justicedao/ipfs_state_laws huggingface dataset:
836-027-0030 Forms; General Requirements (1) Forms A, B, C, D, E and F are intended to be guides in the preparation of the statements required by ORS 732.517 to 732.592, including but not limited to the registration provisions thereof. The forms are not intended to be blank forms that are to be filled in. The statements filed shall contain the numbers and captions of all items, but the text of the items may be omitted if the answers to the items are prepared so as to indicate clearly the scope and coverage of the items. All instructions, whether appearing under the items of the form or elsewhere, are to be omitted. Unless expressly provided otherwise, if any item is inapplicable or the answer to any item is in the negative, an appropriate statement to that effect shall be made. (2) One complete copy of each statement, including exhibits and all other papers and documents filed as a part of the statement, shall be filed with the director of the Department of Consumer and Business Services by personal delivery or mail. A copy of Form C shall be filed in each state in which an insurer is authorized to do business if the commissioner of that state has notified the insurer of its request in writing. An insurer who has been so notified shall file the form not later than the 30th day after the date of receipt of the notice. At least one of the copies shall be manually signed and certified in the manner prescribed on the form. Unsigned copies shall be conformed. If the signature of any person is affixed pursuant to a power of attorney or other similar authority, a copy of such power of attorney or other authority shall also be filed with the statement. (3) If an applicant requests a hearing on a consolidated basis under ORS 732.527, in addition to filing the Form A with the director, the applicant must file electronically a copy of Form A with the National Association of Insurance Commissioners. (4) Statements must be prepared on paper 8-1/2" X 11" in size and bound along the left edge or securely fastened at the top left corner. Exhibits and financial statements, unless specifically prepared for the filing, may be submitted in their original size. All copies of any statement, financial statements or exhibits shall be clear, easily readable, and suitable for photocopying. Debits in credit categories and credits in debit categories shall be designated so as to be clearly distinguishable as such on photocopies. Statements shall be in the English language and monetary values shall be stated in United States currency. If any exhibit or other paper or document filed with the statement is in a foreign language, it shall be accompanied by a translation into the English language and any monetary value shown in a foreign currency shall be converted into United States currency. Statutory/Other Authority: ORS 732.572 Statutes/Other Implemented: ORS 732.517 - 732.592 History: ID 11-2019, amend filed 12/19/2019, effective 01/01/2020 ID 1-2014, f. & cert. ef. 1-8-14 ID 7-2013, f. 12-26-13, cert. ef. 1-1-14 ID 19-2006, f. & cert. ef. 9-26-06 ID 15-1996, f. & cert. ef. 11-12-96 ID 8-1993, f. & cert. ef. 9-23-93 IC 68, f. & ef. 6-22-76
836-027-0035 Forms; Incorporation by Reference, Summaries, and Omissions (1) Information required by any item of Form A, B, D, E or F may be incorporated by reference in answer or partial answer to any other item. Information contained in any financial statement, annual report, proxy statement, statement filed with a governmental authority or any other document may be incorporated by reference in answer or partial answer to any item of Form A, B, D, E or F if the document or paper is filed as an exhibit to the statement. Excerpts of documents may be attached as exhibits if the documents are extensive. Documents currently on file with the Director that were filed within three years need not be filed as exhibits. References to information contained in exhibits or in documents already on file shall clearly identify the material and shall specifically indicate that such material is to be incorporated by reference in answer to the item. Matter shall not be incorporated by reference in any case in which the incorporation would render the statement incomplete, unclear, or confusing. (2) If an item requires a summary or outline of the provisions of any document, only a brief statement of the pertinent provisions of the document shall be made. The summary or outline may in addition incorporate by reference particular parts of any exhibit or document currently on file with the Director that was filed within three years and may be qualified in its entirety by such reference. If two or more documents required to be filed as exhibits are substantially identical in all material respects except as to the parties thereto, the dates of execution or other details, a copy of only one of such documents need be filed, but it shall have attached a schedule identifying the omitted documents and setting forth the material details in which such documents differ from the documents of which a copy is filed. Statutory/Other Authority: ORS 731 & 732.705 Statutes/Other Implemented: ORS 732.523, 732.552 & 732.574 History: ID 1-2014, f. & cert. ef. 1-8-14 ID 7-2013, f. 12-26-13, cert. ef. 1-1-14 ID 8-1993, f. & cert. ef. 9-23-93 IC 68, f. & ef. 6-22-76
836-027-0040 Forms; Information Unknown or Unavailable and Extension of Time to Furnish (1) Required information need be given only insofar as it is known or reasonably available to the person filing the statement. If any required information is unknown and not reasonably available to the person filing, either because obtaining it would involve unreasonable effort or expense, or because it rests peculiarly within the knowledge of another person not affiliated with the person filing, the information may be omitted. However, the person filing shall: (a) Give such information on the subject as the person possesses or can acquire without unreasonable effort or expense, together with the sources thereof; and (b) Include a statement either showing that unreasonable effort or expense would be involved or indicating the absence of any affiliation with the person within whose knowledge the information rests and stating the result of a request made to such person for the information. (2) If it is impractical to furnish any required information, document, or report at the time it is required to be filed, an application may be filed with the Director: (a) Identifying the information, document, or report in question; (b) Stating why the filing thereof at the time required is impractical; and (c) Requesting an extension of time for filing the information, document, or report to a specified date. (3) An application submitted under section (2) of this rule shall be considered granted unless the Director, within 30 days after receipt thereof, enters an order denying the application. Statutory/Other Authority: ORS 731 & 732.705 Statutes/Other Implemented: ORS 732.523, 732.552 & 732.574 History: ID 8-1993, f. & cert. ef. 9-23-93 IC 68, f. & ef. 6-22-76
836-027-0045 Forms; Additional Information and Exhibits In addition to the information expressly required to be included in Forms A, B, C, D, E and F there shall be included further material information, if any, as may be necessary to make the information contained in the form not misleading. The person filing may also file exhibits in addition to those expressly required by the statement. Such exhibits shall be marked to indicate clearly the subject matters to which they refer. Statutory/Other Authority: ORS 731 & 732.705 Statutes/Other Implemented: ORS 732.523, 732.552, 732.553 & 732.574 History: ID 1-2014, f. & cert. ef. 1-8-14 ID 7-2013, f. 12-26-13, cert. ef. 1-1-14 ID 8-1993, f. & cert. ef. 9-23-93 IC 68, f. & ef. 6-22-76
836-027-0050 Instructions; Amendments A change to Form A, B, C, D, E and F shall include on the top of the cover page the phrase: "Change No. _____ to" and shall indicate the date of the change and not the date of the original filing. Statutory/Other Authority: ORS 731 & 732.705 Statutes/Other Implemented: ORS 732.523, 732.552, 732.554 & 732.574 History: ID 1-2014, f. & cert. ef. 1-8-14 ID 7-2013, f. 12-26-13, cert. ef. 1-1-14 ID 8-1993, f. & cert. ef. 9-24-93 IC 68, f. & ef. 6-22-76
836-027-0070 Subsidiaries of Domestic Insurers The authority to invest in subsidiaries under ORS 733.630 is in addition to any authority to invest in subsidiaries that may be contained in any other provision of the Insurance Code. Statutory/Other Authority: ORS 732.705 Statutes/Other Implemented: ORS 733.510 & 733.630 History: ID 8-1993, f. & cert. ef. 9-23-93
836-027-0100 Acquisition of Control — Statement Filing A person required to file a statement pursuant to ORS 732.517 to 732.592 shall furnish the required information on Form A, which is incorporated in and made a part of this rule as Exhibit 1. The person also shall furnish the required information on Form E, which is described in OAR 836-027-0125. Form E is set forth on the website of the Department of Consumer and Business Services at dfr.oregon.gov. Statutory/Other Authority: ORS 732.705 Statutes/Other Implemented: ORS 732.517 - 732.592 History: ID 8-2023, minor correction filed 05/19/2023, effective 05/19/2023 ID 3-2016, f. & cert. ef. 3-3-16 Reverted to ID 1-2014, f. & cert. ef. 1-8-14 ID 6-2015(Temp), f. & cert. ef. 9-2-15 thru 2-26-16 ID 1-2014, f. & cert. ef. 1-8-14 ID 7-2013, f. 12-26-13, cert. ef. 1-1-14 ID 15-1996, f. & cert. ef. 11-12-96 ID 8-1993, f. & cert. ef. 9-23-93
836-027-0110 Amendments to Form A An applicant who has filed a statement pursuant to ORS 732.517 to 732.592 shall promptly advise the Director of any changes in the information so furnished on Form A arising subsequent to the date upon which the information was furnished but prior to disposition of the application by the Director. Statutory/Other Authority: ORS 732.705 Statutes/Other Implemented: ORS 732.517 - 732.592 History: ID 15-1996, f. & cert. ef. 11-12-96 ID 8-1993, f. & cert. ef. 9-23-93
836-027-0120 Acquisition of Certain Persons Considered to Be Insurers (1) If the person being acquired is considered to be a “domestic insurer” solely because of the definition of “domestic insurer” in ORS 732.518, the name of the domestic insurer on the cover page shall be indicated as follows: “ABC Insurance Company, a subsidiary of XYZ Holding Company.” (2) When a person who is considered to be a “domestic insurer” solely because of the definition of “domestic insurer” in ORS 732.518, is being acquired, references to “the insurer” contained in Form A shall refer to both the domestic subsidiary insurer and the person being acquired. Statutory/Other Authority: ORS 732.705 Statutes/Other Implemented: ORS 732.517 - 732.592 History: ID 15-1996, f. & cert. ef. 11-12-96 ID 8-1993, f. & cert. ef. 9-23-93
836-027-0125 Pre-Acquisition Notification (1) If a domestic insurer, including any person controlling a domestic insurer, is proposing a merger or acquisition under ORS 732.523, the person must file a pre-acquisition notification form, Form E, as required under ORS 732.589. Form E is set forth on the website of the Department of Consumer and Business Services at dfr.oregon.gov. (2) If a non-domiciliary insurer licensed to do business in this state is proposing a merger or acquisition pursuant to ORS 732.527, 732.587, 732.589, 732.542 and 732.544, that person shall file a pre-acquisition notification form, Form E. A pre-acquisition notification form need not be filed if the acquisition is beyond the scope of ORS 732.587, 732.589, 732.542 and 732.544. (3) In addition to the information required by Form E, the director may require an opinion from an economist as to the competitive impact of the proposed acquisition. Statutory/Other Authority: ORS 732.705 Statutes/Other Implemented: ORS 732.517 - 732.592 History: ID 9-2023, minor correction filed 05/19/2023, effective 05/19/2023 ID 3-2016, f. & cert. ef. 3-3-16 ID 1-2014, f. & cert. ef. 1-8-14 ID 7-2013, f. 12-26-13, cert. ef. 1-1-14
836-027-0140 Enterprise Risk Report The ultimate controlling person of an insurer required to file an enterprise risk report under ORS 732.569 shall furnish the required information on Form F. Form F is set forth on the website of the Department of Consumer and Business Services at dfr.oregon.gov. Statutory/Other Authority: ORS 732.705 Statutes/Other Implemented: ORS 732.517 - 732.592 History: ID 12-2023, minor correction filed 05/19/2023, effective 05/19/2023 ID 3-2016, f. & cert. ef. 3-3-16 ID 1-2014, f. & cert. ef. 1-8-14 ID 7-2013, f. 12-26-13, cert. ef. 1-1-14
836-027-0170 Extraordinary Dividends and Other Distributions (1) Requests for approval of extraordinary dividends or any other extraordinary distribution to shareholders shall include the following: (a) The amount of the proposed dividend; (b) The date established for payment of the dividend; (c) A statement as to whether the dividend is to be in cash or other property and, if in property, a description thereof, its cost, and its fair market value together with an explanation of the basis for valuation; (d) A copy of the calculations determining that the proposed dividend is extraordinary. The work paper must include the following information: (A) The amounts, dates and form of payment of all dividends or distributions, including regular dividends but excluding distributions of the insurer’s own securities, paid within the period of 12 consecutive months ending on the date fixed for payment of the proposed dividend for which approval is sought and commencing on the day after the same day of the same month in the last preceding year; (B) Total capital and surplus as of the 31st day of December immediately preceding; (C) If the insurer transacts life insurance, the net gain from operations of the insurer after dividends to policyholders and federal income taxes and before realized capital gains or losses, for the 12-month period ending the 31st day of December immediately preceding; (D) If the insurer does not transact life insurance, the net income for the 12-month period ending the 31st day of December immediately preceding and the two preceding 12-months periods; and (E) If the insurer does not transact life insurance, the dividends paid to stockholders excluding distributions of the insurer’s own securities in the preceding two calendar years. (e) A balance sheet and statement of income for the period intervening from the last annual statement filed with the Director and the end of the month preceding the month in which the request for dividend approval is submitted; and (f) A brief statement as to the effect of the proposed dividend upon the insurer’s capital and surplus and the reasonableness of combined capital and surplus in relation to the insurer’s outstanding liabilities and the adequacy of surplus relative to the insurer’s financial needs. (2) Subject to ORS 732.576, each registered insurer shall report to the Director all dividends and other distributions to shareholders within five business days following the declaration thereof, including the same information required by section (1)(d)(A) to (E) of this rule. Statutory/Other Authority: ORS 732.572 Statutes/Other Implemented: ORS 732.517 - 732.592 History: ID 15-1996, f. & cert. ef. 11-12-96 ID 8-1993, f. & cert. ef. 9-23-93
836-027-0180 Adequacy of Surplus The factors set forth in ORS 731.554, as referred to in 732.582, for the purpose of determining the reasonableness and adequacy of the insurer’s capital and surplus, are not intended to be an exhaustive list. In determining the adequacy and reasonableness of an insurer’s capital and surplus, no single factor is necessarily controlling. Instead, the Director shall consider the net effect of all of such factors and also other factors bearing on the financial condition of the insurer. In comparing the capital and surplus maintained by other insurers, the Director shall consider the extent to which each of such factors varies from insurer to insurer. In determining the quality and liquidity of investments in subsidiaries, the Director shall consider the individual subsidiary and may discount or disallow its valuation to the extent that the individual investments so warrant. Statutory/Other Authority: ORS 732.572 Statutes/Other Implemented: ORS 731.554 & 732.517 - 732.592 History: ID 15-1996, f. & cert. ef. 11-12-96 ID 8-1993, f. & cert. ef. 9-23-93
836-027-0300 Statutory Authority; Purpose (1) OAR 836-027-0300 to 836-027-0360 are adopted pursuant to the authority of ORS 731.244 and 733.510 for the purpose of implementing 733.510. (2) OAR 836-027-0300 to 836-027-0360 establish requirements and limitations relating to securities lending transactions by domestic insurers. Statutory/Other Authority: ORS 731.244 & 733.510 Statutes/Other Implemented: ORS 733.510 History: ID 4-2000, f. & cert. ef. 5-11-00
836-027-0310 Definitions As used in OAR 836-027-0300 to 836-027-0360: (1) “Acceptable collateral” means, as to securities lending transactions, cash, cash equivalents, letters of credit, direct obligations of, or securities that are fully guaranteed as to principal and interest by the government of the United States or any agency of the United States, or by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation. “Acceptable collateral” also means, with respect to lending foreign securities, sovereign debt rated 1 by the Securities Valuation Office of the National Association of Insurance Commissioners or any successor office established by the National Association of Insurance Commissioners. (2) “Equivalent securities” means, in a securities lending transaction, securities that are identical to the loaned securities in all features including the amount of the loaned securities, except as to certificate number if held in physical form. In addition, for purposes of this definition, when a different security is exchanged for a loaned security by recapitalization, merger, consolidation or other corporate action, the different security is considered to be the loaned security. (3) “Securities lending transaction” means a transaction in which securities are loaned by an insurer to a business entity that is obligated to return the loaned securities or equivalent securities to the insurer, either within a specified period of time or upon demand. Statutory/Other Authority: ORS 731.244 & 733.510 Statutes/Other Implemented: ORS 733.510 History: ID 4-2000, f. & cert. ef. 5-11-00
836-027-0320 Authorization by Board of Directors Before a domestic insurer enters into a securities lending transaction, the board of directors of the domestic insurer must adopt a written plan that specifies the guidelines and objectives to be followed with respect to securities lending transactions, including the following: (1) An assessment that securities lending transactions, including the guidelines relating thereto, are appropriate for the business conducted by the insurer and are consistent with ORS 733.510(4). (2) An assessment of the insurer’s technical investment and administrative capabilities and expertise to engage in securities lending transactions. (3) A description of how cash received will be invested or used for general corporate purposes of the insurer. (4) Operational procedures to manage securities lending transactions and borrower default risk and the use of acceptable collateral in a manner that reflects the liquidity needs of securities lending transactions. (5) The extent to which the domestic insurer may engage in securities lending transactions. Statutory/Other Authority: ORS 731.244 & 733.510 Statutes/Other Implemented: ORS 733.510 History: ID 4-2000, f. & cert. ef. 5-11-00
836-027-0340 Agreement with Agent as Alternative to Written Agreement As an alternative to a written agreement between a domestic insurer and the borrower described in OAR 836-027-0330, the insurer may enter into an agreement with an agent acting on behalf of the insurer, if the agent is a qualified business entity and if the agreement: (1) Requires the agent to enter into separate agreements with each borrower that are consistent with the requirements of OAR 836-027-0330; and (2) Prohibits securities lending transactions pursuant to the agreement with the agent or its affiliates. Statutory/Other Authority: ORS 731.244 & 733.510 Statutes/Other Implemented: ORS 733.510 History: ID 4-2000, f. & cert. ef. 5-11-00
836-027-0350 Limitation A domestic insurer shall not enter into a securities lending transaction if, as a result of and after giving effect to the transaction: (1) The aggregate amount of securities then loaned to any one borrower would exceed five percent of its admitted assets; or (2) The aggregate amount of all securities then loaned to all borrowers would exceed 40 percent of its admitted assets. Statutory/Other Authority: ORS 731.244 & 733.510 Statutes/Other Implemented: ORS 733.510 History: ID 4-2000, f. & cert. ef. 5-11-00
836-027-0360 Type of Borrower, Investment of Collateral, Valuation and Reporting In a securities lending transaction, a domestic insurer shall comply with the following requirements: (1) The borrower must be a registered securities broker or a bank or trust company or registered as a primary dealer of government securities with the Federal Reserve System. For purposes of this rule: (a) “Bank or trust company” means any bank or trust company that is organized under the laws of the United States or any state thereof and is regularly examined pursuant to such laws; and (b) “Registered securities broker” means a securities broker registered under the federal Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). (2) For so long as a securities lending transaction remains outstanding, the insurer, its agent or custodian shall maintain, as to acceptable collateral received in the transaction, either physically or through the book entry systems of the Federal Reserve, Depository Trust Company, Participants Trust Company or other securities depositories approved by the Director: (a) Possession of the acceptable collateral; (b) A perfected security interest in the acceptable collateral; or (c) In the case of a jurisdiction outside the United States, title to, or rights of a secured creditor to, the acceptable collateral. (3) If the insurer has investment discretion concerning the collateral, the collateral may be invested only in assets with a maturity date no later than one year from date of purchase, and that, if held directly by the insurer, would qualified as admitted assets pursuant to ORS Chapter 733. (4) Each securities lending transaction and investment of the collateral must comply with ORS 733.730 and 733.740. (5) The valuation procedures as prescribed in the “Valuations of Securities” manual of the National Association of Insurance Commissioners shall be used to value loaned securities in any financial statements filed by the insurer with the Director. (6) In any financial statements filed by the insurer with the Director, the securities lending transaction shall be reported as designated by the Director in accordance with Statement of Statutory Accounting Principles No. 18. An insurer shall file with its annual statement a supporting schedule that reports such transactions as required by the annual statement filing instructions. (7) In situations in which the securities are held outside the State of Oregon, the securities must be held by a bank or trust company in accordance with OAR 836-027-0200. (8) The insurer shall maintain within this state original copies of all agreements to lend securities and any attachments, amendments or exhibits thereto. A current inventory of all loaned securities containing the identity of and location of all collateral shall be maintained within the State of Oregon. In addition, adequate records shall be maintained within the State of Oregon to verify the insurer’s activities in loaned securities and the possession of the necessary collateral. Statutory/Other Authority: ORS 731.244 & 733.510 Statutes/Other Implemented: ORS 733.510 History: ID 4-2000, f. & cert. ef. 5-11-00