{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-4034","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-4034","heading":"Application for insurance - Statement required -","body":"Replacement policy.\n\nA. Every insurer operating in this state shall inform its\n\nagents of the provisions of this section.\n\nB. Every agent shall secure with or as a part of each\n\napplication for insurance a statement as to whether the new\n\ninsurance policy or annuity policy will replace an existing\n\ninsurance policy or annuity policy on the same life.\n\nC. The insurer shall review each statement prior to commencing\n\nany underwriting. The review shall occur not later than five (5)\n\ndays after receipt of the application by the insurer to determine if\n\nthe policy is a replacement policy. If the insurer determines that\n\nthe policy is a replacement policy and if the agent has not secured\n\nand forwarded the documents required by the provisions of subsection\n\nD of this section to the insurer, the insurer shall cause the agent\n\nto secure and forward said documents.\n\nD. If a policy is a replacement policy, the agent shall secure\n\nand forward to the insurer with each application the following:\n\n1. A completed notice as provided for in Section 5 of the Life\n\nInsurance and Annuity Policyholders Protection Act; and\n\n2. A signed statement as provided for in Section 6 of the Life\n\nInsurance and Annuity Policyholders Protection Act. If the\n\napplicant declines to sign the statement, the agent shall furnish to\n\nthe insurer a written statement to that effect, signed by the agent\n\nwhich shall be in addition to the signed agent's certification; and\n\n3. Copies of the sales material prepared by the agent. If the\n\nmaterial is not substantially correct as determined by the insurer,\n\nthe insurer shall delay processing the application until corrected\n\ninformation has been presented to and acknowledged by the applicant.\n\nE. If the statement provided for in Section 6 of the Life Insurance\n\nand Annuity Policyholders Protection Act is not received by the\n\ninsurer with the application or if the statement is received\n\nunsigned, it shall be presumed by the insurer that the applicant\n\ndesires that the transaction be confidential and the replacing\n\ninsurer shall not notify the replaced insurer. If the applicant\n\nsigns the statement indicating that the replaced insurer be\n\nnotified, then the replacing insurer shall send a written\n\nnotification of the replacement to the home office of each replaced\n\ninsurer within five (5) days of receipt of the application.\n\nNotification shall include the name of the applicant, the name of\n\nthe insured, the number of the policy being replaced, the generic\n\nname and the face amount of the replacing policy, and the legal name\n\nof the insurers.\n\nF. The replacing insurer shall maintain copies of the notice,\n\nstatement, and notifications to the replaced insurers for at least\n\nthree (3) years. Said copies shall be indexed so as to be readily\n\navailable for review by the Insurance Commissioner or his designee.\n\nG. The insurer shall guarantee the policyholder at least a\n\ntwenty-day right to return the policy after delivery for a full\n\nrefund of premium. The insurer shall provide prominent written\n\nnotice informing the policyholder of this right. Said notice shall\n\nbe attached to, or as part of, the first page of the policy.\n\nH. If only an insurer is involved with the replacement of a\n\nlife insurance policy or an annuity policy of residents of this\n\nstate, the requirements provided for in this section, where\n\napplicable, shall be followed.","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":"c1eacdb8014e77a2fd33d08ec08221b8097bc6f883a18070d09287f5695ef076","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-4033","next":"us-ok/okla.-stat.-tit.-36-36-4035"},"notice":"GroundRules: Original legal text. Not legal advice."}