Oklahoma § 36-4003.1 - Cancellation of policy - Time period

§ 36-4003.1. Cancellation of policy - Time period

A. No policy of individual life insurance or any annuity shall

be delivered or issued for delivery in this state unless it shall

have printed thereon or attached thereto a notice stating in

substance that, during a period of ten (10) days from the date the

policy or annuity is delivered to the insured, it may be surrendered

to the insurer together with a written request for cancellation of

the policy or annuity and, in such event, the policy or annuity

shall be void from the beginning and the insurer will refund any

premium or moneys paid therefor within thirty (30) days from the

date of cancellation. If the insurer does not return any premiums

or moneys paid therefor within thirty (30) days from the date of

cancellation, the insurer shall pay interest on the proceeds which

shall be the same rate of interest as the average United States

Treasury Bill rate of the preceding calendar year, as certified to

the Insurance Commissioner by the State Treasurer on the first

regular business day in January of each year, plus two (2)

percentage points, which shall accrue from the date of cancellation

Oklahoma Statutes - Title 36. Insurance

until the premiums or moneys are returned. In such event, the

policy or annuity shall be deemed to have been canceled on the date

the policy was placed in the U.S. mails in a properly addressed,

postpaid envelope; or, if not so posted, on the date of delivery of

such policy or annuity to the insurer.

B. This section shall not apply to life insurance policies

issued in connection with a credit transaction or issued under a

contractual policy change or conversion privilege provision

contained in the policy.

Added by Laws 1978, c. 162, § 2, eff. Oct. 1, 1978. Amended by Laws

1984, c. 149, § 13, eff. Nov. 1, 1984; Laws 1994, c. 294, § 6, eff.

Sept. 1, 1994.