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§ 1214. Fair disclosure--Protection against misleading sales methods

Oklahoma Statutes AnnotatedTitle 36. Insurance

Oklahoma Statutes Annotated
Title 36. Insurance (Refs & Annos)
Chapter 1. Insurance Code (Refs & Annos)
Article 12. Unfair Practices and Frauds (Refs & Annos)
General Provisions
36 Okl.St.Ann. § 1214
§ 1214. Fair disclosure--Protection against misleading sales methods
Currentness
The purpose of this act1 is to assure fair disclosure of relevant facts in the sale of life insurance and annuity contracts. This act is also designed to protect citizens of the State of Oklahoma as purchasers and prospective purchasers of life insurance policies or annuity contracts against the use of sales methods which are misleading because of:
1. The omission of facts fairly describing the subject matter as a life insurance policy or annuity contract and the benefits obtainable thereunder;
2. An undue emphasis upon facts which, even though correct, are not relevant to the sale of life insurance or annuities; or
3. An undue emphasis upon features which are of incidental or secondary importance to the life insurance aspects of a policy.
This act is deemed necessary for the effectuation of Section 1201 et seq., Title 36, Oklahoma Statutes, known as the Unfair Practices and Frauds Act; Section 1401 et seq., Title 36, Oklahoma Statutes; and Sections 2741 and 2742, Title 36, Oklahoma Statutes; and shall be construed as supplemental and cumulative to existing laws.

Credits

Laws 1972, c. 223, § 1, operative Jan. 15, 1974.

Footnotes

1
Title 36, § 1214 et seq.
36 Okl. St. Ann. § 1214, OK ST T. 36 § 1214
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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