Oklahoma § 60-653 - Funds held or owing under life or endowment insurance

§ 60-653. Funds held or owing under life or endowment insurance

policy or annuity contract.

(a) Funds held or owing under any life or endowment insurance

policy or annuity contract that has matured or terminated are

presumed abandoned if unclaimed for more than five (5) years after

the funds became due and payable as established from the records of

the insurance company holding or owing the funds, but property

described in paragraph (2) of subsection (c) of this section is

presumed abandoned if unclaimed for more than two (2) years.

(b) If a person other than the insured or annuitant is entitled

to the funds and an address of the person is not known to the

company or it is not definite and certain from the records who is

entitled to the funds, it is presumed that the last-known address of

the person entitled to the funds is the same as the last-known

address of the insured or annuitant according to the records of the

company.

(c) For purposes of this act, a life or endowment insurance

policy or annuity contract not matured by actual proof of death of

the insured according to the records of the company is matured and

the proceeds due and payable if:

(1) the company knows that the insured or annuitant has

died; or

(2) (A) the insured has attained, or would have attained

if he were living, the limiting age under the

mortality table on which the reserve is based;

(B) the policy was in force at the time the insured

attained, or would have attained, the limiting

age specified in subparagraph (A) of this

paragraph; and

(C) neither the insured nor any person appearing to

have an interest in the policy within the

preceding two (2) years, according to the records

of the company, has assigned, readjusted, or paid

premiums on the policy, subjected the policy to

loan, or corresponded in writing with the company

concerning the policy, or otherwise indicated an

interest as evidenced by a memorandum or other

Oklahoma Statutes - Title 60. Property

record on file prepared by an employee of the

company.

(d) For purposes of this act, the application of an automatic

premium loan provision or other nonforfeiture provisions contained

in an insurance policy does not prevent a policy from being matured

or terminated under subsection (a) of this section if the insured

has died or the insured or the beneficiary of the policy otherwise

has become entitled to the proceeds thereof before the depletion of

the cash surrender value of a policy by the application of those

provisions.

(e) If the laws of this state or the terms of the life

insurance policy require the company to give notice to the insured

or the owner that an automatic premium loan provision or other

nonforfeiture provision has been exercised and the notice, given to

an insured or owner whose last-known address according to the

records of the company is in this state, is undeliverable, the

company shall make a reasonable search to ascertain the

policyholder's correct address to which the notice must be mailed.

(f) Notwithstanding any other provision of law, if the company

learns of the death of the insured or annuitant and the beneficiary

has not communicated with the insurer within four (4) months after

the death, the company shall take reasonable steps to pay the

proceeds to the beneficiary.

(g) Every change of beneficiary form issued by an insurance

company under any life or endowment insurance policy or annuity

contract to an insured or owner who is a resident of the state shall

include, but not be limited to:

(1) the name of each beneficiary, or if a class of

beneficiaries is named, the name of each current

beneficiary in the class;

(2) the address of each beneficiary;

(3) the relationship of each beneficiary to the insured;

(h) With respect to any funds held or owing under any life or

endowment insurance policy or annuity contract presumed abandoned

pursuant to this section or property distributable in the course of

a demutualization or reorganization of an insurance company pursuant

to Section 653.1 of this title, the insurance company holding or

owing such funds shall provide any information reasonably requested

by the State Treasurer, if such information is reasonably available,

to assist the State Treasurer in its consideration of a claim

pursuant to Section 675 of this title.

Added by Laws 1967, c. 107, § 3.

Amended by Laws 1982, c. 278, §

2, eff. Jan. 1, 1983; Laws 1991, c. 331, § 5, eff. Sept. 1, 1991;

Laws 2006, c. 233, § 1, eff. Nov. 1, 2006.