Oklahoma § 36-3624.1 - Group life insurance policies - Right to assign

§ 36-3624.1. Group life insurance policies - Right to assign

incidents of ownership.

A person whose life is insured under a group insurance policy

may, subject and pursuant to the terms of the policy, or pursuant to

an arrangement between the insured, the group policyholder and the

insurer, assign all or any part of his incidents of ownership,

rights, title and interests, both present and future, under such

policy including specifically, but not by way of limitation, the

right to designate a beneficiary or beneficiaries thereunder and the

right to have an individual policy issued to him in case of

termination of employment or of said group insurance policy. Such

an assignment by the insured, made either before or after the

effective date of this section, is valid for the purpose of vesting

in the assignee, in accordance with any provisions included therein

as to the time at which it is to be effective, all of such incidents

of ownership, rights, title and interests so assigned, but without

prejudice to the insurer on account of any payment it may make or

Oklahoma Statutes - Title 36. Insurance

individual policy it may issue prior to receipt of notice of the

assignment. This section acknowledges, declares and codifies the

existing right of assignment of interests under group insurance

policies.

Laws 1973, c. 19, § 1, emerg. eff. April 4, 1973.