Okla. Stat. tit. 36, § 36-4032
This is the official text of Okla. Stat. tit. 36, § 36-4032, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Application of act
Official statutory text
A. The provisions of the Life Insurance and Annuity
Policyholders Protection Act shall apply to life insurance and
Oklahoma Statutes - Title 36. Insurance Page 858
annuity policies which cover residents of this state and which are
solicited and issued by insurance corporations, fraternal benefit
societies, associations, or other institutions which issue life
insurance or annuity policies.
B. The provisions of the Life Insurance and Annuity
Policyholders Protection Act shall not apply to:
1. credit life insurance policies; or
2. group life insurance policies or group annuity policies; or
3. contracts issued in connection with employee benefits or welfare
plans as defined by the Federal Employee Retirement Income Security
Act of 1974 (ERISA), Public Law 93-406, as amended; or
4. the exercise by an insured of an existing contractual right
with the same insurer for the purchase of additional insurance under
a guaranteed insurability provision or conversion option or any
other contractual policy change privilege; or
5. short-term nonrenewable life insurance policies written to
cover periods of thirty-one (31) days or less; or
6. an existing nonconvertible term life insurance policy which
will expire in five (5) years or less and which cannot be renewed;
or
7. a proposed life insurance policy that is to replace life
insurance under a binding or conditional receipt issued by the same
company issuing the policy which is to be replaced.
Policyholders Protection Act shall apply to life insurance and
Oklahoma Statutes - Title 36. Insurance Page 858
annuity policies which cover residents of this state and which are
solicited and issued by insurance corporations, fraternal benefit
societies, associations, or other institutions which issue life
insurance or annuity policies.
B. The provisions of the Life Insurance and Annuity
Policyholders Protection Act shall not apply to:
1. credit life insurance policies; or
2. group life insurance policies or group annuity policies; or
3. contracts issued in connection with employee benefits or welfare
plans as defined by the Federal Employee Retirement Income Security
Act of 1974 (ERISA), Public Law 93-406, as amended; or
4. the exercise by an insured of an existing contractual right
with the same insurer for the purchase of additional insurance under
a guaranteed insurability provision or conversion option or any
other contractual policy change privilege; or
5. short-term nonrenewable life insurance policies written to
cover periods of thirty-one (31) days or less; or
6. an existing nonconvertible term life insurance policy which
will expire in five (5) years or less and which cannot be renewed;
or
7. a proposed life insurance policy that is to replace life
insurance under a binding or conditional receipt issued by the same
company issuing the policy which is to be replaced.
Status: in_force · Read it on the official government site
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