{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-4055.4","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-4055.4","heading":"Denial, suspension, revocation or nonrenewal of license","body":"- Hearing.\n\nA. The Insurance Commissioner may refuse to issue, suspend,\n\nrevoke or refuse to renew the license of a viatical settlement\n\nprovider or viatical settlement broker if the Commissioner finds\n\nthat:\n\n1. There was any material misrepresentation in the application\n\nfor the license;\n\n2. The licensee or any officer, partner, member or key\n\nmanagement personnel has been convicted of fraudulent or dishonest\n\npractices, is subject to a final administrative action or is\n\notherwise shown to be untrustworthy or incompetent;\n\n3. The viatical settlement provider demonstrates a pattern of\n\nunreasonable payments to viators;\n\n4. The licensee or any officer, partner, member or key\n\nmanagement personnel has been found guilty of, or has pleaded guilty\n\nor nolo contendere to, any felony, or to a misdemeanor involving\n\nfraud or moral turpitude, regardless of whether a judgment of\n\nconviction has been entered by the court;\n\n5. The viatical settlement provider has entered into any\n\nviatical settlement contract that has not been approved pursuant to\n\nthe Viatical Settlements Act of 2008;\n\n6. The viatical settlement provider has failed to honor\n\ncontractual obligations set out in a viatical settlement contract;\n\n7. The licensee no longer meets the requirements for initial\n\nlicensure;\n\n8. The viatical settlement provider has assigned, transferred\n\nor pledged a viaticated policy to a person other than a viatical\n\nsettlement provider licensed in this state, viatical settlement\n\npurchaser, an accredited investor or qualified institutional buyer\n\nas defined respectively in Rule 501(a) or Rule 144A promulgated\n\nunder the Federal Securities Act of 1933, as amended, financing\n\nentity, special purpose entity, or related provider trust; or\n\n9. The licensee or any officer, partner, member or key\n\nmanagement personnel has violated any provision of the Viatical\n\nSettlements Act of 2008.\n\nB. The Commissioner may suspend, revoke or refuse to renew the\n\nlicense of a viatical settlement broker or a life insurance producer\n\noperating as a viatical settlement broker pursuant to the Viatical\n\nSettlements Act of 2008 if the Commissioner finds that the viatical\n\nsettlement broker or life insurance producer has violated the\n\nprovisions of the Viatical Settlements Act of 2008 or has otherwise\n\nengaged in bad-faith conduct with one or more viators.\n\nC. If the Commissioner denies a license application or\n\nsuspends, revokes or refuses to renew the license of a viatical\n\nsettlement provider, viatical settlement broker or suspends,\n\nrevokes, or refuses to renew a license of a life insurance producer\n\noperating as a viatical settlement broker pursuant to the Viatical\n\nSettlements Act of 2008 the Commissioner shall conduct a hearing in\n\naccordance with the Administrative Procedures Act.","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":"acb577dd10ac8e784a6ac1d3095466d4f021fc544f18b5833ab57afaf8b41277","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-4055.3","next":"us-ok/okla.-stat.-tit.-36-36-4055.5"},"notice":"GroundRules: Original legal text. Not legal advice."}