justicedao/ipfs_state_laws huggingface dataset:
836-031-0410 Title Insurance Unearned Premium Reserve (1) For the purpose of implementing ORS 733.090(2), the amount of the unearned premium reserve shall be determined as follows for each foreign or alien title insurer relating to policies insuring titles to real property in this state and for each domestic title insurer relating to all of its policies insuring titles to real property: (a) Three percent of all gross premiums on title insurance policies issued by it during the preceding 15 years and prior to January 1, 2002; plus (b) A percentage of all gross premiums on title insurance policies issued by it during the current calendar year as determined from section (2) of this rule; less (c) Percentage portions of reserve additions for each calendar year following January 1, 2002 and preceding the current calendar year, as specified by the Director. (2) The percentage of premium for reserve additions in subsection (b) of section (1) of this rule shall be as follows: (a) Three percent for calendar year 2002. (b) Four percent for calendar year 2003. (c) Five percent for calendar year 2004. (d) Six percent for calendar year 2005. (e) Six and one-half percent for calendar year 2006. (f) Seven percent for calendar year 2007 and for each calendar year thereafter. (3) The portion of the unearned premium reserve of a foreign insurer relating to its policies insuring real property located elsewhere shall be not less than the amounts prescribed or permitted by the laws of the insurer's domicile. (4) This rule applies to all reporting periods beginning on and after January 1, 2002. Statutory/Other Authority: ORS 731.244 & 733.090 Statutes/Other Implemented: ORS 733.090 History: ID 7-2005, f. & cert. ef. 4-21-05 ID 13-2002, f. & cert. ef. 5-14-02
836-031-0600 Purpose The purpose of OAR 836-031-0600 to 836-031-0690 is to prescribe: (1) Requirements for statements of actuarial opinion to be submitted in accordance with ORS 733.304 and for memoranda in support thereof; (2) Rules applicable to the appointment of an appointed actuary. (3) Guidance as to the meaning of “adequacy of reserves.” Statutory/Other Authority: ORS 731.244 & 733.304 Statutes/Other Implemented: ORS 733.304 History: ID 5-2011, f. & cert. ef. 2-23-11 ID 10-1992, f. & cert. ef. 5-27-92
836-031-0605 Valuation Manual (1) For the purpose of complying with Oregon Laws 2015, chapter 547, insurers shall use the Valuation Manual established by the National Association of Insurance Commissioners when establishing reserves using a principle-based valuation. The operative date of the Valuation Manual, as specified under Oregon Laws 2015, chapter 547, section 16(2) is January 1, 2017. The Valuation Manual referred to in this rule is available for inspection at the Department of Consumer and Business Services. (2) The director shall specify the effective date of any amendments to the Valuation Manual by decision posted under insurer financial regulation on the department’s Division of Financial Regulation website at dfr.oregon.gov. Statutory/Other Authority: ORS 731.244, Or Laws 2015, ch 547, sec 16 & ORS 733.210 Statutes/Other Implemented: Or Laws 2015, ch 547 History: ID 8-2021, amend filed 12/13/2021, effective 01/01/2022 ID 11-2019, amend filed 12/19/2019, effective 01/01/2020 ID 1-2019, amend filed 01/04/2019, effective 01/04/2019 ID 37-2018, amend filed 12/19/2018, effective 01/01/2019 ID 13-2017, amend filed 12/14/2017, effective 12/14/2017 ID 11-2016, f. & cert. ef. 12-21-16
836-031-0610 Authority OAR 836-031-0600 to 836-031-0690 are adopted pursuant to ORS 733.300 to 733.322 generally and 733.304 specifically. Statutory/Other Authority: ORS 731.244 Statutes/Other Implemented: ORS 733.304 History: ID 19-2006, f. & cert. ef. 9-26-06 ID 4-1993, f. 7-27-93, cert. ef. 7-30-93 ID 1-1993(Temp), f. & cert. ef. 2-4-93 ID 10-1992, f. & cert. ef. 5-27-92
836-031-0620 Scope (1) OAR 836-031-0600 to 836-031-0690 apply to all life insurers transacting insurance in this state and to all life insurers that are authorized to reinsure life insurance, annuities or health insurance business in this state OAR 836-031-0600 to 836-031-0690 shall be applied in a manner that allows the appointed actuary to utilize his or her professional judgment in performing the asset analysis and developing the actuarial opinion and supporting memoranda, consistent with relevant actuarial standards and practices. However, the director may specify specific methods of actuarial analysis and actuarial assumptions when, in the director’s judgment, these specifications are necessary for an acceptable opinion to be rendered relative to the adequacy of reserves and related items. (2) OAR 836-031-0600 to 836-031-0690 shall be applicable to all annual statements filed with the office of the director after the effective date of this change to OAR 836-031-0600 to 836-031-0690. A statement of opinion on the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with 836-031-0670 and a memorandum in support thereof in accordance with 836-031-0680 are required each year. Statutory/Other Authority: ORS 731.244 & 733.304 Statutes/Other Implemented: ORS 733.304 History: ID 5-2011, f. & cert. ef. 2-23-11 ID 10-1992, f. & cert. ef. 5-27-92
836-031-0630 Definitions As used in OAR 836-031-0600 to 836-031-0690: (1) "Actuarial Opinion" means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with 836-031-0670 and with currently accepted actuarial standards; (2) "Actuarial Standards Board" is the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice. (3) "Annual Statement" means that statement required by ORS 731.574 of the Insurance Code to be filed by the company with the Director annually. (4) "Appointed Actuary" means any individual who is appointed or retained in accordance with the requirements set forth in OAR 836-031-0640(3) to provide the actuarial opinion and supporting memorandum as required by ORS 733.304. (5) "Asset Adequacy Analysis" means an analysis that meets the standards and other requirements referred to in OAR 836-031-0640(4). (6) "Company" means a life insurance company or reinsurer subject to the provisions of OAR 836-031-0600 to 836-031-0690. (7) "Qualified Actuary" means any individual who meets the requirements set forth in OAR 836-031-0640(2). Statutory/Other Authority: ORS 731.244 Statutes/Other Implemented: ORS 733.304 History: ID 5-2011, f. & cert. ef. 2-23-11 ID 4-1993, f. 7-27-93, cert. ef. 7-30-93 ID 1-1993(Temp), f. & cert. ef. 2-4-93 ID 10-1992, f. & cert. ef. 5-27-92
836-031-0690 Additional Considerations for Analysis (1) Use of Assets Supporting the Interest Maintenance Reserve and the Asset Valuation Reserve. An appropriate allocation of assets in the amount of the Interest Maintenance Reserve (IMR), whether positive or negative, must be used in any asset adequacy analysis. Analysis of risks regarding asset default may include an appropriate allocation of assets supporting the Asset Valuation Reserve (AVR); these AVR assets may not be applied for any other risks with respect to reserve adequacy. Analysis of these and other risks may include assets supporting other mandatory or voluntary reserves available to the extent not used for risk analysis and reserve support. The amount of the assets used for the AVR shall be disclosed in the Table of Reserves and Liabilities of the opinion and in the memorandum. The method used for selecting particular assets or allocated portions of assets shall be disclosed in the memorandum. (2) Documentation. The appointed actuary shall retain on file, for at least seven years, sufficient documentation so that it will be possible to determine the procedures followed, the analyses performed, the bases for assumptions and the results obtained. Statutory/Other Authority: ORS 731.244 Statutes/Other Implemented: ORS 733.304 History: ID 5-2011, f. & cert. ef. 2-23-11 ID 4-1993, f. 7-27-93, cert. ef. 7-30-93 ID 1-1993(Temp), f. & cert. ef. 2-4-93 ID 10-1992, f. & cert. ef. 5-27-92
836-031-0750 Purpose, Authority and Applicability (1) The purpose of OAR 836-031-0750 to 836-031-0775 is to provide: (a) Tables of select mortality factors and rules for their use; (b) A minimum standard for the valuation of plans with nonlevel premiums or benefits; and (c) A minimum standard for the valuation of plans with secondary guarantees. (2) The method for calculating basic reserves defined in OAR 836-031-0750 to 836-031-0775 constitutes the Commissioners’ Reserve Valuation Method for policies to which 836-031-0750 to 836-031-0775 apply. (3) OAR 836-031-0750 to 836-031-0775 are adopted under the rulemaking authority of ORS 731.244 for the purpose of implementing 733.030. Statutory/Other Authority: ORS 731.244 Statutes/Other Implemented: ORS 733.030, 733.210 & 733.300 - 733.322 History: ID 7-1999, f. 12-29-99, cert. ef. 1-1-00
836-031-0755 Applicability OAR 836-031-0750 to 836-031-0775 apply to all life insurance policies, with or without nonforfeiture values, issued on or after January 1, 2000, subject to OAR 836-051-0106 and the following exceptions and conditions: (1) The following exceptions apply: (a) OAR 836-031-0750 to 836-031-0775 do not apply to any individual life insurance policy issued on or after January 1, 2000, if the policy is issued in accordance with and as a result of the exercise of a reentry provision contained in the original life insurance policy of the same or greater face amount, issued before the effective date of this regulation, that guarantees the premium rates of the new policy. OAR 836-031-0750 to 836-031-0775 also do not apply to subsequent policies issued as a result of the exercise of such a provision, or a derivation of the provision, in the new policy. (b) OAR 836-031-0750 to 836-031-0775 do not apply to any universal life policy that meets all the following requirements: (A) Secondary guarantee period, if any, is five years or less; (B) Specified premium for the secondary guarantee period is not less than the net level reserve premium for the secondary guarantee period based on CSO valuation tables as defined in OAR 836-031-0760 and the applicable valuation interest rate; and (C) The initial surrender charge is not less than 100 percent of the first year annualized specified premium for the secondary guarantee period. (c) OAR 836-031-0750 to 836-031-0775 do not apply to any variable life insurance policy that provides for life insurance, the amount or duration of which varies according to the investment experience of any separate account or accounts. (d) OAR 836-031-0750 to 836-031-0775 do not apply to any variable universal life insurance policy that provides for life insurance, the amount or duration of which varies according to the investment experience of any separate account or accounts. (e) OAR 836-031-0750 to 836-031-0775 do not apply to a group life insurance certificate unless the certificate provides for a stated or implied schedule of maximum gross premiums required in order to continue coverage in force for a period in excess of one year. (2) The following conditions apply: (a) Calculation of the minimum valuation standard for policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits (other than universal life policies), or both, shall be in accordance with the provisions of OAR 836-031-0770. (b) Calculation of the minimum valuation standard for flexible premium and fixed premium universal life insurance policies, that contain provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period shall be in accordance with the provisions of OAR 836-031-0775. Statutory/Other Authority: ORS 731.244 Statutes/Other Implemented: ORS 733.030, 733.210 & 733.300 - 733.322 History: ID 9-2003, f. 12-26-03, cert. ef. 1-1-04 ID 7-1999, f. 12-29-99, cert. ef. 1-1-00
836-031-0800 Purpose, authority (1) The purpose of OAR 836-031-0800 to 836-031-0815 is to recognize, permit and prescribe the use of mortality tables that reflect differences in mortality between preferred and standard lives in determining minimum reserve liabilities in accordance with ORS 733.306 and OAR 836-031-0765. (2) OAR 836-031-0800 to 836-031-0815 are adopted pursuant to the authority of ORS 731.244 and 733.306, for the purpose of implementing 733.306. Statutory/Other Authority: ORS 731.244 & 733.306 Statutes/Other Implemented: ORS 733.306 History: ID 2-2007, f. & cert. ef. 2-12-07
836-031-0805 Definitions (1) “2001 CSO Mortality Table” means that mortality table, consisting of separate rates of mortality for male and female lives, developed by the American Academy of Actuaries CSO Task Force from the valuation Basic Mortality Table developed by the Society of Actuaries Individual Life Insurance Valuation Mortality Task Force, and adopted by the NAIC in December 2002. The 2001 CSO Mortality Table is included in the Proceedings of the NAIC (2nd Quarter 2002) and supplemented by the 2001 CSO Preferred Class Structure Mortality Table defined in section (2) of this rule. Unless the context indicates otherwise, the “2001 CSO Mortality Table” includes both the ultimate form of that table and the select and ultimate form of that table and includes both the smoker and nonsmoker mortality tables and the composite mortality tables. It also includes both the age-nearest-birthday and age-last-birthday bases of the mortality tables. Mortality tables in the 2001 CSO Mortality Table include the following: (a) “2001 CSO Mortality Table (F)” means that mortality table consisting of the rates of mortality for female lives from the 2001 CSO Mortality Table; (b) “2001 CSO Mortality Table (M)” means that mortality table consisting of the rates of mortality for male lives from the 2001 CSO Mortality Table; (c) “Composite mortality tables” means mortality tables with rates of mortality that do not distinguish between smokers and nonsmokers; (d) “Smoker and nonsmoker mortality tables” means mortality tables with separate rates of mortality for smokers and nonsmokers. (2) “2001 CSO Preferred Class Structure Mortality Table” means mortality tables with separate rates of mortality for super preferred nonsmokers, preferred nonsmokers, residual standard nonsmokers, preferred smokers, and residual standard smoker splits of the 2001 CSO Nonsmoker and Smoker Tables, as adopted by the NAIC at the September, 2006 national meeting and published in the NAIC Proceedings, 3rd Quarter 2006. Unless the context indicates otherwise, the “2001 CSO Preferred Class Structure Mortality Table” includes both the ultimate form of that table and the select and ultimate form of that table. It includes both the smoker and nonsmoker mortality tables. It includes both the male and female mortality tables and the gender composite mortality tables. It also includes both the age-nearest-birthday and age-last-birthday bases of the mortality table. (3) “Statistical agent” means an entity with proven systems for protecting the confidentiality of individual insured and insurer information; demonstrated resources for the history of ongoing electronic communications and data transfer ensuring data integrity with insurers that are its members or subscribers; and a history of and means for aggregation of data and accurate promulgation of the experience modifications in a timely manner. [ED. NOTE: Tables referenced are available from the agency.] Statutory/Other Authority: ORS 731.244 & 733.306 Statutes/Other Implemented: ORS 733.306 History: ID 2-2007, f. & cert. ef. 2-12-07
836-031-0810 2001 CSO Preferred Class Structure Table (1) At the election of the insurer, for each calendar year of issue, for any one or more specified plans of insurance and subject to satisfying the conditions stated in OAR 836-031-0800 to 836-031-0815, the 2001 CSO Preferred Class Structure Mortality Table may be substituted in place of the 2001 CSO Smoker or Nonsmoker Mortality Table as the minimum valuation standard for policies issued on or after January 1, 2007. For policies issued on or after January 1, 2004 (the date of adoption of OAR 836-051-0106, Life Insurance Valuation and Nonforfeiture Standards), and prior to January 1, 2007, the 2001 CSO Preferred Class Structure Mortality Tables may be substituted with the consent of the director and subject to the conditions of OAR 836-031-0815. In determining whether to consent to the substitution, the director may rely on the consent of the Insurance Commissioner of the company’s state of domicile. No such election may be made until the insurer demonstrates at least 20 percent of the business to be valued on this table is in one or more of the preferred classes. A table from the 2001 CSO Preferred Class Structure Mortality Table used in place of a 2001 CSO Mortality Table, pursuant to the requirements of OAR 836-031-0800 to 836-031-0815, will be treated as part of the 2001 CSO Mortality Table only for purposes of reserve valuation pursuant to the requirements of the NAIC model regulation "Recognition of the 2001 CSO Mortality Table For Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits Model Regulation." (2) Tables referenced in this rule are available from the Division of Financial Regulation of the Department of Consumer and Business Services. [ED. NOTE: Tables referenced are available from the agency.] Statutory/Other Authority: ORS 731.244 & 733.306 Statutes/Other Implemented: ORS 733.306 History: ID 18-2024, minor correction filed 08/06/2024, effective 08/06/2024 ID 17-2011, f. & cert. ef. 10-31-11 ID 2-2007, f. & cert. ef. 2-12-07
836-033-0105 Statutory Authority; Purpose OAR 836-033-0110 is adopted pursuant to ORS 733.550(3), which grants the Commissioner authority to prescribe standards to be applied to determine if obligations invested in by an insurer are “amply secured obligations” under the statutes regulating investments of insurers. The purpose of the section is to prescribe such standards. Statutory/Other Authority: ORS 733 Statutes/Other Implemented: ORS 733.550(3) History: IC 66, f. & ef. 6-4-76
836-033-0110 “Amply Secured Obligations” Defined In addition to those obligations referred to in ORS 733.550(1) and (2), an “amply secured obligation” is one that is eligible for amortization within the requirements adopted by the Subcommittee on Valuation of Securities of the National Association of Insurance Commissioners and published in “Valuations of Securities as of December 31, 1975.” An obligation that meets the requirements adopted by the Subcommittee on Valuation of Securities and set out in its most recent publication on “Valuation of Securities” will be considered within the requirements of this section. [Publications: Publications referenced are available from the agency.] Statutory/Other Authority: ORS 733 Statutes/Other Implemented: ORS 733.550(3) History: IC 66, f. & ef. 6-4-76
836-033-0120 Purpose and Authority; Definition (1) OAR 836-033-0120 and 836-033-0130 implement ORS 733.695 by establishing which obligations are not of investment grade and regulating the acts and practices of insurers with respect to the concentration of such obligations. (2) For purposes of this rule and OAR 836-033-0130, “obligation” has the meaning given that term in ORS 733.540. Statutory/Other Authority: ORS 731.244, 733.010 & 733.695 Statutes/Other Implemented: ORS 733.695 History: ID 5-1992, f. & cert. ef. 3-26-92
836-042-0001 Statutory Authority; Purpose and Effective Date (1) OAR 836-042-0001 to 836-042-0035 are adopted pursuant to the general rulemaking authority of the Director in ORS 731.244. (2) The purpose and applicability of OAR 836-042-0001 to 836-042-0035 is to effectuate orderly administration of the 1981 amendments to ORS 737.205, 737.225, 737.265 and 737.320 requiring insurers to file their own workers' compensation insurance rates, rating plans, and rating systems and prohibiting rating organizations from filing workers' compensation insurance rating provisions for expenses, taxes, or profit. Statutory/Other Authority: ORS 731 Statutes/Other Implemented: ORS 737.205(1) - (2), 737.225(1), 737.265, 737.310(1) & 737.320(3) History: ID 19-2006, f. & cert. ef. 9-26-06 IC 4-1982, f. 1-27-82, ef. 7-1-82
836-042-0005 Definitions As used in OAR 836-042-0001 to 836-042-0035, unless the context requires otherwise: (1) “Anniversary rating date” means the month and day that rates, rating plans and rating systems are initially applied to a policy in effect and each annual anniversary thereafter, unless a different date is established by the rating organization of which the insurer is a member. (2) “Classification” means a grouping of insurance risks according to a classification system used by an insurer. (3) “Classification System” means a schedule of classifications and a rule or set of rules used by an insurer for determining the classifications applicable to an insured. (4) “Insurer” means any insurer authorized to write workers’ compensation insurance or the State Accident Insurance Fund Corporation. (5) “Loss Cost” means a provision for claim payment (6) “Premium” means the contractual consideration charged to an insured for insurance for a specified period of time regardless of the timing of actual charges. (7) “Provision for Claim Payment” means an estimate expressed per unit of exposure basis for the monetary amount ultimately to be needed to pay workers’ compensation insurance claims, excluding all loss adjustment or claim management expenses, other operating expenses, assessments, taxes, and profit or contingency allowances. (8) “Rate” means a monetary amount applied to the units of exposure basis assigned to a classification and used by an insurer to determine the premium for an insured. (9) “Rating Plan” means a rule or set of rules used by an insurer to calculate premium for an insured, and the parameter values used in such calculation, after application of classification premium rates to units of exposure. (10) “Rating System” means a collection of rating plans to be used by an insurer, rules for determining which rating plans are applicable to an insured, a classification system, and other rules used by an insurer for determining contractual consideration for an insured. (11) “Standard Premium at Company Rates” means Oregon premium determined on the basis of premium rates approved for an insurer and any applicable experience rating modification but does not include expense constants or additional premium charged to achieve minimum premium. (12) “Workers’ Compensation Insurance” means insurance providing coverage for the obligations of an employer arising from illness or injury to workers whether such obligation is imposed by ORS Chapter 656, similar laws of the United States, or agreements between states. Statutory/Other Authority: ORS 731.244 Statutes/Other Implemented: ORS 737.205(1)-(2), 737.225(1), 737.265 & 737.320(3) History: ID 15-1992, f. & cert. ef. 11-16-92 IC 4-1982, f. 1-27-82, ef. 7-1-82
836-042-0020 Insurers Must Demonstrate Statistical Reporting Ability (1) Any insurer filing a workers’ compensation insurance exposure base, classification or classification system, must demonstrate how statistical experience data will be converted for purposes of statistical reporting in accordance with the uniform statistical plan prescribed by OAR 836-042-0045. (2) Any filing by an insurer of a workers’ compensation insurance exposure base, classification or classification system which does not meet the requirements of section (1) of this rule shall be determined not to satisfy the requirements of ORS Chapter 737 and shall be disapproved. Statutory/Other Authority: ORS 731 Statutes/Other Implemented: ORS 737.325(1)-(2), 737.325(4) & 737.230 History: IC 4-1982, f. 1-27-82, ef. 7-1-82