies ("interest-indexed policies"). All such information received
				  shall be treated confidentially to the extent permitted by law.
(1) A description of how the interest credits
				  are determined, including:
(A) a description
				  of the index;
(B) the relationship
				  between the value of the index and the actual interest rate to be
				  credited;
(C) the frequency and
				  timing of determining the interest rate;
(D) the allocation of interest credits, if
				  more than one rate of interest applies to different portions of the policy
				  value.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 11 - ACCELERATED BENEFITS › Section 365:10-5-100 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The purpose of this part is to regulate accelerated benefit
					 provisions of individual and group life insurance policies and to provide
					 required standards of disclosure. This regulation shall apply to all
					 accelerated benefits provisions of individual and group life insurance policies
					 except those subject to the Long-Term Care Insurance Act, 36 O.S. 1981 Section
					 4421 et seq., issued or delivered in this state, on or after the effective date
					 of this regulation.
Added at 9 Ok Reg
					 2493, eff 6-26-92
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 11 - ACCELERATED BENEFITS › Section 365:10-5-101 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
(a)
"Accelerated benefits"
covered under this regulation are benefits payable under a life insurance
				  contract:
(1) To a policyowner or
				  certificateholder, during the lifetime of the insured, in anticipation of death
				  or upon the occurrence of specified life-threatening or catastrophic conditions
				  as defined by the policy or rider; and
(2) Which reduce the death benefit otherwise
				  payable under the life insurance contract; and
(3) Which are payable upon the occurrence of
				  a single qualifying event which results in the payment of a benefit amount
				  fixed at the time of acceleration.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 11 - ACCELERATED BENEFITS › Section 365:10-5-102 - Type of product

Current through Vol. 41, No. 20, July 1,
				  2024
Accelerated benefit riders and life insurance policies with
					 accelerated benefit provisions are primarily mortality risks rather than
					 morbidity risks. They are life insurance benefits subject to Title 36 of the
					 Oklahoma Statutes.
Added at 9 Ok Reg
					 2493, eff 6-26-92
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 11 - ACCELERATED BENEFITS › Section 365:10-5-103 - Assignee/beneficiary

Current through Vol. 41, No. 20, July 1, 2024
Prior to the payment of the accelerated benefit, the
					 insurer is required to obtain from any assignee or irrevocable beneficiary
					 assigned acknowledgement of concurrence for payout. If the insurer making the
					 accelerated benefit is itself the assignee under the policy, no such
					 acknowledgement is required.
Added at 9 Ok Reg
					 2493, eff 6-26-92
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 11 - ACCELERATED BENEFITS › Section 365:10-5-104 - Criteria for payment

Current through Vol. 41, No. 20, July 1,
				  2024
(a)
Lump sum
				  settlement option required.
Contract payment options shall include the
				  option to take the benefit as a lump sum. The benefit shall not be made
				  available as an annuity contingent upon the life of the insured.
(b)
Restrictions on use of
				  proceeds.
No restrictions are permitted on the use of the
				  proceeds.
(c)
Accidental
				  death benefit provision.
If any death benefit remains after payment of
				  an accelerated benefit, the accidental death benefit provision, if any, in the
				  policy or rider shall not be affected by the payment of the accelerated
				  benefit.
Added at 9 Ok Reg
					 2493, eff 6-26-92
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 11 - ACCELERATED BENEFITS › Section 365:10-5-105 - Disclosures

Current through Vol. 41, No. 20, July 1, 2024
(a)
Descriptive title.
The
				  terminology "accelerated benefit" shall be included in the descriptive title.
				  Products regulated under this regulation shall not be described or marketed as
				  long-term care insurance or as providing long-term care benefits.
(b)
Solicitations.
(1)
Disclosure of benefits.
A
				  written disclosure including, but not necessarily limited to, a brief
				  description of the accelerated benefit and definitions of the conditions or
				  occurrences triggering payment of the benefits shall be given to the applicant.
				  The description shall include an explanation of any effect of the payment of a
				  benefit on the policy's cash value, accumulation account, death benefit,
				  premium, policy loans and policy liens.
(A)
				  In the case of agent solicited insurance, the agent shall provide the
				  disclosure form to the applicant prior to or concurrently with the application.
				  Acknowledgement of the disclosure shall be signed by the applicant and writing
				  agent.
(B) In the case of a
				  solicitation by direct response methods, the insurer shall provide the
				  disclosure form to the applicant at the time the policy is delivered, with a
				  notice that a full premium refund shall be received if the policy is returned
				  to the company within the free look period of ten days.
(C) In the case of group insurance policies,
				  the disclosure form shall be contained as part of the certificate of coverage
				  or any related document furnished by the insurer for the
				  certificateholder.