SB 219 Summary

• Establishes procedures for life insurance policy delivery acknowledgment, requiring signed receipts for in-person delivery containing policy number and delivery date retained for 2 years.

• Mandates certified mail with return receipt or certificate of mailing when policies are delivered by U.S. mail to document delivery.

• Creates new section 36-4002.1 of Oklahoma Statutes to codify delivery and receipt procedures for life insurance policies, annuities, and pure endowment contracts.

• Becomes effective November 1, 2011.