reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-3 - 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:
"Advertisement"
means:
(A) Printed and published material, audio-visual material,
					 and descriptive literature of an insurer used in direct mail, newspapers,
					 magazines, radio scripts, TV scripts, social media, bill boards and similar
					 displays; and
(B) Descriptive literature and sales aids of all kinds
					 issued by an insurer, person, agent or broker for presentation to members of
					 the insurance buying public, including, but not limited to circulars, leaflets,
					 booklets, depictions, illustrations, and form letters and lead-generating
					 devices of all kinds as herein defined; and
(C) Prepared sales talks, presentations and material for
					 use by agents, persons, brokers, solicitors, announcers, celebrities and other
					 persons and representations made by agents, persons, brokers, announcers,
					 celebrities and other persons in accordance therewith.
"Exception"
means any provision in a policy
					 whereby coverage for a specified hazard is entirely eliminated; it is a
					 statement of a risk not assumed under the policy.
"Insurer"
means any individual, corporation,
					 association, partnership, reciprocal exchange, inter-insurer, Lloyds, fraternal
					 benefit society, health maintenance organization, and any other legal entity
					 which is defined as an "insurer" in the Insurance Code of this state and is
					 engaged in the advertisement of a policy as "policy" is herein defined.
"Lead-Generating Device"
means any
					 communication directed to the public which, regardless of form, content or
					 stated purpose, is intended to result in the compilation or qualification of a
					 list containing names and other personal information to be used to solicit
					 residents of this State for the purchase of accident and sickness
					 insurance.
"Limitation"
means any provision which
					 restricts coverage under the policy other than an exception or a
					 reduction.
"Policy"
means any policy, plan, certificate,
					 contract, agreement, statement of coverage, rider or endorsement which provides
					 accident, disability or sickness benefits, or medical, surgical or hospital
					 expense benefits, whether or an indemnity reimbursement, service or prepaid
					 basis, except when issued in connection with another kind of insurance other
					 than life, and except disability, waiver of premium and double indemnity
					 benefits included in life insurance and annuity contracts.
"Reduction"
means any provision which reduces
					 the amount of the benefit; a risk of loss is assumed but payment upon the
					 occurrence of such loss is limited to some amount or period less than would be
					 otherwise payable had such reduction not been used.
Amended at 10 Ok Reg
					 1471, eff 5-1-93
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-4 - Method of disclosure of required information

Current through
				  Vol. 41, No. 20, July 1, 2024
All information required to be disclosed by this Part shall
					 be set out conspicuously and in close conjunction with the statements to which
					 such information relates or under appropriate captions of such prominence that
					 it shall not be minimized, rendered obscure or presented in an ambiguous
					 fashion or intermingled with the context of the advertisement so as to be
					 confusing or misleading.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-5 - Form and content of advertisements

Current through Vol. 41, No.
				  20, July 1, 2024
(a) The
				  format and content of an advertisement of an accident, disability or sickness
				  insurance policy shall be sufficiently complete and clear to avoid deception or
				  the capacity or tendency to mislead or deceive. Whether an advertisement has a
				  capacity or tendency to mislead or deceive shall be determined by the State
				  Insurance Commissioner from the overall impression that the advertisement may
				  be reasonably expected to creates upon the person of average education or
				  intelligence, within the segment of the public to which it is
				  directed.
(b) Advertisements shall
				  be truthful and not misleading in fact or in implication. Words or phrases, the
				  meaning of which are clear only by implication or by familiarity with insurance
				  terminology, shall not be used.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-7 - Disclosure of policy provisions relating to renewability, cancellability and termination

Current through Vol. 41, No. 20, July 1,
				  2024
When an advertisement for accident, health, hospitalization
					 or disability insurance refers to either a dollar amount or a period of time
					 for which any benefit is payable, or the cost of the policy, or specific policy
					 benefit, or the loss for which such benefit is payable, it shall disclose the
					 provisions relating to renewability, cancellability and termination and any
					 modification of benefits, losses covered or premiums because of age or for
					 other reasons, in a manner which shall not minimize or render obscure the
					 qualifying conditions.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-8 - Testimonials or endorsements by third parties

Current through Vol.
				  41, No. 20, July 1, 2024
Testimonials or endorsements by third parties in
					 advertisement for insurance shall not be used in such a manner that they have
					 the capacity, tendency or effect of being misleading or deceptive. Testimonials
					 or endorsements shall comply with the following minimum standards:
(1) Testimonials used in advertisements must
				  be genuine, represent the current opinion of the author, be applicable to the
				  policy advertised and be accurately reproduced. The insurer, in using a
				  testimonial, makes as its own all of the statements contained therein, and the
				  advertisement, including such statement, is subject to all the provisions of
				  this section.
(2) If the person
				  making a testimonial, an endorsement or an appraisal has a financial interest
				  in the insurer or a related entity as a stockholder, director, officer,
				  employee, or otherwise, such fact shall be disclosed in the advertisement. If a
				  person is compensated for making a testimonial, endorsement or appraisal, such
				  fact shall be disclosed in the advertisement by language substantially as
				  follows: "Paid Endorsement." This section does not require disclosure of union
				  "scale" wages required by union rules if the payment is actually for such
				  "scale" for TV or radio performances. However, the payment of substantial
				  amounts, directly or indirectly, for "travel and entertainment" for filming or
				  recording of TV or radio advertisements remove the filming or recording from
				  the category of an unsolicited testimonial and require disclosure of such
				  compensation.
(3) An advertisement
				  shall not state or imply that an insurer or a policy has been approved or
				  endorsed by any individual, group of individuals, society, association or other
				  organizations, unless such is the fact, and unless any proprietary relationship
				  between an organization and the insurer is disclosed. If the entity making the
				  endorsement or testimonial has been formed by the insurer or is owned or
				  controlled by the insurer or the person or persons who own or control the
				  insurer, such fact shall be disclosed in the advertisement.
(4) When a testimonial refers to benefits
				  received under a policy, the specific claim data, including claim number, date
				  of loss, and other pertinent information shall be retained by the insurer for
				  inspection for a period of four (4) years or until the filing of the next
				  regular report on examination of the insurer, whichever is the longer period of
				  time.
Amended at 10 Ok Reg
					 1471, eff 5-1-93
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-9 - Use of statistics

Current through Vol. 41, No. 20, July 1,
				  2024
(a) An
				  advertisement relating to the dollar amount of claims paid, the number of
				  persons insured, or similar statistical information relating to any accident,
				  health, hospitalization or disability insurer or policy shall not use
				  irrelevant facts, and shall not be used unless it accurately reflects all of
				  the relevant facts. Such an advertisement shall not imply that such statistics
				  are derived from the policy advertised unless such is the fact, and when
				  applicable to other policies or plans shall specifically so state.
(b) An advertisement shall not represent or
				  imply that claim settlements by the insurer are "liberal" or "generous," or use
				  words of similar import, or that claim settlements are or will be beyond the
				  actual terms of the contract. An unusual amount paid for a unique claim for the
				  policy advertised is misleading and shall be identified in such
				  advertisement.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-10 - Identification of plan or number of policies

Current through Vol. 41,
				  No. 20, July 1, 2024
(a)
				  When a choice of the amount of benefits is referred to, an accident, health,
				  hospitalization or disability insurance advertisement shall disclose that the
				  amount of benefits provided depends upon the plan selected and that the premium
				  will vary with the amounts of the benefits selected.
(b) When an advertisement refers to various
				  benefits which may be contained in two or more policies, other than group
				  master policies, the advertisement shall disclose that such benefits are
				  provided only through a combination of such policies.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-11 - Disparaging comparisons and statements

Current through Vol. 41,
				  No. 20, July 1, 2024
An advertisement for accident, health, hospitalization or
					 disability insurance shall not directly or indirectly make unfair or incomplete
					 comparisons of policies or benefits or comparisons of noncomparable policies of
					 other insurers, and shall not disparage competitors, their policies, services
					 or business methods of marketing insurance
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-12 - Jurisdictional licensing and status of insure

Current through Vol.
				  41, No. 20, July 1, 2024
(a) An advertisement accident, health,
				  hospitalization or disability insurance which is intended to be seen or heard
				  beyond the limits of the jurisdiction in which the insurer is licensed shall
				  not imply licensing beyond those limits.
(b) An advertisement shall not create the
				  impression directly or indirectly that the insurer, its financial condition or
				  status, or the payment of its claims, or the merits, desirability, or
				  advisability of its policy forms or kinds or plans of insurance are approved,
				  endorsed, or accredited by any division or agency of this state or the United
				  States Government.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-13 - Identity of insurer

Current through Vol. 41, No. 20, July 1,
				  2024
(a) The name of the
				  actual accident, health, hospitalization or disability insurer and the form
				  and/or plan number or numbers advertised shall be identified and made clear in
				  all of its advertisements. An advertisement shall not use a trade name, any
				  insurance group designation, name of the parent company of the insurer, name of
				  a particular division of the insurer, service, mark, slogan, symbol or other
				  device which, without disclosing the name of the actual insurer, would have the
				  capacity and tendency to mislead or deceive as to the true identity of the
				  insurer.
(b) No advertisement shall
				  use any combination of words, symbols, or physical materials which by their
				  content, phraseology, shape, color or other characteristics are so similar to
				  combination of words, symbols, or physical materials used by agencies of the
				  federal government or of this state, or otherwise appear to be of such a nature
				  that it tends to confuse or mislead prospective insureds into believing that
				  the solicitation is in some manner connected with an agency of the municipal,
				  state, or federal government.
(c)
				  An agent who makes contact with a consumer, as a result of acquiring that
				  consumer's name from a lead-generating device, must disclose such fact in the
				  initial contact with the consumer.
Amended at 10 Ok Reg
					 1471, eff 5-1-93
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-14 - Group or quasi-group implications

Current through Vol. 41, No.
				  20, July 1, 2024
An advertisement of a particular accident, health,
					 hospitalization or disability insurance policy shall not state or imply that
					 prospective insureds become group or quasi-group members covered under a group
					 policy and as such enjoy special rates or underwriting privileges, unless such
					 is the fact.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-16 - Statements about an insurer

Current through Vol. 41, No. 20, July
				  1, 2024
An advertisement for accident, health, hospitalization or
					 disability insurance shall not contain statements which are untrue in fact, or
					 by implication misleading, with respect to the assets, corporate structure,
					 financial standing, age or relative position of the insurer in the insurance
					 business. An advertisement shall not contain a recommendation by any commercial
					 rating system, unless it clearly indicates the purpose of the recommendation
					 and the limitations of the scope and extent of the
					 recommendation.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-17 - Inspection of policy

Current through Vol. 41, No. 20, July 1,
				  2024
An offer in an advertisement accident, health,
					 hospitalization or disability insurance of free inspection of policy or offer
					 of a premium refund or offer to inquire, is not a cure for misleading or
					 deceptive statements contained in such advertisement.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-18 - Enforcement procedures

Current through Vol. 41, No. 20, July 1,
				  2024
(a)
Advertising file.
Each accident, health, hospitalization or
				  disability insurer shall maintain at its home or principal office a complete
				  file containing every printed, published or prepared advertisement of its
				  individual policies and typical printed, published or prepared advertisements
				  of its blanket, franchise and group policies hereafter disseminated in this or
				  any other state, whether or not licensed in such other state, with a notation
				  attached to each such advertisement which shall indicate the manner and extent
				  of distribution, and the form number of any policy advertised. Such file shall
				  be subject to regular and periodical inspection by the State Insurance
				  Commissioner. All such advertisements shall be maintained in said file for a
				  period of either four (4) years or until the filing of the next regular report
				  on examination of the insurer, whichever is the longer period of
				  time.
(b)
Certificate of
				  Compliance.
Each insurer required to file an Annual Statement, which is
				  now or which hereafter becomes subject to the provisions of this section, must
				  file with the State Insurance Commissioner with its Annual Statement, a
				  Certificate of Compliance executed by an authorized officer of the insurer
				  wherein it is stated that to the best of his knowledge, information and belief
				  the advertisements which were disseminated by the insurer during the preceding
				  statement year compiled, or were made to comply in all respects with the
				  provisions of this section and the Insurance Laws of this State as implemented
				  by the rules and interpreted by the Insurance Commissioner.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-19 - Filing for prior review

Current through Vol. 41, No. 20, July 1,
				  2024
The Insurance Commissioner may, in his discretion, require
					 the filing with the State Insurance Department, for review prior to use, of all
					 direct response advertising material accident, health, hospitalization or
					 disability insurance. Such advertising material must be filed by the insurer
					 with the Department not less than 30 days prior to the date the insurer desires
					 to use the advertisement.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 1 - ACCIDENT AND HEALTH INSURANCE › Section 365:10-3-20 - Severability of rules

Current through Vol. 41, No. 20, July 1,
				  2024
If any section or portion of a section of this Part, or the
					 applicability thereof to any person or circumstances, is held invalid by a
					 court, the remainder of the rules, or the applicability of such provision to
					 other persons or circumstances shall not be affected thereby.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 3 - LIFE INSURANCE ADVERTISING › Section 365:10-3-30 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The purpose of this Part is to set forth minimum standards
					 and guidelines to assure a full and truthful disclosure to the public of all
					 material and relevant information in the advertising of life insurance policies
					 and annuity contracts.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 3 - LIFE INSURANCE ADVERTISING › Section 365:10-3-31 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
(a) The following words or terms, when used
				  in this Part, shall have the following meaning, unless the context clearly
				  indicates otherwise:
(1)
"Advertisement"
means material designed to create public interest
				  in life insurance or annuities or in an insurer, or in an insurance producer;
				  or to induce the public to purchase, increase, modify, reinstate, borrow on,
				  surrender, replace, or retain a policy, provided:
(A)
"Advertisement"
shall
				  include:
(i) printed and published material,
				  audiovisual material, and descriptive literature of an insurer or insurance
				  producer used in direct mail, newspapers, magazines, radio and television
				  scripts, social media, bill boards and similar displays;
(ii) descriptive literature and sales aids of
				  all kinds, authored by the insurer, its insurance producers, or third parties,
				  issued, distributed or used by such insurer or insurance producer; including
				  but not limited to circulars, leaflets, booklets, depictions, illustrations and
				  form letters;
(iii) material used
				  for the recruitment, training, and education of an insurer's insurance
				  producers which is designed to be used or is used to induce the public to
				  purchase, increase, modify, reinstate, borrow on, surrender, replace or retain
				  a policy;
(iv) prepared sales
				  talks, presentations and material for use by insurance producers.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 3 - LIFE INSURANCE ADVERTISING › Section 365:10-3-32 - Form and contents of advertisements

Current through Vol. 41,
				  No. 20, July 1, 2024
(a)
Truthful, not misleading.
Advertisements for life insurance shall
				  be truthful and not misleading in fact or by implication. The form and content
				  of an advertisement of a policy shall be sufficiently complete and clear so as
				  to avoid deception. It shall not have the capacity or tendency to mislead or
				  deceive. Whether an advertisement has the capacity or tendency to mislead or
				  deceive shall be determined by the Commissioner of Insurance from the overall
				  impression that the advertisement may be reasonably expected to create upon a
				  person of average education or intelligence within the segment of the public to
				  which it is directed.
(b)
Terms prohibited.
No life insurance advertisement shall use the
				  terms "investment," "investment plan," "founder's plan," "charter plan,"
				  "deposit," "expansion plan," "profit," "profits," "profit sharing," "interest
				  plan," "savings," "savings plan," or other similar terms in connection with a
				  policy in a context or under such circumstances or conditions as to have the
				  capacity or tendency to mislead a purchaser or prospective purchaser of such
				  policy to believe that he will receive, or that it is possible that he will
				  receive, something other than a policy or some benefit not available to other
				  persons of the same class and equal expectation of life.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 3 - LIFE INSURANCE ADVERTISING › Section 365:10-3-34 - Identity of insurer

Current through Vol. 41, No. 20, July 1,
				  2024
(a)
Name of
				  insurer.
The name of the insurer shall be clearly identified in all
				  advertisements, and if any specific individual policy is advertised it shall be
				  identified either by form number or other appropriate description. If an
				  tapplication is a part of the advertisement, the name of the insurer shall be
				  shown on the application. An advertisement shall not use a trade name, an
				  insurance group designation, name of the parent company of the insurer, name of
				  a particular division of the insurer, if the advertisement would have the
				  capacity or tendency to mislead or deceive as to the true identity of the
				  insurer or create the impression that a company other than the insurer would
				  have any responsibility for the financial obligation under a policy.
(b)
No copies of governmental
				  programs.
No advertisement shall use any combination of words, symbols
				  or other physical materials which by their content, phraseology, shape, color
				  or other characteristics are so similar to a combination of words, symbols or
				  physical materials used by a governmental program or agency or otherwise appear
				  to be of such a nature that they tend to mislead prospective insureds into
				  believing that the solicitation is in some manner connected with such
				  governmental program or agency.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 3 - LIFE INSURANCE ADVERTISING › Section 365:10-3-35 - Jurisdictional licensing and status of insurer

Current through Vol.
				  41, No. 20, July 1, 2024
(a)
No implied licensure.
An
				  advertisement which is intended to be seen or heard beyond the limits of the
				  jurisdiction in which the insurer is licensed shall not imply licensing beyond
				  such limits.
(b)
Stating
				  licensure in state.
An advertisement may state that an insurer or
				  insurance producer is licensed in the state where the advertisement appears,
				  provided it does not exaggerate such fact or suggest or imply that competing
				  insurers or insurance producers may not be licensed.
(c)
May not imply governmental
				  endorsement.
An advertisement shall not create the impression that the
				  insurer, its financial condition or status, the payment of its claims or the
				  merits, desirability, or advisability of its policy forms or kinds of plans of
				  insurance are recommended or endorsed by any governmental entity. However,
				  where a governmental entity has recommended or endorsed a policy form or plan,
				  such fact may be stated if the entity authorizes its recommendation or
				  endorsement to be used in an advertisement.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 3 - LIFE INSURANCE ADVERTISING › Section 365:10-3-36 - Statements about the insurer

Current through Vol. 41, No. 20,
				  July 1, 2024
An advertisement shall not contain statements, pictures or
					 illustrations which are false or misleading, in fact or by implication, with
					 respect to the assets, liabilities, insurance in force, corporate structure,
					 financial condition, age or relative position of the insurer in the insurance
					 business. An advertisement shall not contain a recommendation by any commercial
					 rating system unless it clearly defines the scope and extent of the
					 recommendation.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 3 - LIFE INSURANCE ADVERTISING › Section 365:10-3-37 - Enforcement procedures

Current through Vol. 41, No. 20, July 1,
				  2024
(a)
Specimen
				  copies.
Each insurer shall maintain at its home or principal office a
				  complete file containing a specimen copy of every printed, published or
				  prepared advertisement of its individual policies and specimen copies of
				  typical printed, published or prepared advertisements of its blanket, franchise
				  and group policies, hereafter disseminated in this state, with a notation
				  indicating the manner and extent of distribution and the form number of any
				  policy advertised. Such file shall be subject to inspection by this Department.
				  All such advertisements shall be maintained in said file for a period of either
				  four years or until the filing of the next regular report on the examination of
				  the insurer, whichever is the longer period of time.
(b)
Prior approval on possible
				  misleading ads.
If the Commissioner determines that an advertisement has
				  the capacity or tendency to mislead or deceive the public, the Commissioner may
				  require an insurer or insurance producer to submit all or any part of the
				  advertising material for review or approval prior to use.
(c)
Certificate of compliance.
Each insurer subject to the provisions of this section shall file with this
				  Department with its Annual Statement a certificate of compliance executed by an
				  authorized officer of the insurer wherein it is stated that to the best of his
				  knowledge, information and belief the advertisements which were disseminated by
				  or on behalf of the insurer in this State during the preceding statement year,
				  or during the portion of such year when these rules were in effect, complied or
				  were made to comply in all respects with the provisions of this section and the
				  Insurance Laws of this State as implemented by this section.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 3 - LIFE INSURANCE ADVERTISING › Section 365:10-3-38 - Penalties

Current through Vol. 41, No. 20, July 1, 2024
Any insurer or any of its officers, directors, agents
					 (producers) or employees thereof which, or who, violate any of the provisions
					 of this section, or knowingly participate in or abet such violation, shall be
					 subject to a fine up to $1,000 for each violation and/or subject to suspension
					 or revocation of their certificate of authority or license.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 3 - LIFE INSURANCE ADVERTISING › Section 365:10-3-39 - Testimonials or endorsements by third parties

Current through Vol.
				  41, No. 20, July 1, 2024
Testimonials or endorsements by third parties in
					 advertisement for insurance shall not be used in such a manner that they have
					 the capacity, tendency or effect of being misleading or deceptive. Testimonials
					 or endorsements shall comply with the following minimum standards:
(1) Testimonials used in advertisements must
				  be genuine, represent the current opinion of the author, be applicable to the
				  policy advertised and be accurately treproduced. The insurer, in using a
				  testimonial, makes as its own all of the statements contained therein, and the
				  advertisement, including such statement, is subject to all the provisions of
				  this section.
(2) If the person
				  making a testimonial, an endorsement or an appraisal has a financial interest
				  in the insurer or a related entity as a stockholder, director, officer,
				  employee, or otherwise, such fact shall be disclosed in the advertisement. If a
				  person is compensated for making a testimonial, endorsement or appraisal, such
				  fact shall be disclosed in the advertisement by language substantially as
				  follows: "Paid Endorsement." This section does not require disclosure of union
				  "scale" wages required by union rules if the payment is actually for such
				  "scale" for TV or radio performances. However, the payment of substantial
				  amounts, directly or indirectly, for "travel and entertainment" for filming or
				  recording of TV or radio advertisements remove the filming or recording from
				  the category of an unsolicited testimonial and require disclosure of such
				  compensation.
(3) An advertisement
				  shall not state or imply that an insurer or a policy has been approved or
				  endorsed by any individual, group of individuals, society, association or other
				  organizations, unless such is the fact, and unless any proprietary relationship
				  between an organization and the insurer is disclosed. If the entity making the
				  endorsement or testimonial has been formed by the insurer or is owned or
				  controlled by the insurer or the person or persons who ownor control the
				  insurer, such fact shall be disclosed in the advertisement.
(4) When a testimonial refers to benefits
				  received under a policy, the specific claim data, including claim number, date
				  of loss, and other pertinent information shall be retained by the insurer for
				  inspection for a period of four (4) years or until the filing of the next
				  regular report on examination of the insurer, whichever is the longer period of
				  time.
Added at 10 Ok Reg
					 1471, eff 5-1-93
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 5 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 365:10-3-50 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The purpose of this regulation is to provide rules for life
					 insurance policy illustrations that will protect consumers and foster consumer
					 education. This regulation provides illustration formats, prescribes standards
					 to be followed when illustrations are used, and specifies the disclosures that
					 are required in connection with illustrations. The goals of this regulation are
					 to ensure that illustrations do not mislead purchasers of life insurance and to
					 make illustrations more understandable. Insurers will, as far as possible,
					 eliminate the use of footnotes and caveats and define terms used in the
					 illustration in language that would be understood by a typical person within
					 the segment of the public to which the illustration is
					 directed.
Added at 14 Ok Reg
					 2644, eff 7-1-97
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 5 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 365:10-3-51 - Applicability and scope

Current through Vol. 41, No. 20, July 1,
				  2024
This regulation applies to all group and individual life
					 insurance policies and certificates except:
(1) Variable life insurance;
(2) Individual and group annuity
				  contracts;
(3) Credit life
				  insurance; or
(4) Life insurance
				  policies with no illustrated death benefits on any individual exceeding
				  $10,000.
Added at 14 Ok Reg
					 2644, eff 7-1-97
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 5 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 365:10-3-53 - Policies to be illustrated

Current through Vol. 41, No. 20,
				  July 1, 2024
(a) Each
				  insurer marketing policies to which this regulation is applicable shall notify
				  the commissioner whether a policy form is to be marketed with or without an
				  illustration. For all policy forms being actively marketed on the effective
				  date of this regulation, the insurer shall identify in writing those forms and
				  whether or not an illustration will be used with them. For policy forms filed
				  after the effective date of this regulation, the identification shall be made
				  at the time of filing. Any previous identification may be changed by notice to
				  the Commissioner.
(b) If the
				  insurer identifies a policy form as one to be marketed without an illustration,
				  any use of an illustration for any policy using that form prior to the first
				  policy anniversary is prohibited.
(c) If a policy form is identified by the
				  insurer as one to be marketed with an illustration, a basic illustration
				  prepared and delivered in accordance with this regulation is required, except
				  that a basic illustration need not be provided to individual members of a group
				  or to individuals insured under multiple lives coverage issued to a single
				  applicant unless the coverage is marketed to these individuals. The
				  illustration furnished an applicant for a group life insurance policy or
				  policies issued to a single applicant on multiple lives may be either an
				  individual or composite illustration representative of the coverage on the
				  lives of members of the group or the multiple lives covered.
(d) Potential enrollees of non-term group
				  life subject to this regulation shall be furnished a quotation with the
				  enrollment materials. The quotation shall show potential policy values for
				  sample ages and policy years on a guaranteed and non-guaranteed basis
				  appropriate to the group and the coverage. This quotation shall not be
				  considered an illustration for purposes of this regulation, but all information
				  provided shall be consistent with the illustrated scale. A basic illustration
				  shall be provided at delivery of the certificate to enrollees for non-term
				  group life who enroll for more than the minimum premium necessary to provide
				  pure death benefit protection. In addition, the insurer shall make a basic
				  illustration available to any non-term group life enrollee who requests
				  it.
Added at 14 Ok Reg
					 2644, eff 7-1-97
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 5 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 365:10-3-54 - General rules and prohibitions

Current through Vol. 41, No.
				  20, July 1, 2024
(a) An
				  illustration used in the sale of a life insurance policy shall satisfy the
				  applicable requirements of this regulation, be clearly labeled "life insurance
				  illustration" and contain for following basic information:
(1) Name of insurer;
(2) Name and business address of producer or
				  insurer's authorized representative, if any;
(3) Name, age and sex of proposed insured,
				  except when a composite illustration is permitted under this
				  regulation;
(4) Underwriting or
				  rating classification upon which the illustration is based;
(5) Generic name of policy, the company
				  product name, if different, and form number;
(6) Initial death benefit: and
(7) Dividend option election or application
				  of non-guaranteed elements, if applicable.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 5 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 365:10-3-56 - Standards for supplemental illustrations

Current through Vol.
				  41, No. 20, July 1, 2024
(a) A supplemental illustration may be
				  provided so long as:
(1) It is appended to,
				  accompanied by or preceded by a basic illustration that complies with this
				  regulation;
(2) The non-guaranteed
				  elements shown are not more favorable to the policy owner than the
				  corresponding elements based on the scale used in the basic
				  illustration;
(3) It contains the
				  same statement required of a basic illustration that non-guaranteed elements
				  are not guaranteed; and
(4) For a
				  policy that has a contract premium, the contract premium underlying the
				  supplemental illustration is equal to the contract premium shown in the basic
				  illustration. For policies that do not require a contract premium, the premium
				  outlay underlying the supplemental illustration shall be equal to the premium
				  outlay shown in the basic illustration.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 5 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 365:10-3-57 - Delivery of illustrations and record retention

Current through
				  Vol. 41, No. 20, July 1, 2024
(a)
Policy as illustrated and policy
				  other than as applied for.
(1) If a
				  basic illustration is used by an insurance producer or other authorized
				  representative of the insurer in the sale of a life insurance policy and the
				  policy is applied for as illustrated, a copy of that illustration, signed in
				  accordance with this regulation, shall be submitted to the insurer at the time
				  of policy application. A copy also shall be provided to the
				  applicant.
(2) If the policy is
				  issued other than as applied for, a revised basic illustration conforming to
				  the policy as issued shall be sent with the policy. The revised illustration
				  shall conform to the requirements of this regulation, shall be labeled "Revised
				  Illustration" and shall be signed and dated by the applicant or policy owner
				  and producer or other authorized representative of the insurer no later than
				  the time the policy is delivered. A copy shall be provided to the insurer and
				  the policy owner.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 5 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 365:10-3-58 - Annual report; notice to policy owners

Current through Vol.
				  41, No. 20, July 1, 2024
(a) In the case of a policy designated as one
				  for which illustrations will be used, the insurer shall provide each policy
				  owner with an annual report on the status of the policy that shall contain at
				  least the following information:
(1) For
				  universal life policies, the report shall include the following:
(A) The beginning and end date of the current
				  report period;
(B) The policy value
				  at the end of the previous report period and at the end of the current report
				  period;
(C) The total amounts that
				  have been credited or debited to the policy value during the current report
				  period, identifying each by type (e.g., interest, mortality, expense and
				  riders);
(D) The current death
				  benefit at the end of the current report period on each life covered by the
				  policy;
(E) The net cash surrender
				  value of the policy as of the end of the current report period;
(F) The amount of outstanding loans, if any,
				  as of the end of the current report period; and
(G) 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; or
(H) 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 to this
				  effect shall be included in the report.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 5 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 365:10-3-59 - Annual certifications

Current through Vol. 41, No. 20, July
				  1, 2024
(a) The board of
				  directors of each insurer shall appoint one or more illustration
				  actuaries.
(b) The illustration
				  actuary shall certify that the disciplined current scale used in illustrating
				  is in conformity with the Actuarial Standard of Practice for Compliance with
				  the NAIC model Regulation on Life Insurance Illustrations promulgated by the
				  Actuarial Standards Board, and that the illustrated scales used in
				  insurer-authorized illustrations meet the requirements of this
				  regulation.
(c) The illustration
				  actuary shall:
(1) Be a member in good
				  standing of the American Academy of Actuaries:
(2) Be familiar with the standard of practice
				  regarding life insurance policy illustrating;
(3) Not have been found by the commissioner,
				  following appropriate notice and hearing to have:
(A) Violated any provision of, or any
				  obligation imposed by, the insurance law or other law in the course of his or
				  her dealings as an illustration actuary;
(B) Been found guilty of fraudulent or
				  dishonest practices;
(C)
				  Demonstrated his or her incompetence, lack of cooperation, or untrustworthiness
				  to act as an illustration actuary; or
(D) Resigned or been removed as an
				  illustration actuary within the past five (5) years as a result of acts or
				  omissions indicated in any adverse report on examination or as a result of a
				  failure to adhere to generally acceptable actuarial standards;
(4) Not fail to notify the
				  commissioner of any action taken by a commissioner of another state similar to
				  that under Paragraph (3) above;
(5)
				  Disclose in the annual certification whether, since the last certification, a
				  currently payable scale applicable for business issued within the previous five
				  (5) years and within the scope of the certification has been reduced for
				  reasons other than changes in the experience factors underlying the disciplined
				  current scale. If non-guaranteed elements illustrated for new policies are not
				  consistent with those illustrated for similar in force policies, this must be
				  disclosed in the annual certification. If non-guaranteed elements illustrated
				  for both new and in force policies are not consistent with the non-guaranteed
				  elements actually being paid, charged or credited to the same or similar forms,
				  this must be disclosed in the annual certification; and
(6) Disclose in the annual certification the
				  method used to allocate overhead expenses for all illustrations:
(A) Fully allocated expenses;
(B) Marginal expenses; or
(C) A generally recognized expense table
				  based on fully allocated expenses representing a significant portion of
				  insurance companies and approved by the (National Association of Insurance
				  Commissioners or by the Commissioner).
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 5 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 365:10-3-60 - Penalties

Current through Vol. 41, No. 20, July 1, 2024
In addition to any other penalties provided by the laws of
					 this state, an insurer or producer that violates a requirement of this
					 regulation shall be guilty of a violation of 36 O.S. §
										1204.
Added at 14 Ok Reg
					 2644, eff 7-1-97
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 5 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 365:10-3-61 - Separability

Current through Vol. 41, No. 20, July 1, 2024
If any provision of this regulation or its application to
					 any person or circumstance is for any reason held to be invalid by any court of
					 law, the remainder of the regulation and its application to other persons or
					 circumstances shall not be affected.
Added at 14 Ok Reg
					 2644, eff 7-1-97
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 5 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 365:10-3-62 - Effective date

Current through Vol. 41, No. 20, July 1,
				  2024
This regulation shall become effective July 1, 1997 and
					 shall apply to policies sold on or after the effective date.
Added at 14 Ok Reg
					 2644, eff 7-1-97
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 1 - MINIMUM STANDARDS AND BENEFITS FOR ACCIDENT AND HEALTH INSURANCE › Section 365:10-5-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The purpose of this Part is to implement 36 O.S. §
										3611
					 so as to provide reasonable standardization and simplification of terms and
					 coverages of individual accident and health insurance policies in order to
					 facilitate public understanding and comparison and to eliminate provisions
					 contained in individual accident and health insurance policies which may be
					 misleading or confusing in connection either with the purchase of such
					 coverages, or with the settlement of claims and to provide for full disclosure
					 in the sale of such coverages.