§ 36-3104 — Approval of form of service contract.

Oklahoma § 36-3104

• Jurisdiction: Oklahoma
• Title 36: Insurance

Text

A. No service contract shall be executed, issued or delivered in this state until the form thereof has been approved in writing by the Commissioner, and all promotional and advertising material, membership cards and other indicia of membership shall be submitted for approval on the request of the Commissioner. B. Every service contract executed, issued or delivered in this state shall be made in duplicate, with one copy being kept by the issuing company and the other copy delivered to the purchasing party. C. No service contract shall be executed, issued or delivered in this state unless it contains the following: 1. The exact corporate or other name of the company; 2. The exact location of its home office and of its usual place of business in this state, giving street number and city; 3. A provision that the contract may be canceled at any time by the club or canceled at any time by the holder, if the club or its agent have violated any of the provisions of Section 3 or Section 5 of this act in soliciting the purchase of such contract from the holder. If the contract is canceled, pursuant to this provision, the holder will, if he has actually paid the consideration, thereupon be entitled to the unused portion of the consideration paid for such contract, calculated on a pro rata basis over the period of the contract, without any deductions. 4. Provisions plainly specifying: a. the services promised, b. that the holder will not be required to pay any sum, in addition to the amount specified in the contract, for any services thus specified, c. the territory wherein such services are to be rendered, and d. the date when such service will commence. 5. A statement in not less than 14-point modern type at the head of said contract stating, "This is not an insurance contract."

Legislative History

Laws 1973, c. 127, § 4, emerg. eff. May 9, 1973.