Okla. Stat. tit. 36, § 36-4055.12

Guidelines and standards.

A. The purpose of this section is to provide prospective

viators with clear and unambiguous statements in the advertisement

of viatical settlements and to assure the clear, truthful and

adequate disclosure of the benefits, risks, limitations and

exclusions of any viatical settlement contract. This purpose is

intended to be accomplished by the establishment of guidelines and

standards of permissible and impermissible conduct in the

advertising of viatical settlements to assure that product

descriptions are presented in a manner that prevents unfair,

deceptive or misleading advertising and is conducive to accurate

presentation and description of viatical settlements through the

advertising media and material used by viatical settlement

licensees.

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B. This section shall apply to any advertising of viatical

settlement contracts or related products or services intended for

dissemination in this state, including Internet advertising viewed

by persons located in this state. Where disclosure requirements are

established pursuant to federal regulation, this section shall be

interpreted so as to minimize or eliminate conflict with federal

regulation wherever possible.

C. Every viatical settlement licensee shall establish and at

all times maintain a system of control over the content, form and

method of dissemination of all advertisements of its contracts,

products and services. All advertisements, regardless of by whom

written, created, designed or presented, shall be the responsibility

of the viatical settlement licensees, as well as the individual who

created or presented the advertisement. A system of control shall

include regular routine notification, at least once a year, to

agents and others authorized by the viatical settlement licensee who

disseminate advertisements of the requirements and procedures for

approval prior to the use of any advertisements not furnished by the

viatical settlement licensee.

D. Advertisements shall be truthful and not misleading in fact

or by implication. The form and content of an advertisement of a

viatical settlement contract 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 Insurance Commissioner 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.

E. The information required to be disclosed under this section

shall not be minimized, rendered obscure, or presented in an

ambiguous fashion or intermingled with the text of the advertisement

so as to be confusing or misleading.

1. An advertisement shall not omit material information or use

words, phrases, statements, references or illustrations if the

omission or use has the capacity, tendency or effect of misleading

or deceiving viators as to the nature or extent of any benefit, loss

covered, premium payable, or state or federal tax consequence. The

fact that the viatical settlement contract offered is made available

for inspection prior to consummation of the sale, or an offer is

made to refund the payment if the viator is not satisfied or that

the viatical settlement contract includes a “free look” period that

satisfies or exceeds legal requirements, does not remedy misleading

statements.

2. An advertisement shall not use the name or title of a life

insurance company or a life insurance policy unless the

advertisement has been approved by the insurer.

Oklahoma Statutes - Title 36. Insurance Page 895

3. An advertisement shall not state or imply that interest

charged on an accelerated death benefit or a policy loan is unfair,

inequitable or in any manner an incorrect or improper practice.
tisement shall not use the name or title of a life

insurance company or a life insurance policy unless the

advertisement has been approved by the insurer.

Oklahoma Statutes - Title 36. Insurance Page 895

3. An advertisement shall not state or imply that interest

charged on an accelerated death benefit or a policy loan is unfair,

inequitable or in any manner an incorrect or improper practice.

4. The words “free”, “no cost”, “without cost”, “no additional

cost”, “at no extra cost”, or words of similar import shall not be

used with respect to any benefit or service unless true. An

advertisement may specify the charge for a benefit or a service or

may state that a charge is included in the payment or use other

appropriate language.

5. Testimonials, appraisals or analysis used in advertisements

must be genuine; represent the current opinion of the author; be

applicable to the viatical settlement contract, product or service

advertised, if any; and be accurately reproduced with sufficient

completeness to avoid misleading or deceiving prospective viators as

to the nature or scope of the testimonials, appraisal, analysis or

endorsement. In using testimonials, appraisals or analysis, a

licensee under the Viatical Settlements Act of 2008 makes as its own

all the statements contained therein, and the statements are subject

to all the provisions of this section.

a. If the individual making a testimonial, appraisal,

analysis or an endorsement has a financial interest in

the party making use of the testimonial, appraisal,

analysis or endorsement, either directly or through a

related entity as a stockholder, director, officer,

employee or otherwise, or receives any benefit

directly or indirectly other than required union scale

wages, that fact shall be prominently disclosed in the

advertisement.

b. An advertisement shall not state or imply that a

viatical settlement contract, benefit or service has

been approved or endorsed by a group of individuals,

society, association or other organization unless that

is the fact and unless any relationship between an

organization and the viatical settlement licensee is

disclosed. If the entity making the endorsement or

testimonial is owned, controlled or managed by the

viatical settlement licensee, or receives any payment

or other consideration from the viatical settlement

licensee for making an endorsement or testimonial,

that fact shall be disclosed in the advertisement.

c. When an endorsement refers to benefits received under

a viatical settlement contract all pertinent

information shall be retained for a period of five (5)

years after its use.

F. An advertisement shall not contain statistical information

unless it accurately reflects recent and relevant facts. The source

of all statistics used in an advertisement shall be identified.

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G. An advertisement shall not disparage insurers, viatical

settlement providers, viatical settlement brokers, viatical

settlement investment agents, insurance producers, policies,

services or methods of marketing.

H. The name of the viatical settlement licensee shall be

clearly identified in all advertisements about the licensee or its

viatical settlement contract, products or services, and if any

specific viatical settlement contract is advertised, the viatical

settlement contract shall be identified either by form number or

some other appropriate description. If an application is part of

the advertisement, the name of the viatical settlement provider

shall be shown on the application.

I. An advertisement shall not use a trade name, group

designation, name of the parent company of a viatical settlement

licensee, name of a particular division of the viatical settlement

licensee, service mark, slogan, symbol or other device or reference

without disclosing the name of the viatical settlement licensee, if
e of the viatical settlement provider

shall be shown on the application.

I. An advertisement shall not use a trade name, group

designation, name of the parent company of a viatical settlement

licensee, name of a particular division of the viatical settlement

licensee, service mark, slogan, symbol or other device or reference

without disclosing the name of the viatical settlement licensee, if

the advertisement would have the capacity or tendency to mislead or

deceive as to the true identity of the viatical settlement licensee,

or to create the impression that a company other than the viatical

settlement licensee would have any responsibility for the financial

obligation under a viatical settlement contract.

J. An advertisement shall not use any combination of words,

symbols or physical materials that by their content, phraseology,

shape, color or other characteristics are so similar to a

combination of words, symbols or physical materials used by a

government program or agency or otherwise appear to be of such a

nature that they tend to mislead prospective viators into believing

that the solicitation is in some manner connected with a government

program or agency.

K. An advertisement may state that a viatical settlement

licensee is licensed in the state where the advertisement appears,

provided it does not exaggerate that fact or suggest or imply that

competing viatical settlement licensees may not be so licensed. The

advertisement may ask the audience to consult the licensee’s web

site or contact the department of insurance to find out if the state

requires licensing and, if so, whether the viatical settlement

provider, viatical settlement broker is licensed.

L. An advertisement shall not create the impression that the

viatical settlement provider, its financial condition or status, the

payment of its claims or the merits, desirability, or advisability

of its viatical settlement contracts are recommended or endorsed by

any government entity.

M. The name of the actual licensee shall be stated in all of

its advertisements. An advertisement shall not use a trade name,

any group designation, name of any affiliate or controlling entity

of the licensee, service mark, slogan, symbol or other device in a

Oklahoma Statutes - Title 36. Insurance Page 897

manner that would have the capacity or tendency to mislead or

deceive as to the true identity of the actual licensee or create the

false impression that an affiliate or controlling entity would have

any responsibility for the financial obligation of the licensee.

N. An advertisement shall not directly or indirectly create the

impression that any division or agency of the state or of the

federal government endorses, approves or favors:

1. Any viatical settlement licensee or its business practices

or methods of operation;

2. The merits, desirability or advisability of any viatical

settlement contract;

3. Any viatical settlement contract; or

4. Any life insurance policy or life insurance company.

O. If the advertiser emphasizes the speed with which the

viatication will occur, the advertising must disclose the average

time frame from completed application to the date of offer and from

acceptance of the offer to receipt of the funds by the viator.

P. If the advertising emphasizes the dollar amounts available

to viators, the advertising shall disclose the average purchase

price as a percent of face value obtained by viators contracting

with the licensee during the past six (6) months.