Okla. Admin. Code § 365:25-31-2

Current through Vol. 41, No. 19, June 17, 2024

Section 365:25-31-2 - General requirements

(a) Only the employer, or a trust sponsored by the employer and purchased for the benefit of the employees of the employer, shall purchase a Key Person life insurance policy and pay for the life insurance policy premiums.

(b) Only the employer, or a trust sponsored by the employer and purchased for the benefit of the employees of the employer, shall be named the beneficiary or receive proceeds of the death benefit of a Key Person life insurance policy.

(c) Only the life of one individual shall be named on a Key Person policy. The named Key Person shall not be transferrable.

(d) In order to be eligible for the reduced premium tax rate, an insurer shall submit with its annual premium tax return a report in the manner and format prescribed by the Commissioner.

(e) Upon request by the Commissioner, an insurer shall provide copies of Key Person life insurance policies and other documentation for review as deemed necessary.

(f) Group benefit plans, enhanced compensation packages, or split-dollar shared contribution policies are not eligible for Key Person reduced premium tax rates.

Okla. Admin. Code § 365:25-31-2

Adopted by Oklahoma Register, Volume 39, Issue 24, September 1, 2022, eff. 9/11/2022