STATE OF OKLAHOMA

1st Session of the 53rd Legislature (2011)

SENATE BILL 219	By:	Stanislawski

AS INTRODUCED

An Act relating to life insurance policies; providing procedures for the acknowledgment of delivery and receipt of certain policies; providing for codification; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     NEW LAW     A new section of law to be codified in the Oklahoma Statutes as Section 4002.1 of Title 36, unless there is created a duplication in numbering, reads as follows:
A.  If a life insurance policy, annuity or pure endowment contract is delivered in person by an agent or broker, a receipt must be signed by the policyholder acknowledging delivery of the policy.  The receipt shall:
1.  Contain the policy number and the date the delivery was completed; and
2.  Be retained by the insurer or its agent or broker for two (2) years.
B.  If a life insurance policy, annuity or pure endowment contract is delivered by U.S. mail, the following procedures apply:
1.  The policy shall be sent by certified mail, return receipt requested; or
2.  A certificate of mailing shall be obtained showing the date the policy was mailed to the policyholder.
SECTION 2.  This act shall become effective November 1, 2011.

53-1-560	ARE	1/12/2011 10:02:04 AM