Okla. Stat. tit. 36, § 36-4055.10

policy or certificate - Requests for verification of coverage or

transfer of policy.

A. It is a violation of the Viatical Settlements Act of 2008

for any person to enter into a viatical settlement contract at any

time prior to the application or issuance of a policy which is the

subject of viatical settlement contract or within a two-year period

commencing with the date of issuance of the insurance policy or

certificate unless the viator certifies to the viatical settlement

Oklahoma Statutes - Title 36. Insurance Page 891

provider that one or more of the following conditions have been met

within the two-year period:

1. The policy was issued upon the viator’s exercise of

conversion rights arising out of a group or individual policy,

provided the total of the time covered under the conversion policy

plus the time covered under the prior policy is at least twenty-four

(24) months. The time covered under a group policy shall be

calculated without regard to any change in insurance carriers,

provided the coverage has been continuous and under the same group

sponsorship; or

2. The viator submits independent evidence to the viatical

settlement provider that one or more of the following conditions

have been met within the two-year period:

a. the viator or insured is terminally or chronically

ill,

b. the viator’s spouse dies,

c. the viator divorces his or her spouse,

d. the viator retires from full-time employment,

e. the viator becomes physically or mentally disabled and

a physician determines that the disability prevents

the viator from maintaining full-time employment,

f. a final order, judgment or decree is entered by a

court of competent jurisdiction, on the application of

a creditor of the viator, adjudicating the viator

bankrupt or insolvent, or approving a petition seeking

reorganization of the viator or appointing a receiver,

trustee or liquidator to all or a substantial part of

the viator’s assets, or

g. the viator involuntarily experiences a significant

decrease in income that is unexpected and that also

reasonably impairs the reasonable ability of the

viator to pay the policy premiums.

B. Copies of the independent evidence described in paragraph 2

of subsection A of this section and documents required by subsection

A of Section 9 of this act shall be submitted to the insurer when

the viatical settlement provider or other party entering into a

viatical settlement contract with a viator submits a request to the

insurer for verification of coverage. The copies shall be

accompanied by a letter of attestation from the viatical settlement

provider that the copies are true and correct copies of the

documents received by the viatical settlement provider.

C. If the viatical settlement provider submits to the insurer a

copy of the owner or insured’s certification described in and the

independent evidence required by paragraph 2 of subsection A of this

section when the provider submits a request to the insurer to effect

the transfer of the policy or certificate to the viatical settlement

provider, the copy shall be deemed to conclusively establish that

Oklahoma Statutes - Title 36. Insurance Page 892

the viatical settlement contract satisfies the requirements of this

section and the insurer shall timely respond to the request.

D. No insurer may, as a condition of responding to a request

for verification of coverage or effecting the transfer of a policy

pursuant to a viatical settlement contract, require that the viator,

insured, viatical settlement provider or viatical settlement broker

sign any forms, disclosures, consent or waiver form that has not

been expressly approved by the Insurance Commissioner for use in

connection with viatical settlement contracts in this state.

E. Upon receipt of a properly completed request for change of

ownership or beneficiary of a policy, the insurer shall respond in

writing within thirty (30) calendar days with written
al settlement broker

sign any forms, disclosures, consent or waiver form that has not

been expressly approved by the Insurance Commissioner for use in

connection with viatical settlement contracts in this state.

E. Upon receipt of a properly completed request for change of

ownership or beneficiary of a policy, the insurer shall respond in

writing within thirty (30) calendar days with written

acknowledgement confirming that the change has been effected or

specifying the reasons why the requested change cannot be processed.

The insurer shall not unreasonably delay effecting change of

ownership or beneficiary and shall not otherwise seek to interfere

with any viatical settlement contract lawfully entered into in this

state.