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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 365. Insurance Department |
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Chapter 25. Other Licensees |
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Subchapter 3. Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors |
SECTION 365:25-3-10. Participating contracts of life insurance
Latest version.
- (a) Purpose. The purpose of this section is to prohibit life insurance producers and life insurance companies from making or inferring any untrue statements regarding participating life insurance policies or statements that infer or state an individual prospect is being offered any advantage not available to members of the general public.(b) Participating contracts of life insurance.(1) No life insurance producer or life insurance company, stock or mutual, doing business in the State of Oklahoma shall infer or state to prospects for participating life insurance policies that any specific amount of dividends or benefits are guaranteed or are payable by reason of the participating feature contained in any life insurance contract.(2) No life insurance producer or life insurance company shall employ any sales literature in the State of Oklahoma which infers or states that an individual prospect for insurance is being offered any advantage or benefit not available to members of the public generally who are equivalent underwriting risks.(3) Violation of any of the provisions of this section will subject the producers and companies concerned to appropriate administrative sanctions provided for by 36 O.S. §1207 (1981).