justicedao/ipfs_state_laws huggingface dataset:
836-012-0320 Written Agreements (1) A reinsurance agreement or amendment to any agreement shall not be used to reduce any liability or to establish any asset in any financial statement filed with the Director unless the agreement or amendment or a letter of intent has been duly executed by both parties no later than the “as of date” of the financial statement. (2) In the case of a letter of intent, a reinsurance agreement or an amendment to a reinsurance agreement must be executed within a reasonable period of time, not exceeding 90 days from the execution date of the letter of intent, in order for credit to be granted for the reinsurance ceded. (3) The reinsurance agreement must contain provisions providing that: (a) The agreement constitutes the entire agreement between the parties with respect to the business being reinsured thereunder and that there are no understandings between the parties other than as expressed in the agreement; and (b) Any change or modification to the agreement is void unless made by amendment to the agreement and signed by both parties. Statutory/Other Authority: ORS 731.244 & 731.508 Statutes/Other Implemented: ORS 731.508(6) History: ID 7-1995, f. & cert. ef. 11-15-95 ID 8-1993, f. & cert. ef. 9-23-93
836-012-0332 Existing Agreements For purposes of an insurer’s statutory financial statement filings, each insurer subject to OAR 836-012-0300 to 836-012-331 shall reduce to zero any reserve credits or assets established with respect to reinsurance agreements entered into prior to November 9, 1995 that, under the provisions of OAR 836-012-0300 to 836-012-331 as amended, would not be entitled to recognition of the reserve credits or assets. Statutory/Other Authority: ORS 731.244 & 731.508 Statutes/Other Implemented: ORS 731.508(6) History: ID 4-2010, f. & cert. ef. 2-5-10
836-013-0100 Authority (1) OAR 836-013-0100 to 836-013-0120 are adopted pursuant to ORS 731.244, 731.296 and 731.385. (2) OAR 836-013-0100 to 836-013-0120 set forth the standards that the Director may use for identifying insurers who are in such condition as to render the continuance of their business hazardous to the public or to holders of their policies or certificates of insurance. (3) OAR 836-013-0100 to 836-013-0120 are not a limitation on the regulatory powers of the Director. Statutory/Other Authority: ORS 731.244, 731.296 & 731.385 Statutes/Other Implemented: ORS 731.296 & 731.385 History: ID 14-2010, f. & cert. ef. 8-19-10 ID 15-1996, f. & cert. ef. 11-12-96 ID 8-1993, f. & cert. ef. 9-23-93
836-013-0120 Director’s Authority (1) For the purposes of making a determination of the financial condition of an insurer under OAR 836-013-0100 to 836-013-0120, the Director may do one or more of the following: (a) Disregard any credit or amount receivable resulting from transactions with a reinsurer that is insolvent, impaired or otherwise subject to a delinquency proceeding; (b) Make appropriate adjustments to asset values attributable to investments in or transactions with parents, subsidiaries or affiliates; (c) Refuse to recognize the stated value of accounts receivable if the ability to collect receivables is highly speculative in view of the age of the account or the financial condition of the debtor; or (d) Increase the insurer's liability in an amount equal to any contingent liability, pledge, or guarantee not otherwise included if there is a substantial risk that the insurer will be called upon to meet the obligation undertaken within the next 12-month period. (2) An order of the Director under ORS 731.385 regarding a foreign insurer may be limited to the extent provided by statute. (3) In addition to the requirements the director may impose under ORS 731.385, if the director determines that the continued operation of the insurer licensed to transact business in this state may be hazardous to the policyholders or the general public, the director may require the insurer to: (a) File reports in a form acceptable to the director concerning the market value of the insurer’s assets; (b) Document the adequacy of premium rates in relation to the risks insured; (c) In addition to regular annual statements, file interim financial reports on the form specified by the director; (d) Correct corporate governance practice deficiencies, and adopt and utilize the governance practices acceptable to the director; or (e) Provide a business plan to the director in order to continue to transact business in this state. (4) Notwithstanding any other provision of law limiting the frequency or amount of premium rate adjustments, the director may include as a requirement under section (3) of this rule, any rate adjustment for any non-life insurance product written by the insurer that the director considers necessary to improve the financial condition of the insurer. Statutory/Other Authority: ORS 731.244 & 731.296. 731.385 Statutes/Other Implemented: ORS 731.296 & 731.385 History: ID 14-2010, f. & cert. ef. 8-19-10 ID 19-2006, f. & cert. ef. 9-26-06 ID 8-1993, f. & cert. ef. 9-23-93
836-014-0001 Purpose, Authority and Effective Date (1) OAR 836-014-0001 to 836-014-0045 are adopted to carry out the purpose of ORS 750.505 to 750.715, that of regulating the operation of legal expense organizations in this state. (2) OAR 836-014-0001 to 836-014-0045 are adopted pursuant to the general rule-making authority of the Director under ORS 731.244 and the specific authority in 750.715. Statutory/Other Authority: ORS 731 & 750 Statutes/Other Implemented: ORS 750.505 & 750.715 et seq. History: ID 4-1990, f. & cert. ef. 1-24-90
836-014-0005 Applicability and Scope (1) Except as otherwise specifically provided in section (2) of this rule, OAR 836-014-0001 to 836-014-0045 apply to: (a) All legal expense organizations doing business in this state; (b) All legal expense plans and membership agreements of legal expense organizations delivered or issued for delivery in this state on or after January 1, 1990; (c) All legal expense provider agreements in force in this state on or after January 1, 1990. (2) OAR 836-014-0001 to 836-014-0045 do not apply to arrangements specified in ORS 750.525. Statutory/Other Authority: ORS 731 & 750 Statutes/Other Implemented: ORS 750.505 & 750.715 et seq. History: ID 4-1990, f. & cert. ef. 1-24-90
836-014-0010 Required Capitalization A legal expense organization shall possess and thereafter maintain capital or surplus, or any combination thereof, of not less than $25,000 or an amount equal to 25 percent of the gross written prepaid fees collected from plan members in the preceding calendar year, whichever is greater, but in no case shall the required amount be more than $300,000. Statutory/Other Authority: ORS 731 & 750 Statutes/Other Implemented: ORS 750.535(3)(a) History: ID 4-1990, f. & cert. ef. 1-24-90
836-014-0015 Annual Financial Statement A legal expense organization shall file with the Director an annual financial statement, using the form prescribed by the Director, not later than March 1 following the calendar year to which the statement applies. The statement shall be: (1) Provided on a statutory accounting basis pursuant to the provisions of ORS chapter 733 applicable to organizations under ORS 750.705. (2) Verified as to the financial condition of the legal expense organization as of the end of the preceding calendar year: (a) If the organization is a corporation, by two executive officers; (b) If the organization is a partnership, by two partners; (c) If the organization is a sole proprietorship, by the individual proprietor; (d) If the organization is an association, by two executive officers; (e) If the organization is an entity other than one to which subsection (a), (b), (c) or (d) of this section applies, by two executive officers. [ED. NOTE: Forms referenced are available from the agency.] Statutory/Other Authority: ORS 731 & 750 Statutes/Other Implemented: ORS 750.645(1)(a) History: ID 19-2006, f. & cert. ef. 9-26-06 ID 4-1990, f. & cert. ef. 1-24-90
836-014-0020 Deposits (1) A deposit under ORS 750.685 shall be with a bank qualified under 731.642 to act as a trust company and as a depository of state funds to hold and service securities by insurers with the state, or with any other depository bank as defined in 295.005. (2) For compliance with ORS 750.685, a deposit trust agreement shall have the prior approval of the Director for adequate safeguards providing: (a) Retention of deposits so long as there is outstanding any liability of the legal expense organization as to which the deposit was required; (b) Release of deposit only upon written directions of the Director. Statutory/Other Authority: ORS 731 & 750 Statutes/Other Implemented: ORS 750.685(2) - 750.685(3) History: ID 4-1990, f. & cert. ef. 1-24-90
836-014-0025 Bond A legal expense organization posting a bond under ORS 750.685 shall use the form prescribed by the Director. [ED. NOTE: Forms referenced are available from the agency.] Statutory/Other Authority: ORS 731 & 750 Statutes/Other Implemented: ORS 750.685(2) - 750.685(3) History: ID 19-2006, f. & cert. ef. 9-26-06 ID 4-1990, f. & cert. ef. 1-24-90
836-014-0030 Sales Representatives Every legal expense organization shall submit to the Director, on the form prescribed by the Director, the names and addresses of its sales and marketing representatives transacting business in this state. The notification must be submitted not later than January 1 and July 1 of each year. [ED. NOTE: Forms referenced are available from the agency.] Statutory/Other Authority: ORS 731 & 750 Statutes/Other Implemented: ORS 750.645(2) History: ID 19-2006, f. & cert. ef. 9-26-06 ID 4-1990, f. & cert. ef. 1-24-90
836-014-0040 Amendments to Registration (1) A legal service organization shall amend its registration in this state when any of the following events occur: (a) The organization changes its principal place of business; (b) The insurance or surety bond required for compliance with ORS 750.685 is cancelled or replaced; (c) The organization experiences a material change in ownership under events defined in ORS 732.505 and 732.510. (2) When a legal expense organization changes its principal place of business, the organization shall include the following in the amended registration: (a) The street address, including city and state; (b) The mailing address, if different; (c) The telephone number. (3) If an organization changes its registered office or agent, the organization must file a statement of the change with the Director on the form prescribed by the Director. Statutory/Other Authority: ORS 731 & 750 Statutes/Other Implemented: ORS 750.535 & 750.575 History: ID 19-2006, f. & cert. ef. 9-26-06 ID 4-1990, f. & cert. ef. 1-24-90
836-014-0042 Renewal of Legal Expense Organization Registration In order for an organization to renew its certificate of registration, the organization must apply for renewal by submitting a completed renewal application. The renewal application must be on the form prescribed by the Director. If mailed, the renewal application must be postmarked by the United States Postal Service not later than the expiration date of the registration. Statutory/Other Authority: ORS 731 & 750 Statutes/Other Implemented: ORS 750.515 & 750.565(2) History: ID 19-2006, f. & cert. ef. 9-26-06 ID 4-1990, f. & cert. ef. 1-24-90
836-014-0045 Unfair Trade Practice Failure of a legal service organization to comply with OAR 836-014-0001 to 836-014-0045 is an unfair trade practice under ORS 746.240. Statutory/Other Authority: ORS 731 & 750 Statutes/Other Implemented: ORS 750.240 & 750.325(3) History: ID 4-1990, f. & cert. ef. 1-24-90
836-014-0200 Statutory Authority and Implementation (1) OAR 836-014-0200 to 836-014-0330 are adopted under the authority of ORS 731.244, 731.804, 744.331, 744.358 and 746.240 and section 20, chapter 711, Oregon Laws 2009 (Enrolled Senate Bill 973) for the purpose of implementing 744.326, 744.328, 744.331, 744.341 and 744.358 and sections 2, 5, 11 to 19 and 22, chapter 711, Oregon Laws 2009 (Enrolled Senate Bill 973). (2) OAR 836-014-0205, 836-014-0226, 836-014-0263, 836-014-0285 and 836-014-0325, and the amendments to 836-014-0200 to 836-014-0325 are operative on and after the date that they are filed with the Secretary of State. 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. 2, 5, 11–19 & 22, 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
836-014-0205 Definitions (1) In addition to the definitions set forth in section 2, chapter 711, Oregon Laws 2009 (Enrolled Senate Bill 973), as used in OAR 835-014-0200 to 836-014-0330: (2) “Terminally ill” means having an illness or sickness that can reasonably be expected to result in death in 24 months or less, including but not limited to one or more of the following: (a) A medical condition that will result in a drastically limited life span not exceeding 24 months. (b) A medical condition that has required or requires extraordinary medical intervention, such as a major organ transplant or continuous artificial life support, without which the insured person would die. (c) Any condition that usually requires continuous confinement in a nursing home, convalescent center or other care facility, if the insured person is expected to remain there for the rest of the insured person's life. (d) A medical condition that in the absence of extensive or extraordinary medical treatment will result in a drastically limited life span. Such medical conditions include but are not limited to the following: (A) Coronary artery disease resulting in an acute infarction or requiring surgery; (B) Permanent neurological deficit resulting from cerebral vascular accident; (C) End-stage renal failure; or (D) Acquired Immune Deficiency Syndrome. Statutory/Other Authority: ORS 731.244, 744.331 & 744.358 Statutes/Other Implemented: ORS 744.326, 744.328, 744.331, 744.341 & 744.358 History: ID 1-2010, f. & cert. ef. 1-5-10
836-014-0210 License Fees (1) The fee for filing an application for a license to transact business as a life settlement provider is $400. (2) The fee for annual renewal of a license to transact business as a life settlement provider is $200. (3) The fee for filing an application for a license to transact business as a life settlement broker is $45. (4) The fee for biennial renewal of a license to transact business as a life settlement broker is $45. (5) The fee for filing an application for a license to transact business as a life settlement investment agent is $45. (6) The fee for biennial renewal of a license to transact business as a life settlement investment agent is $45. Statutory/Other Authority: ORS 731.244, 731.804, 744.331 & 744.358 Statutes/Other Implemented: ORS 744.326, 744.328, Sec. 5, 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
836-014-0226 Life Settlement Investment Agent Licensing Requirements (1) In order for an applicant to qualify to transact business as a life settlement investment agent, the person must pay the appropriate application fee under OAR 836-014-0210 and either: (a) Demonstrate that the person has completed to the director’s satisfaction an examination of the Financial Industry Regulatory Authority (FINRA) that is Series 6 or Series 7; or (b) Operates under the appropriate license from the equivalent chief insurance official of the state of residence of the life settlement purchaser whom the agent is negotiating with on behalf of a life settlement provider. If there is more than one purchaser of a single policy and the purchasers are residents of different states, the life settlement investment agent must be licensed by the state in which the purchaser having the largest percentage ownership resides, or if the purchasers hold equal ownership, the state of residence of one purchaser agreed upon in writing by all purchasers. (2) A life settlement investment agent license does not eliminate the need to obtain a securities license from the Department if a life settlement investment agent conducts life settlement transactions in a manner that would be considered an offer, sale, transfer or delivery of a security under the Oregon Securities Law. Statutory/Other Authority: ORS 731.244, 744.331 & 744.358 Statutes/Other Implemented: Sec. 5, Ch. 711 & OL 2009 History: ID 1-2010, f. & cert. ef. 1-5-10
836-014-0230 Renewal Requirements (1) A licensee applying for renewal must do the following, as applicable: (a) Submit a completed renewal application, on a form provided by the Director; and (b) Submit the renewal fee. (2) If a renewal application is submitted by mail, the renewal application must be postmarked by the United States Postal Service not later than the license expiration date. (3) The Director may allow a licensee not more than 30 days to submit missing information on the renewal application form, if the fee has been submitted on or before the expiration date. (4) The Director may request on the renewal application any information requested on the original application for a license. Statutory/Other Authority: ORS 744.331 Statutes/Other Implemented: ORS 744.331 History: ID 15-2006, f. & cert. ef. 7-27-06 ID 3-1996, f. & cert. ef. 2-26-96
836-014-0240 Filing Requirements, Life Settlement Contracts and Disclosure Statement Forms; Promotional, Advertising and Marketing Materials (1) An applicant for a license as a life settlement provider or life settlement broker must file with the Director a copy of each life settlement contract form and disclosure statement form that the applicant intends to use in business under the license. (2) A life settlement provider or life settlement broker must file with the Director, prior to use in this state, any amendment to a previously-filed life settlement contract form or disclosure statement form and any new life settlement contract form or disclosure statement form. (3) Contract forms and amendments thereto and disclosure statement forms and amendments thereto are subject to approval prior to use in this state, as provided in ORS 744.341. (4) Each form of life settlement contract filed with the Director must contain all of the following: (a) A life settlement contract, completed in John Doe fashion; (b) A copy of a policyholder's or certificate holder's application, completed in John Doe fashion; and (c) A copy of the disclosure statement form that will be provided to a policyholder or certificate holder as required by section 11, chapter 711, Oregon Laws 2009 (Enrolled Senate Bill 973) and 836-014-0280. (5) A life settlement contract form or a disclosure statement form is subject to disapproval by the Director: (a) If the Director finds it does not comply with the law; (b) If the Director finds it contains any provision or has any description of its contents, title, heading or other indication of its provisions, that is unintelligible, uncertain, ambiguous or abstruse, or likely to mislead a person to whom the contract is offered or with whom the contract is made; (c) If, in the Director's judgment, its use would be prejudicial to the interest of the persons with whom the life settlement provider contracts; or (d) If the Director finds it contains provisions that are unjust, unfair or inequitable. (6) A life settlement provider must file with the Director, prior to use in this state, any promotional, advertising and marketing materials related to a life settlement contract used in this state. Statutory/Other Authority: ORS 744.358 Statutes/Other Implemented: ORS 744.326, 744.341, Sec. 11 & 15, 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
836-014-0263 Request to Insurer for Verification of Coverage (1) The life settlement provider or broker shall submit in writing a request for verification of coverage from the insurer on the status of the life insurance policy or certificate of a policyholder. The request shall be in the form illustrated on the Division of Financial Regulation website, or a similar form approved by the director and shall be accompanied by an instruction executed by the policyholder or certificate holder authorizing the insurer to release the specified information referred to in this section to the life settlement provider or to the life settlement broker. (2) A life settlement provider or broker who submits a request under section (1) of this rule must state in the request that the provider or broker is licensed as a life settlement provider in this state and must disclose its license number. Statutory/Other Authority: ORS 731.244, 744.331 & 744.358 Statutes/Other Implemented: ORS 744.326, 744.328, 744.331, 744.341, 744.358 & Or Laws 2009, ch 711, sec 13 History: ID 12-2024, minor correction filed 07/23/2024, effective 07/23/2024 ID 1-2010, f. & cert. ef. 1-5-10
836-014-0265 Response by Insurer (1) An insurer shall provide information requested by a life settlement provider or life settlement broker on the status of the life insurance policy or certificate of a policyholder or certificate holder within 30 calendar days after the insurer receives the request for verification of coverage. (2) Nothing in this rule prohibits a certificate holder from assigning rights or benefits under the certificate to a licensed life settlement provider if assignment is allowed in the group policy, or from converting the coverage to an individual life insurance policy as provided by law and any applicable terms of the group policy. Statutory/Other Authority: ORS 731.244 & 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 14-1997, f. & cert. ef. 10-17-97
836-014-0285 Disclosures to Insurer Before initiating a plan, transaction or series of transactions, a life settlement broker or life settlement provider shall fully disclose to an insurer the plan, transaction or series of transactions to which the life settlement broker or life settlement provider is a party, to originate, renew, continue or finance a life insurance policy with the insurer for the purpose of engaging in the business of life settlements at anytime prior to, or during the first five years after, issuance of the policy. Statutory/Other Authority: ORS 731.244, 744.331 & 744.358 Statutes/Other Implemented: ORS 744.326, 744.328, 744.331, 744.341, 744.358, section 12, chapter 711 & Oregon Laws 2009 History: ID 1-2010, f. & cert. ef. 1-5-10
836-014-0290 Contacts by Life Settlement Provider or Broker (1) After a life settlement provider has entered into a life settlement contract, neither the life settlement provider nor the life settlement broker may make contact with the insured: (a) More frequently than once every three months if the insured has a life expectancy of more than one year; and (b) More frequently than twice each month if the insured has a life expectancy of one year or less. (2) The life settlement provider shall explain the procedure for contacts authorized in section (1) of this rule to the insured when the life settlement contract is entered into. (3) The limitation in this rule on contacts by a life settlement provider or life settlement broker does not apply to contacts initiated by the policyholder, certificate holder or insured, to contacts required to inform the insured of any transfer of ownership under OAR 836-014-0280(5) or for keeping the life insurance policy in force. (4) The disclosure statement required under OAR 836-014-0280 must include a clear description of the permitted contacts with an insured allowed under section (1) of this rule including an explanation of the purpose of such subsequent contacts. Statutory/Other Authority: ORS 744.358 Statutes/Other Implemented: ORS 744.358, Sec. 11, Ch. 711 & OL 2009 History: ID 1-2010, f. & cert. ef. 1-5-10 ID 15-2006, f. & cert. ef. 7-27-06 ID 14-1997, f. & cert. ef. 10-17-97 ID 3-1996, f. & cert. ef. 2-26-96