{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-653","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-653","heading":"Funds held or owing under life or endowment insurance","body":"policy or annuity contract.\n\n(a) Funds held or owing under any life or endowment insurance\n\npolicy or annuity contract that has matured or terminated are\n\npresumed abandoned if unclaimed for more than five (5) years after\n\nthe funds became due and payable as established from the records of\n\nthe insurance company holding or owing the funds, but property\n\ndescribed in paragraph (2) of subsection (c) of this section is\n\npresumed abandoned if unclaimed for more than two (2) years.\n\n(b) If a person other than the insured or annuitant is entitled\n\nto the funds and an address of the person is not known to the\n\ncompany or it is not definite and certain from the records who is\n\nentitled to the funds, it is presumed that the last-known address of\n\nthe person entitled to the funds is the same as the last-known\n\naddress of the insured or annuitant according to the records of the\n\ncompany.\n\n(c) For purposes of this act, a life or endowment insurance\n\npolicy or annuity contract not matured by actual proof of death of\n\nthe insured according to the records of the company is matured and\n\nthe proceeds due and payable if:\n\n(1) the company knows that the insured or annuitant has\n\ndied; or\n\n(2) (A) the insured has attained, or would have attained\n\nif he were living, the limiting age under the\n\nmortality table on which the reserve is based;\n\n(B) the policy was in force at the time the insured\n\nattained, or would have attained, the limiting\n\nage specified in subparagraph (A) of this\n\nparagraph; and\n\n(C) neither the insured nor any person appearing to\n\nhave an interest in the policy within the\n\npreceding two (2) years, according to the records\n\nof the company, has assigned, readjusted, or paid\n\npremiums on the policy, subjected the policy to\n\nloan, or corresponded in writing with the company\n\nconcerning the policy, or otherwise indicated an\n\ninterest as evidenced by a memorandum or other\n\nrecord on file prepared by an employee of the\n\ncompany.\n\n(d) For purposes of this act, the application of an automatic\n\npremium loan provision or other nonforfeiture provisions contained\n\nin an insurance policy does not prevent a policy from being matured\n\nor terminated under subsection (a) of this section if the insured\n\nhas died or the insured or the beneficiary of the policy otherwise\n\nhas become entitled to the proceeds thereof before the depletion of\n\nthe cash surrender value of a policy by the application of those\n\nprovisions.\n\n(e) If the laws of this state or the terms of the life\n\ninsurance policy require the company to give notice to the insured\n\nor the owner that an automatic premium loan provision or other\n\nnonforfeiture provision has been exercised and the notice, given to\n\nan insured or owner whose last-known address according to the\n\nrecords of the company is in this state, is undeliverable, the\n\ncompany shall make a reasonable search to ascertain the\n\npolicyholder's correct address to which the notice must be mailed.\n\n(f) Notwithstanding any other provision of law, if the company\n\nlearns of the death of the insured or annuitant and the beneficiary\n\nhas not communicated with the insurer within four (4) months after\n\nthe death, the company shall take reasonable steps to pay the\n\nproceeds to the beneficiary.\n\n(g) Every change of beneficiary form issued by an insurance\n\ncompany under any life or endowment insurance policy or annuity\n\ncontract to an insured or owner who is a resident of the state shall\n\ninclude, but not be limited to:\n\n(1) the name of each beneficiary, or if a class of\n\nbeneficiaries is named, the name of each current\n\nbeneficiary in the class;\n\n(2) the address of each beneficiary;\n\n(3) the relationship of each beneficiary to the insured;\nsurance\n\ncompany under any life or endowment insurance policy or annuity\n\ncontract to an insured or owner who is a resident of the state shall\n\ninclude, but not be limited to:\n\n(1) the name of each beneficiary, or if a class of\n\nbeneficiaries is named, the name of each current\n\nbeneficiary in the class;\n\n(2) the address of each beneficiary;\n\n(3) the relationship of each beneficiary to the insured;\n\n(h) With respect to any funds held or owing under any life or\n\nendowment insurance policy or annuity contract presumed abandoned\n\npursuant to this section or property distributable in the course of\n\na demutualization or reorganization of an insurance company pursuant\n\nto Section 653.1 of this title, the insurance company holding or\n\nowing such funds shall provide any information reasonably requested\n\nby the State Treasurer, if such information is reasonably available,\n\nto assist the State Treasurer in its consideration of a claim\n\npursuant to Section 675 of this title.","path":["OK Code","Title 60"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os60.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"2cfad35fc997a8dc1740ecafdbbd33dba8ebd714d5ccb913968a1a8b7219b28b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-652","next":"us-ok/okla.-stat.-tit.-60-60-653.1"},"notice":"GroundRules: Original legal text. Not legal advice."}