Okla. Stat. tit. 36, § 36-4023: Standard provisions required in reversionary annuities

A. Except as stated herein, no contract for a reversionary

annuity shall be delivered or issued for delivery in this state

unless it contains in substance each of the following provisions:

1. Any such reversionary annuity contract shall contain the

provisions specified in Sections 4017, 4018, 4019, 4021 and 4022 of

this article, except that under said Section 4017 the insurer may at

its option provide for an equitable reduction of the amount of the

annuity payments in settlement of an overdue or deferred payment in

lieu of providing for deduction of such payments from an amount

payable upon settlement under the contract.

2. In such reversionary annuity contracts there shall be a

provision that the contract may be reinstated at any time within

three (3) years from the date of default in making stipulated

payments to the insurer, upon production of evidence of insurability

satisfactory to the insurer, and upon condition that all overdue

payments and any indebtedness to the insurer on account of the

contract be paid, or, within the limits permitted by the then cash

values of the contract, reinstated, with interest as to both

payments and indebtedness at a rate to be specified in the contract

but not exceeding six percent (6%) per annum compounded annually.

B. This section shall not apply to group annuities or to

annuities included in life insurance policies, and any of such

provisions not applicable to single premium annuities shall not to

that extent be incorporated therein.