Oklahoma § 10-1430.26 Provider prohibited from having insurable interest in

Oklahoma Statutes

§ 10-1430.26 — Provider prohibited from having insurable interest in

Oklahoma·Title 10 Children

life of resident or being beneficiary of life insurance policy - Appointment as guardian or conservator or holding power of attorney prohibited.

A.No provider or licensee, including a corporate officer, major stockholder or member of the board of directors, member of the firm, major member of the limited liability company or manager, major partner of the partnership when the provider or licensee is a firm, partnership, limited liability company, or corporation, administrator, or employee of a group home subject to the provisions of the Group Homes for Persons with Developmental or Physical Disabilities Act shall have an insurable interest in the life of a resident of the home unless the provider, licensee, administrator, or employee is related to the resident of the home by blood, marriag

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life of resident or being beneficiary of life insurance policy - Appointment as guardian or conservator or holding power of attorney prohibited. A. No provider or licensee, including a corporate officer, major stockholder or member of the board of directors, member of the firm, major member of the limited liability company or manager, major partner of the partnership when the provider or licensee is a firm, partnership, limited liability company, or corporation, administrator, or employee of a group home subject to the provisions of the Group Homes for Persons with Developmental or Physical Disabilities Act shall have an insurable interest in the life of a resident of the home unless the provider, licensee, administrator, or employee is related to the resident of the home by blood, marriage or adoption. B. No provider or licensee, including a corporate officer, major stockholder, or member of the board of directors, member of the firm, major member of the limited liability company or manager, major partner of the partnership when the provider or licensee is a firm, partnership, limited liability company, or corporation, administrator, or employee of a group home shall be entitled or assigned to any benefits of a life insurance policy on the resident unless the provider, licensee, administrator, or employee is related to the resident of the home by blood, marriage or adoption. C. No provider or licensee, including a corporate officer, major stockholder or member of the board of directors, member of the firm, major member of the limited liability company or manager, major partner of the partnership, when the provider or licensee is a firm, partnership, limited liability company, or corporation, administrator, or employee of a group home shall be appointed guardian or conservator of a resident of the home or hold power of attorney for a resident of the home unless said provider, licensee, administrator or employee is a relative of the resident and is otherwise eligible for appointment by a court as the guardian of the resident.

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Legislative History

Added by Laws 1987, c. 225, § 26, eff. July 1, 1987. Amended by Laws 1996, c. 155, § 26, eff. Nov. 1, 1996; Laws 1996, c. 354, § 26, eff. Nov. 1, 1996. Renumbered from § 1-818.26 of Title 63 by Laws 1996, c. 354, § 56, eff. Nov. 1, 1996. Amended by Laws 2006, c. 137, § 21, eff. Nov. 1, 2006.