{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1217","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1217","heading":"Prohibitions and regulations relating to insurers, agents","body":"of insurers, representatives of insurers and brokers - Group\n\ninsurance and group annuity contracts exempt.\n\nIn accordance with the purpose expressed in Section 1 of this\n\nact, insurers, agents of insurers, representatives of insurers and\n\nbrokers shall be subject to the following prohibitions and\n\nregulations:\n\n1. No insurer, agent of an insurer or representative of an\n\ninsurer shall deliver within this state, or issue for delivery\n\nwithin this state, any policy of life insurance or annuity contract\n\nwhich uses as its name or title a phrase which does not include the\n\nwords, \"Life Insurance\" or \"Annuity Contract\" unless such phrase is\n\naccompanied by other language elsewhere in the policy or contract\n\nwhich indicates that it is a life insurance policy or annuity\n\ncontract;\n\n2. The use of the terms \"Investment,\" \"Investment Plan,\"\n\n\"Expansion Plan,\" \"Profit,\" \"Profit-sharing\" and similar terms in\n\nconnection with a policy of life insurance or an annuity contract,\n\nin a context or under such circumstances or conditions as to have\n\nthe capacity or tendency to mislead a purchaser or prospective\n\npurchaser of such policy or contract to believe that he will\n\nreceive, or that it is possible that he will receive, something\n\nother than a life insurance policy or annuity contract or some\n\nbenefit not provided in the policy or contract or some benefit not\n\navailable to other persons of the same class and equal expectation\n\nof life, is unlawful and is prohibited;\n\n3. No insurer, agent or broker shall within this state:\n\na. make any statement or reference relating to the\n\ngrowth of the life insurance industry in connection with any\n\nsolicitation of an application for life insurance or annuity\n\ncontract in a context which could reasonably be understood to\n\ninterest a prospect in the purchase of shares of stock in an insurer\n\nrather than in the purchase of a life insurance policy or annuity\n\ncontract,\n\nb. make any statement which reasonably gives rise to\n\nthe inference that an insured or a prospective insured, by virtue of\n\npurchasing a policy of life insurance or an annuity contract, will\n\nenjoy a status common to a stockholder or will acquire a stock\n\nownership interest in the insurer; provided, however, that nothing\n\nin this paragraph is intended to prohibit the practice of pointing\n\nout those aspects in which the status of a policyholder in a mutual\n\nlife insurer is similar to that of a stockholder in a stock life\n\ninsurer,\n\nc. make any reference to or statement concerning an\n\ninsurer's \"Investment Department,\" \"Insured Investment Department\"\n\nor similar terminology, in such a manner as to imply that the policy\n\nwas sold or issued by the investment department of the life insurer,\n\nd. make any statement or reference which would\n\nreasonably tend to imply that, by purchasing a policy, the purchaser\n\nor prospective purchaser will become a member of a limited group of\n\npersons who may receive special advantages or favored treatment in\n\nthe payment of dividends, unless such benefits are specifically\n\nprovided in the insurance contract. This paragraph shall not apply\n\nto policies under which insured persons of one class of risk may\n\nreceive dividends at a higher rate than persons of another class of\n\nrisk,\n\ne. state or imply that a particular kind of policy\n\nis available for only a limited time or that only a limited number\n\nof a particular kind of policy will be offered for sale or that only\n\na limited number of persons, or a limited class of persons, will be\n\neligible to buy a particular kind of policy, unless such limitation\n\nis specifically provided in the insurance contract,\n\nf. state or imply that policyholders who are said to\n\nact as \"centers of influence\" or as an advisory board for an insurer\n\nwill share, because of so acting, in the insurer's surplus earnings\n\nin some manner not available to other policyholders who are\n\notherwise in the same class,\nible to buy a particular kind of policy, unless such limitation\n\nis specifically provided in the insurance contract,\n\nf. state or imply that policyholders who are said to\n\nact as \"centers of influence\" or as an advisory board for an insurer\n\nwill share, because of so acting, in the insurer's surplus earnings\n\nin some manner not available to other policyholders who are\n\notherwise in the same class,\n\ng. describe or refer to premium payments in language\n\nwhich states that the payment is a \"deposit\" unless:\n\n(1) the payment sets up a debtor-creditor\n\nrelationship between the life insurance company and the policyholder\n\nand a showing is made as to when and how the deposit may be\n\nwithdrawn,\n\n(2) the term is used in conjunction with the\n\nword \"premium\" in such a manner as to indicate clearly the true\n\ncharacter of the payment, or\n\n(3) the term is used in connection with pension\n\ntrust or deposit administration plans,\n\nh. use the words \"dividends,\" \"cash dividends,\"\n\n\"surplus\" or similar phrases in such a manner as to state or imply\n\nthat the payment of dividends is guaranteed or certain to occur,\n\ni. state or imply that a purchaser of a policy will\n\nshare in a stated percentage or portion of the earnings of the\n\ninsurer. Nothing in this paragraph is intended to prohibit a\n\nrepresentation that a holder of a participating life insurance\n\npolicy or annuity contract will participate in the share of the\n\ndivisible surplus, if any, apportioned to the policy or contract by\n\nthe insurer,\n\nj. make any statement or implication that dividends\n\nunder a participating policy will be sufficient at any time to\n\nassure the receipt of benefits, such as a paid-up policy, without\n\nthe further payment of premiums, unless the statement is accompanied\n\nby an adequate explanation as to what benefits or coverage would be\n\nprovided at such time and the conditions under which this would\n\noccur,\n\nk. state that the insured is guaranteed certain\n\nbenefits if the policy is allowed to lapse without making an\n\nadequate explanation of the nonforfeiture benefits,\n\nl. describe a life insurance policy or annuity\n\ncontract or premium payments therefor in terms of \"units of\n\nparticipation\" unless accompanied by other language clearly\n\nindicating the reference to a life insurance policy or annuity\n\ncontract or to premium payments, as the case may be,\n\nm. include in sales kits and prepared sales\n\npresentations proposed answers to a prospect's questions as to\n\nwhether life insurance policies or annuity contracts are being sold,\n\nwhich are designed to avoid a clear and unequivocal statement that\n\nlife insurance or annuities are the subject matter of the\n\nsolicitation,\n\nn. display in any manner to a prospective\n\npolicyholder any material which includes illustrations, using dollar\n\namounts, in connection with the proposed sale of a life insurance or\n\nannuity contract unless the printed material clearly identifies that\n\nthe subject, to which the dollar amounts pertain, has an economic\n\nrelationship to guaranteed values and dividends of the policy,\n\no. make any general statement that an insurer makes\n\na profit as a result of policy lapses or surrenders,\n\np. make comparisons to the past experience of other\n\nlife insurers as a means of projecting possible experience of the\n\nsoliciting insurer when those comparisons are designed to enhance\n\nthe characteristics of the policy being sold by confining the\n\ncomparisons to insurers having favorable experience with that type\n\nof policy without a fair disclosure of other insurers which have had\n\nunfavorable experience with such type of policy,\n\nq. state that a policy contains certain features\n\nwhich are not found in other life insurance policies or annuity\n\ncontracts, unless that be true,\n\nr. represent an option to purchase insurance in the\n\nfuture in such a manner that the policyholder might reasonably infer\nthat type\n\nof policy without a fair disclosure of other insurers which have had\n\nunfavorable experience with such type of policy,\n\nq. state that a policy contains certain features\n\nwhich are not found in other life insurance policies or annuity\n\ncontracts, unless that be true,\n\nr. represent an option to purchase insurance in the\n\nfuture in such a manner that the policyholder might reasonably infer\n\nthat he is purchasing term insurance or some other form of life\n\ninsurance that would result in a payment to the beneficiary in the\n\nevent of the death of the policyholder, or\n\ns. make any reference to a policy of life insurance\n\nor an annuity contract in such a manner as to misrepresent the true\n\nnature of the policy contract;\n\n4. No insurer, agent for an insurer or representative for an\n\ninsurer shall, as a competitive or \"twisting\" device, inform any\n\npolicyholder or prospective policyholder that any other insurer is\n\nrequired to change a policy form or related material to comply with\n\nthe provisions of this act; and\n\n5. This section shall not apply to group insurance policies\n\nnor to group annuity contracts.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"6073230f1e5fb68a800d17f42fdcc70b0efa5959599240a8e57044235178d3c8","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1216","next":"us-ok/okla.-stat.-tit.-36-36-1219"},"notice":"GroundRules: Original legal text. Not legal advice."}