Okla. Stat. tit. 36, § 36-4055.11
This is the official text of Okla. Stat. tit. 36, § 36-4055.11, 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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Fraudulent viatical settlement acts - Filing of
Official statutory text
advertising - "Free" insurance - Additional consideration - Emphasis
on settling policy prohibited.
A. With respect to any viatical settlement contract or
insurance policy, no viatical settlement broker knowingly shall
solicit an offer from, effectuate a viatical settlement with or make
a sale to any viatical settlement provider, viatical settlement
purchaser, financing entity or related provider trust that is
controlling, controlled by, or under common control with such
viatical settlement broker unless the relationship is disclosed to
the viator.
B. With respect to any viatical settlement contract or
insurance policy, no viatical settlement provider knowingly may
enter into a viatical settlement contract with a viator, if, in
connection with such viatical settlement contract, anything of value
will be paid to a viatical settlement broker that is controlling,
controlled by, or under common control with such viatical settlement
provider or the viatical settlement purchaser, financing entity or
related provider trust that is involved in such viatical settlement
contract unless the relationship is disclosed to the viator.
C. A violation of subsection A or B of this section shall be
deemed a fraudulent viatical settlement act.
D. No viatical settlement provider shall enter into a viatical
settlement contract unless the viatical settlement promotional,
advertising and marketing materials, as may be prescribed by
regulation, have been filed with the Insurance Commissioner. In no
event shall any marketing materials expressly reference that the
Oklahoma Statutes - Title 36. Insurance Page 893
insurance is “free” for any period of time. The inclusion of any
reference in the marketing materials that would cause a viator to
reasonably believe that the insurance is free for any period of time
shall be considered a violation of the Viatical Settlements Act of
2008.
E. No life insurance producer, insurance company, viatical
settlement broker, viatical settlement provider or viatical
settlement investment agent shall make any statement or
representation to the applicant or policyholder in connection with
the sale or financing of a life insurance policy to the effect that
the insurance is free or without cost to the policyholder for any
period of time unless provided in the policy.
F. No person providing premium financing shall receive any
proceeds, fees or other consideration from the policy or owner of
the policy that is in addition to the amounts required to pay
principal, interest, and any other reasonable costs or expenses in
type and amount incurred by the lender or borrower in connection
with the premium finance agreement, except for the event of a
default, unless either the default on the loan or transfer of the
policy in connection with the default occurs pursuant to an
agreement or understanding with any other person for the purpose of
evading regulation under this act. Any payments, charges, fees or
other amounts received by a person providing premium financing in
violation of this subsection shall be remitted to the original owner
of the policy or to the estate of the owner if the owner is deceased
at the time of the determination of the overpayment.
G. No person shall issue, solicit, market or otherwise promote
the purchase of an insurance policy for the purpose of, or with an
emphasis on, settling the policy.
on settling policy prohibited.
A. With respect to any viatical settlement contract or
insurance policy, no viatical settlement broker knowingly shall
solicit an offer from, effectuate a viatical settlement with or make
a sale to any viatical settlement provider, viatical settlement
purchaser, financing entity or related provider trust that is
controlling, controlled by, or under common control with such
viatical settlement broker unless the relationship is disclosed to
the viator.
B. With respect to any viatical settlement contract or
insurance policy, no viatical settlement provider knowingly may
enter into a viatical settlement contract with a viator, if, in
connection with such viatical settlement contract, anything of value
will be paid to a viatical settlement broker that is controlling,
controlled by, or under common control with such viatical settlement
provider or the viatical settlement purchaser, financing entity or
related provider trust that is involved in such viatical settlement
contract unless the relationship is disclosed to the viator.
C. A violation of subsection A or B of this section shall be
deemed a fraudulent viatical settlement act.
D. No viatical settlement provider shall enter into a viatical
settlement contract unless the viatical settlement promotional,
advertising and marketing materials, as may be prescribed by
regulation, have been filed with the Insurance Commissioner. In no
event shall any marketing materials expressly reference that the
Oklahoma Statutes - Title 36. Insurance Page 893
insurance is “free” for any period of time. The inclusion of any
reference in the marketing materials that would cause a viator to
reasonably believe that the insurance is free for any period of time
shall be considered a violation of the Viatical Settlements Act of
2008.
E. No life insurance producer, insurance company, viatical
settlement broker, viatical settlement provider or viatical
settlement investment agent shall make any statement or
representation to the applicant or policyholder in connection with
the sale or financing of a life insurance policy to the effect that
the insurance is free or without cost to the policyholder for any
period of time unless provided in the policy.
F. No person providing premium financing shall receive any
proceeds, fees or other consideration from the policy or owner of
the policy that is in addition to the amounts required to pay
principal, interest, and any other reasonable costs or expenses in
type and amount incurred by the lender or borrower in connection
with the premium finance agreement, except for the event of a
default, unless either the default on the loan or transfer of the
policy in connection with the default occurs pursuant to an
agreement or understanding with any other person for the purpose of
evading regulation under this act. Any payments, charges, fees or
other amounts received by a person providing premium financing in
violation of this subsection shall be remitted to the original owner
of the policy or to the estate of the owner if the owner is deceased
at the time of the determination of the overpayment.
G. No person shall issue, solicit, market or otherwise promote
the purchase of an insurance policy for the purpose of, or with an
emphasis on, settling the policy.
Status: in_force · Read it on the official government site
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