{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-4426.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-4426.2","heading":"Nonforfeiture benefits","body":"A. 1. No insurer may offer a long-term care insurance policy\n\nunless the insurer also offers to the applicant the option to\n\npurchase a policy that provides for nonforfeiture benefits.\n\n2. This section shall not apply to life insurance policies or\n\nriders containing accelerated long-term care benefits.\n\n3. For certificates issued on or after the effective date of\n\nthis act, under a group long-term care insurance policy as defined\n\nin Section 4424 of Title 36 of the Oklahoma Statutes, which policy\n\nwas in force at the time this act became effective, the provisions\n\nof this section shall not apply.\n\nB. The Insurance Commissioner shall promulgate rules which are\n\nconsistent with the National Association of Insurance Commissioners\n\n(NAIC) Long-Term Care Model Regulation and which specify the types\n\nof nonforfeiture benefits to be included in policies and\n\ncertificates, the standards for the benefits, and the date\n\nnonforfeiture benefits must commence.\n\nC. 1. For purposes of this section, the nonforfeiture benefit\n\nshall be a shortened benefit period providing paid-up long-term care\n\ninsurance coverage after lapse. The same benefit amounts and\n\nfrequency in effect at the time of lapse, but not increased\n\nthereafter, shall be payable for a qualifying claim, but the\n\nlifetime maximum dollars or days of benefits shall be determined as\n\nspecified in paragraph 3 of this subsection.\n\n2. Nonforfeiture benefits for qualified long-term care\n\ninsurance contracts shall include at least a reduced paid-up\n\ninsurance benefit, an extended term insurance benefit, the offer of\n\na shortened benefit period, or other similar offerings approved by\n\nthe Insurance Commissioner, and shall be provided as specified in\n\nregulations. The issuer of such a contract may refund premiums upon\n\nthe death of the insured or upon complete surrender or cancellation\n\nof the contract or policy, as long as the refund does not exceed the\n\naggregate premiums paid for the contract or policy.\n\n3. The standard nonforfeiture credit shall be equal to one\n\nhundred percent (100%) of the sum of all premiums paid, including\n\nthe premiums paid prior to any changes in benefits. The insurer may\n\noffer additional shortened benefit period options, as long as the\n\nbenefits for each duration equal or exceed the standard\n\nnonforfeiture credit for that duration. However for lapses\n\noccurring at the end of the third policy year and thereafter, the\n\nminimum nonforfeiture credit shall not be less than thirty (30)\n\ntimes the daily nursing home benefit at the time of lapse. In\n\neither event, the calculation of the nonforfeiture credit is subject\n\nto the limitation set forth in subsection D of this section.\n\n4. Nonforfeiture credits may be used for all care and services\n\nqualifying for benefits under the terms of the policy or\n\ncertificate, up to the limits specified in the policy or\n\ncertificate.\n\n5. There shall be no difference in the minimum nonforfeiture\n\nbenefits as required under this section for group and individual\n\npolicies.\n\nD. All benefits paid by the insurer while the policy or\n\ncertificate is in premium paying status and in paid-up status shall\n\nnot exceed the maximum benefits which would have been payable if the\n\npolicy or certificate had remained in premium paying status.","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":"712380032d60878121f30e1756ee496e5cd348c3c7017bb21dd769e11d97e258","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-4426.1","next":"us-ok/okla.-stat.-tit.-36-36-4427"},"notice":"GroundRules: Original legal text. Not legal advice."}