Okla. Stat. tit. 10, § 1430.26
Insurable Interest in Life of Resident
Effective Nov 1, 1996Laws 1987, HB 1460, c. 225, § 26; Amended by Laws 1996, SB 1097, c. 155, § 26, eff. November 1, 1996; Amended by Laws 1996, HB 2964, c. 354, § 26, eff. November 1, 1996; Renumbered from 63 O.S. § 1-818.26 by Laws 1996, HB 2964, c. 354, § 56, eff. November 1, 1996.
- A. No provider, including a corporate officer or member of the board of directors when the provider is a 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, administrator, or employee is related to the resident of the home by blood or marriage.
- B. No provider, including a corporate officer or member of the board of directors when the provider is a 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, administrator, or employee is related to the resident of the home by blood or marriage.
- C. No provider, including a corporate officer or member of the board of directors when the provider is a corporation, administrator, or employee of a group home shall be appointed guardian or conservator of a resident of the home unless said provider, administrator or employee is a relative of the resident and is otherwise eligible for appointment by a court as the guardian of the resident.
Laws 1987, HB 1460, c. 225, § 26; Amended by Laws 1996, SB 1097, c. 155, § 26, eff. November 1, 1996; Amended by Laws 1996, HB 2964, c. 354, § 26, eff. November 1, 1996; Renumbered from 63 O.S. § 1-818.26 by Laws 1996, HB 2964, c. 354, § 56, eff. November 1, 1996.