Oklahoma § 36-4030.1 - Forms to establish proof of death and interest of

§ 36-4030.1. Forms to establish proof of death and interest of

claimant - Interest on proceeds - Payment of proceeds - Time Exemptions.

A. Within ten (10) days after an insurer receives written

notification of the death of a person covered by a policy of life

insurance, the insurer shall provide to the claimant the necessary

forms to be completed to establish proof of the death of the insured

and, if required by the policy, the interest of the claimant. If

the policy contains a provision requiring surrender of the policy

prior to settlement, the insurer shall include a written statement

to that effect with the forms to be completed. Forms to establish

proof of death and proof of the interest of the claimant shall be

approved by the Insurance Commissioner.

B. An insurer shall pay the proceeds of any benefits under a

policy of life insurance not more than thirty (30) days after the

insurer has received proof of death of the insured. If the proceeds

are not paid within this period, the insurer shall pay interest on

the proceeds, at a rate which is not less than the current rate of

interest on death proceeds on deposit with the insurer, from the

date of death of the insured to the date when the proceeds are paid.

Should the insurer hold its deposits in a noninterest bearing

account, the rate of interest to be paid 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 thirty-first day after receipt of proof of loss until the

proceeds are paid. Payment shall be deemed to have been made on the

date an electronic payment is made or the date a check, draft or

other valid instrument which is equivalent to payment 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 instrument to the

beneficiary.

C. Subsection B of this section shall not apply to any life

insurance policy issued before October 1, 1978, which contains

specific provisions to the contrary.

Added by Laws 1978, c. 162, § 3, eff. Oct. 1, 1978. Amended by Laws

1987, c. 175, § 24, eff. Nov. 1, 1987; Laws 1994, c. 294, § 7, eff.

Sept. 1, 1994; Laws 2021, c. 478, § 23, emerg. eff. May 12, 2021.