Oklahoma Life Insurance laws & compensation compliance analysis

Oklahoma Life Insurance: What you need to know

Employers have no obligation under Oklahoma law to offer life insurance to their employees. However, if group life insurance is among the benefits offered to workers, certain minimum requirements must be satisfied (36 OK Stat. Sec. 4101et seq.).
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Group characteristics. The group to be insured must include all employees or all employees belonging to a class determined by conditions pertaining to their employment.
Eligible employees. The policy may provide that employees include the employees of one or more subsidiary or affiliated businesses if the businesses are under common control through stock ownership, contract or otherwise. Employees may include retired employees and may also include individual proprietors and partners who are actively involved in the conduct of the business. The policy may provide that the term “employees” must include retired employees. Corporate directors are eligible for insurance if they are eligible as bona fide employees of the corporation on the basis of performing services other than the usual duties of a director.
Beneficiary. The employee may name anyone except the employer as beneficiary.
Employer/employee contributions. Employers are not required to make any contribution toward the cost of group insurance. If the employer pays the entire cost, all employees in the eligible class must be covered by the policy.
Dependents. The policy may be extended to cover dependents. Dependents may include the spouse of the insured employee or children under 21 years of age or over 21 if attending an educational institution and relying on the employee for financial support.
Conversion. Employees, as well as their dependents, are guaranteed the right to convert group ...

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Oklahoma Life Insurance Resources

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