justicedao/ipfs_state_laws huggingface dataset:
836-014-0300 Advertising Standards (1) Advertising related to life settlement contracts, life settlement purchase agreements or related products or services must be truthful and not misleading by fact or implication. (2) If a life settlement provider or broker mentions the speed with which the life settlement will occur, the advertising must disclose the average time from completed application to the date of offer and from acceptance of the offer to receipt of the funds by the policyholder or certificate holder during the past six months. (3) If advertising of a life settlement contract mentions the dollar amounts available to policyholders and certificate holders, the advertising must disclose the average purchase price with regard to a particular life expectancy as a percent of face value paid to policyholders and certificate holders contracting with the life settlement provider or broker during the past six months and must disclose factors that go into determining the specific amounts charged. Statutory/Other Authority: ORS 744.358 Statutes/Other Implemented: ORS 744.358 History: ID 1-2010, f. & cert. ef. 1-5-10 ID 15-2006, f. & cert. ef. 7-27-06 ID 3-1996, f. & cert. ef. 2-26-96
836-014-0310 Reporting Requirements (1) On or before March 1 of each year, a life settlement provider shall file an annual statement with the director. The information provided in the statement shall be limited to those transactions for which the owner is a resident of Oregon. The statement shall include at a minimum: (a) Total number and aggregate face amount and life settlement proceeds of policies settled during the immediately preceding calendar year; (b) A breakdown of the information by policy issue year; (c) The names of the insurance companies whose policies have been settled; and (d) The life settlement brokers who have settled the policies. (2) For each policy for which a life settlement contract has been entered into during the preceding calendar year or that was entered into prior to the preceding calendar year and for which deaths had not yet been reported as of the beginning of the preceding year: (a) The date the life settlement contract was entered into; (b) The life expectancy of the insured at the time of the contract; (c) The face amount of the policy. (d) The amount paid by the life settlement provider for purposes of making a life settlement on the policy and the percentage that amount represents of the face amount; (e) If the insured has died: (A) The date of death; and (B) The total insurance premiums paid by the life settlement provider to maintain the policy in force; and (f) The amount of commission paid by the life settlement provider to the life settlement broker. (3) The annual statement required under section (1) of this rule also shall include a breakdown, by disease category, of applications, received, accepted and rejected during the preceding calendar year. Statutory/Other Authority: ORS 744.342 & 744.358 Statutes/Other Implemented: ORS 744.342 History: ID 1-2010, f. & cert. ef. 1-5-10 ID 15-2006, f. & cert. ef. 7-27-06 ID 3-1996, f. & cert. ef. 2-26-96
836-014-0320 Requirements for Brokers (1) A life settlement broker may not seek or obtain any compensation from the policyholder or certificate holder without the written agreement of the policyholder or certificate holder obtained before the broker performs any services in connection with the life settlement. (2)(a) Unless convicted of a felony as described in section 17(2), chapter 711, Oregon Laws 2009 (Enrolled Senate Bill 973), a life insurance producer meets the licensing requirements of this section and is permitted to operate as a life settlement broker in this state if the producer has been duly licensed: (A) As a resident insurance producer with a life line of authority in this state for at least one year; or (B) In the producer’s home state for at least one year and is licensed as a nonresident producer in this state. (b) A life insurance producer qualified to operate as a life settlement broker under this section must: (A) Not later than 30 days from the date the producer first acts as a life settlement broker, submit an application for a life settlement broker license; (B) Have in place an anti-fraud plan as required by section 17(10), chapter 711, Oregon Laws 2009 (Enrolled Senate Bill 973); and (C) Comply with all other requirements of ORS 744.319 to 744.358 pertaining to acting as a life settlement broker. (3) A life settlement broker may not also be licensed as a life settlement investment agent. (4) The anti-fraud plan required under this rule must include initiative reasonably calculated to detect, prosecute and prevent fraudulent life settlement acts. The anti-fraud plan must include but need not be limited to: (a) A provision for use of fraud investigators; (b) A description of the procedures for detecting and investigating possible fraudulent life settlement acts and procedures to resolve material inconsistencies between medical records and insurance applications; (c) Procedures for reporting possible fraudulent life settlement activities to the director; (d) A plan for anti-fraud education and training of the broker’s staff and employees; and (e) A description or organizational chart of the personnel responsible for implementing and maintaining the integrity of the anti-fraud plan. (f) A demonstration that procedures are in place to prevent any person convicted of a felony involving dishonesty or breach of trust to participate in the life settlement operations of the applicant. Statutory/Other Authority: ORS 744.358 Statutes/Other Implemented: ORS 744.358, 744.323, Sec. 17, Ch. 711 & OL 2009 History: ID 1-2010, f. & cert. ef. 1-5-10 ID 15-2006, f. & cert. ef. 7-27-06 ID 3-1996, f. & cert. ef. 2-26-96
836-014-0325 Disclosures Required by Life Insurers (1) With respect to each policy issued by an insurance company, the insurance company shall provide notice to the owner of an individual life insurance policy when the insured person under such a policy is 60 years of age or older, and: (a) The life insurance company receives notice from such an owner of a request to surrender, in whole or in part, an individual policy; (b) The life insurance company receives notice from such an owner of a request to receive an accelerated death benefit under an individual policy; or (c) The life insurance company sends to such an owner all notices of lapse of an individual policy, other than a term policy. (2)(a) The notice must consist of the following statement in large, bold or otherwise conspicuous typeface calculated to draw the eye: “Life insurance is a critical part of a broader financial plan. There are many options available, and you have the right to shop suited to your needs.” The notice may include the contact information for the Department of Consumer and Business Services as suggested in Exhibit 1 to this rule or in a form similar to the notice in Exhibit 1 to this rule. The director may update the names, telephone numbers, website information and similar information in Exhibit 1 from time to time as necessary. (b) If the notice does not include the contact information for the department, the communication of the notice must also contain a statement advising the recipient that the recipient may contact the Division of Financial Regulation of the Department of Consumer and Business Services for more information. The insurer shall direct the recipient of the communication to either contact the Division of Financial Regulation Consumer Advocacy Unit at its toll free telephone number or visit the division’s website at the website address currently provided by the division as Exhibit 1 to this rule as may be updated from time to time on the division website. Statutory/Other Authority: ORS 731.244, 744.331 & 744.358 Statutes/Other Implemented: ORS 744.326, 744.328, 744.331, 744.341, 744.358, Sec. 22, Ch. 711 & OL 2009 History: ID 16-2024, minor correction filed 08/06/2024, effective 08/06/2024 ID 1-2010, f. & cert. ef. 1-5-10
836-014-0330 Unfair Trade Practices (1) Violation of any provision of OAR 836-014-0270, 836-014-0280, 836-014-0290, 836-014-0300 or 836-014-0310 is an unfair trade practice for purposes of ORS 746.240. (2) The provisions of OAR 836-014-0200 to 836-014-0330 are in addition to applicable provisions of ORS Chapter 746, governing trade practices. Statutory/Other Authority: ORS 731.244 Statutes/Other Implemented: ORS 746.240 History: ID 3-1996, f. & cert. ef. 2-26-96
836-020-0200 Purpose and Authority The purpose of this rule is to assure truthful and adequate disclosure of all material and relevant information in the advertising of health insurance. This purpose is intended to be accomplished by the establishment of minimum standards and guidelines of conduct for such advertising. This rule is promulgated under the provisions of ORS 731.244, 742.009 and 746.075. Statutory/Other Authority: ORS 731.244 Statutes/Other Implemented: ORS 742.009 & 746.075 History: ID 15-1996, f. & cert. ef. 11-12-96 IC 53, f. 3-5-73, ef. 3-15-73
836-020-0205 Applicability (1) This rule applies to all health insurance advertisements intended for presentation, distribution, or dissemination in this state. (2) Every insurer shall establish and maintain a system of control over the content, form, and method of presentation, distribution, and dissemination of all such advertisements of its policies. All such advertisements, regardless of by whom written, created, designed, presented, distributed, or disseminated, shall be the responsibility of the insurer whose policies are advertised. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0210 Definitions (1) Definitions given in the Insurance Code and in this rule govern the construction of this rule. (2) "Advertisement" includes: (a) Written, oral, and pictorial material used in direct mail, newspapers, magazines, radio scripts, TV scripts, billboards, and other similar mediums for reaching the public; (b) Written, oral, and pictorial material intended for individual presentation to the public, including, but not limited to, circulars, leaflets, booklets, depictions, illustrations; and (c) Written, oral, and pictorial material prepared for any other use by insurance producers or other representatives of an insurer. (3) "Policy" includes any certificate of insurance or statement of coverage. (4) "Insurer" includes fraternal benefit societies and health care service contractors. (5) "Health Insurance" does not include incidental coverages issued with or supplemental to liability insurance, or coverages included within the Insurance Code definition of life insurance. (6) "Exception" means any policy provision whereby coverage for a specified hazard is entirely eliminated. An "exception" is a statement of a risk not assumed under the policy. (7) "Reduction" means any policy provision which reduces the amount of the policy benefit. Under the terms of a "reduction", a risk of loss is assumed but payment upon the occurrence of such loss is limited to some amount or period that is less than would otherwise be the case had the reduction provision not been used. (8) "Limitation" means any policy provision which restricts coverage under the policy, other than an "exception" or a "reduction". Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: ID 8-2005, f. 5-18-05, cert. ef. 8-1-05 IC 53, f. 3-5-73, ef. 3-15-73
836-020-0215 Method of Disclosure of Required Information All information required to be disclosed by this rule shall be set out conspicuously, and in close conjunction with the statements to which the information relates or under appropriate captions of sufficient prominence that the information is not minimized, rendered obscure, presented in an ambiguous fashion or so intermingled with the content of the advertisement as to be confusing or misleading. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0220 Form and Content of Advertisements (1) The form and content of an advertisement shall be sufficiently complete and clear to avoid deception or the capacity or tendency to mislead or deceive. Whether an advertisement has a capacity or tendency to mislead or deceive will be determined by the Insurance Commissioner from the overall impression that the advertisement may reasonably be expected to create upon a person of average education or intelligence within the segment of the public to which it is directed. (2) Advertisements shall be truthful and not misleading in fact or in implication. Words or phrases, the meaning of which is clear only by implication or by familiarity with insurance terminology, shall not be used. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0230 Necessity for Disclosing Policy Provisions Relating to Renewal, Cancellation, and Termination When an advertisement refers to a dollar amount of a benefit, a period of time for which a benefit is payable, the cost of the policy or of a specific policy benefit, or the loss for which such benefit is payable, it shall also disclose the provisions relating to renewal, cancellation, and termination and any modification of benefits or losses covered or increase in premiums because of age or other reasons, in a manner which shall not minimize or render obscure the qualifying conditions. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0235 Testimonials or Endorsements by Third Parties (1) Testimonials used in advertisements must be genuine, represent the current opinion of the author, be applicable to the policy advertised and be accurately reproduced. The insurer in using a testimonial makes as its own all of the statements contained therein, and the entire advertisement including such testimonial is subject to all the provisions of this rule. (2) If the person making a testimonial, an endorsement, or an appraisal has a financial interest in the insurer or a related entity, as a stockholder, director, officer, employee or otherwise, this fact shall be disclosed in the advertisement. If a person is compensated for making a testimonial, endorsement or appraisal, this fact shall be disclosed in the advertisement by the phrase “paid endorsement” or its equivalent. This subsection does not require disclosure of payment of “union scale” for TV or radio performances. The payment of substantial amounts, directly or indirectly, for travel or entertainment or similar expenditures for filming or recording of TV or radio advertisements requires disclosure. (3) An advertisement shall not state or imply that the insurer or the policy has been approved or endorsed by any individual, group of individuals, society, association or other person, unless such is the fact and unless any proprietary relationship between such person and the insurer is disclosed. If the person making the endorsement or testimonial has been formed by the insurer, or is owned or controlled by the insurer or the persons who own or control the insurer, this fact shall be disclosed in the advertisement. (4) When a testimonial refers to benefits received under a policy, the specific claim data, including claim number, date of loss and other pertinent information, shall be retained by the insurer for inspection for a period of four years or until the filing of the next regular report of examination of the insurer, whichever is the longer period of time. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0240 Use of Statistics (1) An advertisement stating the dollar amount of claims paid, the number of persons insured or similar statistical information relating to an insurer or policy shall not use irrelevant facts, and must accurately reflect all of the relevant facts. Such an advertisement shall not imply that the statistics are derived from the advertised policy unless such is the fact. When the statistics are applicable to other policies or plans, the advertisement shall specifically so state. (2) An advertisement shall not represent or imply that claim settlements by the insurer are “liberal” or “generous” or use words of similar import, or represent or imply that claim settlements are or will be beyond the actual terms of the policy. No unusual amount paid for a unique claim under an advertised policy shall be used. (3) The source of any statistics used in an advertisement shall be identified in the advertisement. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0245 Identification of Plan or Number of Policies (1) When a choice of the amount of benefits is referred to, an advertisement shall disclose that the amount of benefits depends on the plan selected and that the premium will vary with the amount of benefits selected. (2) When an advertisement refers to various benefits which may be contained in two or more policies other than group master policies, the advertisement shall disclose that such benefits are provided only through a combination of such policies. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0250 Disparaging Comparisons and Statements An advertisement shall not directly or indirectly make unfair or incomplete comparisons of policies or benefits, or comparisons of non-comparable policies, of other insurers, shall not disparage other insurers or their policies, services or business methods, and shall not disparage or unfairly characterize other methods of marketing insurance. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0255 Licensed Jurisdictions and Status of Insurer (1) An advertisement which is intended to be seen or heard beyond the limits of the jurisdictions in which the insurer is licensed shall not imply licensing beyond those limits. (2) An advertisement shall not create the impression directly or indirectly that the insurer, its financial condition or status, the payment of its claims, or the merits, desirability or advisability of its policy forms or kinds or plans of insurance are approved, endorsed or accredited by this state or the federal government or any agency or official of either. (3) If an advertisement states either that the insurer or the policy being offered is approved or licensed by this state or its Insurance Commissioner, it must also qualify the statement with words: “This does not constitute a recommendation or endorsement of (this company) (this policy)” or equivalent words. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0260 Identity of Insurer and Policy (1) The name of the actual insurer and, except for general invitations to inquire about details of individual policies, the form number or numbers of the policy advertised shall be clearly identified in all advertisements. (2) No advertisement shall use any material, envelope, or combination of words or symbols which, by content, phraseology, shape, color, or other characteristics, is similar to material, envelopes, or combinations of words or symbols used by an agency of the federal government or this state, or which is otherwise of such a nature as to tend to confuse or mislead prospective insureds into believing that the solicitation is connected with an agency of the federal or a state government. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0265 Group or Quasi-Group Implication An advertisement of a particular policy shall not state or imply that prospective insureds become group or quasi-group members covered under a group policy and as such enjoy special rates or underwriting privileges, unless such is the fact. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0275 Statements About an Insurer An advertisement shall not contain statements which are untrue in fact, or misleading by implication, with respect to the assets, corporate structure, financial standing, age, or relative position of the insurer in the insurance business. An advertisement shall not contain a recommendation by any commercial rating system unless it clearly indicates the purpose of the recommendation and the limitations of the scope and extent of the recommendation. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0280 Enforcement Procedures (1) Advertising File. Each insurer shall maintain at its home or principal office a complete file containing every advertisement prepared for its individual policies, and typical advertisements prepared for its blanket, franchise and group policies, for dissemination after the effective date of this rule in this or any other state, whether or not licensed in such other state. A notation shall be attached to each advertisement which shall indicate the manner and extent of distribution and the form number of any individual policy advertised. This file shall be available at all times for inspection by the Insurance Commissioner. Advertisements shall be maintained in the file for a period of four years or until the filing of the next regular report of examination of the insurer, whichever is the longer period of time. (2) Statement of Compliance. Each insurer subject to this rule must file with its annual statement a statement of compliance executed by an authorized officer of the insurer. The officer shall state that, to the best of his knowledge, information and belief, the advertisements disseminated by the insurer during the preceding calendar year complied, or were made to comply, in all respects with this rule. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0285 Prior Approval No advertising which includes an application or enrollment form may be used without its prior approval by the Insurance Commissioner. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0290 Severability If any portion of this rule, or the applicability of this rule to any person or circumstance, is held invalid by a court, the remainder of the rule or the applicability of the rule to other persons or circumstances shall not be affected thereby. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0295 Effective Date This rule shall be effective March 15, 1973. Statutory/Other Authority: ORS 731, 743 & 746 Statutes/Other Implemented: ORS 742.009 & 746.075 History: IC 53, f. 3-5-73, ef. 3-15-73
836-020-0300 Statutory Authority (1) OAR 836-020-0300 to 836-020-0305 are adopted by the Director of the Department of Insurance and Finance pursuant to the requirements of ORS 742.009, 743.010, and 743.013 (Section 2, Chapter 474, Oregon Laws 1989). (2) OAR 836-020-0300 to 836-020-0305 apply to solicitations of health insurance occurring on or after September 1, 1990. Statutory/Other Authority: ORS 731, 742 & 743 Statutes/Other Implemented: ORS 742.009, 743.010 & 743.013 History: ID 12-1990, f. 6-12-90, cert. ef. 9-1-90