Oklahoma § 36-4032 - Application of act

§ 36-4032. Application of act

A. The provisions of the Life Insurance and Annuity

Policyholders Protection Act shall apply to life insurance and

Oklahoma Statutes - Title 36. Insurance

annuity policies which cover residents of this state and which are

solicited and issued by insurance corporations, fraternal benefit

societies, associations, or other institutions which issue life

insurance or annuity policies.

B. The provisions of the Life Insurance and Annuity

Policyholders Protection Act shall not apply to:

1. credit life insurance policies; or

2. group life insurance policies or group annuity policies; or

3. contracts issued in connection with employee benefits or welfare

plans as defined by the Federal Employee Retirement Income Security

Act of 1974 (ERISA), Public Law 93-406, as amended; or

4. the exercise by an insured of an existing contractual right

with the same insurer for the purchase of additional insurance under

a guaranteed insurability provision or conversion option or any

other contractual policy change privilege; or

5. short-term nonrenewable life insurance policies written to

cover periods of thirty-one (31) days or less; or

6. an existing nonconvertible term life insurance policy which

will expire in five (5) years or less and which cannot be renewed;

or

7. a proposed life insurance policy that is to replace life

insurance under a binding or conditional receipt issued by the same

company issuing the policy which is to be replaced.

Added by Laws 1983, c. 80, § 2, eff. Nov. 1, 1983.