{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-4055.8","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-4055.8","heading":"Disclosures to viator","body":"A. With each application for a viatical settlement, a viatical\n\nsettlement provider or viatical settlement broker shall provide the\n\nviator with at least the following disclosures no later than the\n\ntime the application for the viatical settlement contract is signed\n\nby all parties. The disclosures shall be provided in a separate\n\ndocument that is signed by the viator and the viatical settlement\n\nprovider or viatical settlement broker, and shall provide the\n\nfollowing information:\n\n1. There are possible alternatives to viatical settlement\n\ncontracts including any accelerated death benefits or policy loans\n\noffered under the viator’s life insurance policy;\n\n2. That a viatical settlement broker represents exclusively the\n\nviator, and not the insurer or the viatical settlement provider, and\n\nowes a fiduciary duty to the viator, including a duty to act\n\naccording to the viator’s instructions and in the best interest of\n\nthe viator;\n\n3. Some or all of the proceeds of the viatical settlement may\n\nbe taxable under federal income tax and state franchise and income\n\ntaxes, and assistance should be sought from a professional tax\n\nadvisor;\n\n4. Proceeds of the viatical settlement could be subject to the\n\nclaims of creditors;\n\n5. Receipt of the proceeds of a viatical settlement may\n\nadversely affect the viator’s eligibility for Medicaid or other\n\ngovernment benefits or entitlements, and advice should be obtained\n\nfrom the appropriate government agencies;\n\n6. The viator has the right to rescind a viatical settlement\n\ncontract before the earlier of thirty (30) calendar days after the\n\ndate upon which the viatical settlement contract is executed by all\n\nparties or fifteen (15) calendar days after the viatical settlement\n\nproceeds have been paid to the viator. Rescission, if exercised by\n\nthe viator, is effective only if both notice of the rescission is\n\ngiven, and the viator repays all proceeds and any premiums, loans\n\nand loan interest paid on account of the viatical settlement within\n\nthe rescission period. If the insured dies during the rescission\n\nperiod, the viatical settlement contract shall be deemed to have\n\nbeen rescinded, subject to repayment by the viator or the viator’s\n\nestate of all viatical settlement proceeds and any premiums, loans\n\nand loan interest on the viatical settlement within sixty (60) days\n\nof the insured’s death;\n\n7. Funds will be sent to the viator within three (3) business\n\ndays after the viatical settlement provider has received the\n\ninsurer’s or group administrator’s written acknowledgment that\n\nownership of the policy or interest in the certificate has been\n\ntransferred and the beneficiary has been designated;\n\n8. Entering into a viatical settlement contract may cause other\n\nrights or benefits, including conversion rights and waiver of\n\npremium benefits that may exist under the policy or certificate, to\n\nbe forfeited by the viator. Assistance should be sought from a\n\nfinancial adviser;\n\n9. Disclosure to a viator shall include distribution of a\n\nbrochure describing the process of viatical settlements. The\n\nNational Association of Insurance Commissioner’s (NAIC’s) form for\n\nthe brochure shall be used unless another form is developed or\n\napproved by the Insurance Commissioner;\n\n10. The disclosure document shall contain the following\n\nlanguage: “All medical, financial or personal information solicited\n\nor obtained by a viatical settlement provider or viatical settlement\n\nbroker about an insured, including the insured’s identity or the\n\nidentity of family members, a spouse or a significant other may be\n\ndisclosed as necessary to effect the viatical settlement between the\n\nviator and the viatical settlement provider. If you are asked to\n\nprovide this information, you will be asked to consent to the\n\ndisclosure. The information may be provided to someone who buys the\n\npolicy or provides funds for the purchase. You may be asked to\nidentity of family members, a spouse or a significant other may be\n\ndisclosed as necessary to effect the viatical settlement between the\n\nviator and the viatical settlement provider. If you are asked to\n\nprovide this information, you will be asked to consent to the\n\ndisclosure. The information may be provided to someone who buys the\n\npolicy or provides funds for the purchase. You may be asked to\n\nrenew your permission to share information every two (2) years.”;\n\nand\n\n11. Following execution of a viatical contract, the insured may\n\nbe contacted for the purpose of determining the insured’s health\n\nstatus and to confirm the insured’s residential or business street\n\naddress and telephone number, or as otherwise provided in the\n\nViatical Settlements Act of 2008. This contact shall be limited to\n\nonce every three (3) months if the insured has a life expectancy of\n\nmore than one (1) year, and no more than once per month if the\n\ninsured has a life expectancy of one (1) year or less. All such\n\ncontacts shall be made only by a viatical settlement provider\n\nlicensed in the state in which the viator resided at the time of the\n\nviatical settlement, or by the authorized representative of a duly\n\nlicensed viatical settlement provider.\n\nB. A viatical settlement provider shall provide the viator with\n\nat least the following disclosures no later than the date the\n\nviatical settlement contract is signed by all parties. The\n\ndisclosures shall be conspicuously displayed in the viatical\n\nsettlement contract or in a separate document signed by the viator\n\nand provide the following information:\n\n1. The affiliation, if any, between the viatical settlement\n\nprovider and the issuer of the insurance policy to be viaticated;\n\n2. The document shall include the name, business address and\n\ntelephone number of the viatical settlement provider;\n\n3. Any affiliations or contractual arrangements between the\n\nviatical settlement provider and the viatical settlement purchaser;\n\n4. If an insurance policy to be viaticated has been issued as a\n\njoint policy or involves family riders or any coverage of a life\n\nother than the insured under the policy to be viaticated, the viator\n\nshall be informed of the possible loss of coverage on the other\n\nlives under the policy and shall be advised to consult with his or\n\nher insurance producer or the insurer issuing the policy for advice\n\non the proposed viatical settlement;\n\n5. State the dollar amount of the current death benefit payable\n\nto the viatical settlement provider under the policy or certificate.\n\nIf known, the viatical settlement provider shall also disclose the\n\navailability of any additional guaranteed insurance benefits, the\n\ndollar amount of any accidental death and dismemberment benefits\n\nunder the policy or certificate and the extent to which the viator’s\n\ninterest in those benefits will be transferred as a result of the\n\nviatical settlement contract; and\n\n6. State whether the funds will be escrowed with an independent\n\nthird party during the transfer process, and if so, provide the\n\nname, business address, and telephone number of the independent\n\nthird-party escrow agent, and the fact that the viator or owner may\n\ninspect or receive copies of the relevant escrow or trust agreements\n\nor documents.\n\nC. A viatical settlement broker shall provide the viator with\n\nat least the following disclosures no later than the date the\n\nviatical settlement contract is signed by all parties. The\n\ndisclosures shall be conspicuously displayed in the viatical\n\nsettlement contract or in a separate document signed by the viator\n\nand provide the following information:\n\n1. The name, business address and telephone number of the\n\nviatical settlement broker;\n\n2. A full, complete and accurate description of all offers,\n\ncounter-offers, acceptances and rejections relating to the proposed\n\nviatical settlement contract; and\nconspicuously displayed in the viatical\n\nsettlement contract or in a separate document signed by the viator\n\nand provide the following information:\n\n1. The name, business address and telephone number of the\n\nviatical settlement broker;\n\n2. A full, complete and accurate description of all offers,\n\ncounter-offers, acceptances and rejections relating to the proposed\n\nviatical settlement contract; and\n\n3. A written disclosure of any affiliations or contractual\n\narrangements between the viatical settlement broker and any person\n\nmaking an offer in connection with the proposed viatical settlement\n\ncontracts.\n\nD. If the viatical settlement provider transfers ownership or\n\nchanges the beneficiary of the insurance policy, the provider shall\n\ncommunicate in writing the change in ownership or beneficiary to the\n\ninsured within twenty (20) days after the change.\n\nE. A viatical settlement provider or its viatical settlement\n\ninvestment agent shall provide the viatical settlement purchaser\n\nwith at least the following disclosures no later than at the time of\n\nthe assignment, transfer or sale of all or a portion of an insurance\n\npolicy. The disclosures shall be contained in a document signed by\n\nthe viatical settlement purchaser and viatical settlement provider\n\nor viatical settlement investment agent, and shall make the\n\nfollowing disclosures to the viatical settlement purchaser:\n\n1. Disclose all the life expectancy certifications obtained by\n\nthe provider in the process of determining the price paid to the\n\nviator;\n\n2. State whether premium payments or other costs related to the\n\npolicy have been escrowed. If escrowed, state the date upon which\n\nthe escrowed funds will be depleted and whether the purchaser will\n\nbe responsible for payment of premiums thereafter and, if so, the\n\namount of the premiums;\n\n3. State whether premium payments or other costs related to the\n\npolicy have been waived. If waived, disclose whether the investor\n\nwill be responsible for payment of the premiums if the insurer that\n\nwrote the policy terminates the waiver after purchase and the amount\n\nof those premiums;\n\n4. Disclose the type of policy offered or sold, i.e., whole\n\nlife, term life, universal life or a group policy certificate, any\n\nadditional benefits contained in the policy, and the current status\n\nof the policy;\n\n5. If the policy is term insurance, disclose the special risks\n\nassociated with term insurance including, but not limited to, the\n\npurchaser’s responsibility for additional premiums if the viator\n\ncontinues the term policy at the end of the current term;\n\n6. State whether the policy is contestable;\n\n7. State whether the insurer that wrote the policy has any\n\nadditional rights that could negatively affect or extinguish the\n\npurchaser’s rights under the viatical settlement contract, what\n\nthese rights are, and under what conditions these rights are\n\nactivated; and\n\n8. State the name and address of the person responsible for\n\nmonitoring the insured’s condition. Describe how often the\n\nmonitoring of the insured’s condition is done, how the date of death\n\nis determined, and how and when this information will be transmitted\n\nto the purchaser.","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":"3e1e5d3c5c89a660121bdbb5f3d7850170a99dc943e9e7bdd3a2622cfa690bed","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-4055.7","next":"us-ok/okla.-stat.-tit.-36-36-4055.9"},"notice":"GroundRules: Original legal text. Not legal advice."}