reglab/housing_qa huggingface dataset:
OR Rev Stat § 733.328 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.328 - Annual valuation of reserve liabilities.

(1) The Director of the Department of Consumer and Business Services each year shall value, or cause to be valued, the reserve liabilities for all outstanding accident and health contracts, annuity and pure endowment contracts, deposit-type contracts and life insurance contracts that every insurer issues on or after the operative date of the valuation manual. (2) In lieu of valuing or causing a valuation of the reserves required of any foreign or alien insurer, the director may accept any valuation that the insurance supervisory official of any state or other jurisdiction makes or causes to be made if the valuation complies with the minimum standard under the Standard Valuation Law. (3) The provisions set forth in sections 15 to 17, chapter 547, Oregon Laws 2015, apply to all policies and contracts that insurers issue on or after the operative date of the valuation manual. [2015 c.547 §12]
OR Rev Stat § 733.334 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.334 - Data submission in accordance with valuation manual.

An insurer shall submit mortality, morbidity, policyholder behavior or expense experience and other data to the appropriate entity as prescribed in the valuation manual. As used in this section, "policyholder behavior" means any action that a policyholder, a contract holder or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract that is subject to ORS 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, including but not limited to lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization or benefit elections that the policy or contract prescribes but excluding events of mortality or morbidity that result in benefits the essential aspects of which the terms of the policy or contract prescribe. [2015 c.547 §18]
OR Rev Stat § 733.340 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.340 - Exemptions.

(1) Specific product forms or product lines of a domestic insurer that is licensed in and does business only in this state are exempt from the requirements of section 15, chapter 547, Oregon Laws 2015, if: (a) The Director of the Department of Consumer and Business Services issues the exemption to the insurer in writing and does not subsequently revoke the exemption in writing; (b) The director identifies the specific product form or product line in the written exemption; and (c) The insurer computes reserves using assumptions and methods the insurer used before the operative date of the valuation manual and otherwise complies with any requirements the director specifies by rule. (2) ORS 733.304, 733.306, 733.308, 733.310, 733.312, 733.314, 733.316, 733.318, 733.320, 733.322 and 733.331 and section 14, chapter 547, Oregon Laws 2015, apply to an insurer that has an exemption under this section. [2015 c.547 §20]
OR Rev Stat § 733.510 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.510 - Investments of insurers; rules.

(1) Funds of a domestic insurer shall be invested, reinvested and used in the manner and subject to the conditions, restrictions and limitations set forth in ORS 733.510 to 733.780. (2) Investments of a foreign or alien insurer which would be authorized for a like domestic insurer shall be allowed as assets in any determination of its financial condition. Other investments of a foreign or alien insurer which are authorized by the laws of its domicile may be so allowed at the discretion of the Director of the Department of Consumer and Business Services. (3) The director may adopt rules establishing standards and limitations for investments by insurers that are not otherwise specifically permitted or prohibited by ORS 733.510 to 733.780. (4) The investment program of an insurer must take into account the safety of the principal of the insurer, investment yield and return, stability in the value of the investment, liquidity necessary for expected business needs of the insurer and investment diversification according to standards established by rule. The director may direct an insurer to take action to conform to the requirements of this subsection. [Formerly 738.235; 1989 c.425 §2; 1993 c.447 §21]
OR Rev Stat § 733.520 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.520 - Current operating requirements exempted.

Funds of an insurer necessary to satisfy normal current operating requirements are not subject to ORS 733.510 to 733.780. Normal current operating requirements include, but are not limited to, the acquisition of personal property necessary or convenient in the operation of the insurer’s business. [1967 c.359 §230]
OR Rev Stat § 733.530 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.530 - "Corporation," "sovereign," "political subdivision" defined.

As used in ORS 733.510 to 733.780: (1) "Corporation" means a corporation, joint stock association or business trust organized and existing under the laws of a sovereign. (2) "Sovereign" means the United States, or a state, or Canada or a province thereof. (3) "Political subdivision" means an incorporated county, city, town, village, municipality, or subdivision thereof, or a public corporation, district, agency, commission, authority or instrumentality, or subdivision thereof. [1967 c.359 §231]
OR Rev Stat § 733.540 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.540 - "Obligation" defined.

As used in ORS 733.510 to 733.780, "obligation" means a bond, debenture, note, warrant, certificate or other evidence of indebtedness. [1967 c.359 §232]
OR Rev Stat § 733.550 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.550 - "Amply secured obligation" defined.

As used in ORS 733.510 to 733.780, "amply secured obligation" means an obligation which is not in default and as to which no default is imminent, and which satisfies the requirements of one or more of the following subsections: (1) An obligation of a sovereign or political subdivision thereof, if it is issued, assumed or guaranteed by the governmental unit involved and is payable either from: (a) Taxes levied or which may be levied by such governmental unit; or (b) Adequate special revenues pledged or otherwise appropriated or required by law to be used for the purpose of such payment, provided the law authorizing the issuance of the obligation requires that adequate rates be fixed, maintained and collected at all times so as to produce sufficient revenue or earnings to pay all operating expenses, maintenance charges, and the principal, interest and dividends on the obligation. An obligation payable solely out of special assessments on real property benefited by local improvements shall not be considered amply secured unless the total amount so payable is less than 50 percent of the market value of the real property (including any improvements thereon) and constitutes a lien on such property. (2) An obligation issued, assumed or guaranteed by a corporation, if the corporation is solvent, has not been in default on any of its obligations during the preceding three years, and if the obligation is secured by the pledge of property the market value of which exceeds the amount of the obligation by 25 percent or more. Obligations which are the subject of ORS 733.580 and 733.600 are not included within the provisions of this subsection. (3) An obligation found to be amply secured under regulations duly promulgated by the Director of the Department of Consumer and Business Services. In making such regulations the director shall give consideration to regulations pertaining to amply secured obligations issued from time to time by the National Association of Insurance Commissioners, and shall consider the financial condition of the issuing, assuming or guaranteeing corporation as well as the existence or absence of any pledge of property as security. [1967 c.359 §233]
OR Rev Stat § 733.560 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.560 - "Unencumbered" defined.

As used in ORS 733.510 to 733.780, "unencumbered" means the nonexistence of any lien, burden or charge having priority over the lien securing the insurer’s investment. The following shall not be considered encumbrances on real property or leasehold interests therein: (1) Reservations of mineral, oil or timber rights, easements, rights of way, sewer rights or rights of walls. (2) Liens for taxes or assessments not delinquent. (3) Building restrictions or other restrictive covenants common to the community. (4) Where the loan is secured by a lien upon real property, a lease under which rents or profits are reserved to the owner, if in any event the security for the loan would be a first lien upon the real property except for such lease. (5) Where the loan is secured by a lien on a leasehold, a prior lien on the real property, provided the security for the loan is a first lien upon the leasehold and there exists no provision preventing the insurer from continuing the lease in force for the duration of the lease or no condition or rights of reentry or forfeiture under which such lien can be cut off, subordinated or otherwise disturbed so long as the lessee’s obligations under the lease are discharged. [1967 c.359 §234]
OR Rev Stat § 733.570 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.570 - "Improved real property" defined.

As used in ORS 733.510 to 733.780, "improved real property" means: (1) Farmland used for tillage, crop or pasture; (2) Real estate on which permanent improvements, or improvements under construction or in process of construction, suitable for residence, institutional, commercial or industrial use, are situated; and (3) Real estate to be developed for the use or uses set forth in subsection (2) of this section on which improvements, or improvements under construction or in process of construction, such as streets, sidewalks, sewers and utilities which will become an integral part of such development, are situated. [1967 c.359 §235; 1989 c.425 §3]
OR Rev Stat § 733.575 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.575 - Prohibited use of funds as compensating balances.

Except as provided in ORS 733.578, funds of an insurer shall not be used as compensating balances for loans to other persons, or otherwise pledged for the benefit of other persons. [1975 c.232 §2]
OR Rev Stat § 733.578 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.578 - Conditions necessary for investments used to provide compensating balances.

Investments of an insurer of the kind described in ORS 733.650 (4) that are made for the purpose of providing compensating balances for other persons will not be prohibited by ORS 733.575 or 733.780 while the following conditions are met: (1) The investment is made in the name of and remains the sole property of the insurer; (2) The investment is not subject to appropriation in any manner by any person, including the person for whom the compensating balance is being provided, the institution in which the deposit is made and other creditors of such persons; (3) The insurer holds an irrevocable written waiver from the depositary institution, in a form satisfactory to the Director of the Department of Consumer and Business Services, waiving all right, title and interest in or to any setoff, banker’s or similar lien or other security interest in such investment or any funds represented thereby; (4) The investment is unrestricted as to right of withdrawal except for such restrictions as may be usual and customary for such investments under ORS 733.650 (4) when no compensating balance is involved; and (5) The insurer is receiving a reasonable fee, taking into consideration its return on other funds, for providing the compensating balance involved. [1975 c.232 §3]
OR Rev Stat § 733.580 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.580 - Investment of required capitalization.

(1) Funds of an insurer at least equal to its required capitalization shall be invested and kept invested as follows: (a) In amply secured obligations of the United States, a state or a political subdivision of this state. (b) In loans secured by first liens upon improved, unencumbered real property (other than leaseholds) in this state where: (A) The lien does not exceed 50 percent of the appraised value of the property and the loan is for a term of five years or less; (B) The lien does not exceed 66-2/3 percent of the appraised value of the property provided there is an amortization plan mortgage, deed of trust or other instrument under the terms of which the installment payments are sufficient to repay the loan within a period of not more than 25 years; or (C) The investment is insured or guaranteed by the Federal Housing Administration, the United States Department of Veterans Affairs, or under Title I of the Housing Act of 1949 (providing for slum clearance and redevelopment projects) enacted by Congress on July 15, 1949. (c) In certificates of deposit or other investments described in ORS 733.650 (4), to the extent such investments are insured by the Federal Deposit Insurance Corporation. (2) Investments made pursuant to this section shall be kept free of any lien or pledge. The term "lien or pledge" as used in this section shall not include a deposit of securities with a sovereign, nor assets held in trust for the benefit or protection of all or any class of policyholders of an insurer. [Formerly 738.238; 1991 c.67 §195; 1993 c.447 §113]
OR Rev Stat § 733.590 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.590 - Investment in obligations of sovereign, political subdivision thereof or corporation.

Funds of an insurer may be invested in amply secured obligations of a sovereign, political subdivision thereof or corporation. Expressly included, but not by way of limitation, are obligations of the following federal agencies and authorities: Federal Home Loan Banks, Federal Land Banks, Home Owners Loan Corporation, Public Housing Authorities (to the extent that such obligations are secured by a pledge of annual contributions to be paid by the United States or an agency thereof), and Federal Intermediate Credit Banks. [Formerly 738.245]
OR Rev Stat § 733.600 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.600 - Investment in mortgage loans.

(1) Funds of an insurer may be invested in: (a) Loans secured by first liens upon improved, unencumbered real property (other than leaseholds) in the manner and subject to the same terms and conditions set forth in ORS 733.580 (1)(b), except that the property may be located within the boundaries of any sovereign; for loans described in ORS 733.580 (1)(b)(B), the maximum permitted ratio of the loan to the appraised value shall be 80 rather than 66-2/3 percent, and the maximum term of the loan shall be 30 rather than 25 years. (b) Loans secured by first liens upon a leasehold of improved, unencumbered real property located within the boundaries of any sovereign if: (A) The leasehold has a period of not less than 20 years to run from the date of the loan, inclusive of the term which may be provided by an enforceable option of renewal, the loan does not exceed 70 percent of the fair market value of the leasehold together with any improvements located thereon which are subject to the lien, the terms of the loan provide for amortization payments to be made by the borrower on the principal thereof at least once in each year in amounts sufficient to completely amortize the loan within a period of four-fifths of the term of the leasehold, and the insurer is entitled to be subrogated to all rights of the lessee under the leasehold; or (B) The investment is insured or guaranteed in the manner provided in ORS 733.580 (1)(b)(C). (2) A loan upon the security of real property or a leasehold interest therein which is a participation in or a part of a series or issue shall not be made unless the insurer holds a senior participation or similar security interest in the mortgage or deed of trust giving it substantially the rights of a first mortgagee. (3) Nothing in ORS 733.510 to 733.780 shall prohibit an insurer from renewing or extending a proper loan secured by a first lien upon real property or a leasehold interest therein made pursuant to this section or to ORS 733.580 for the original or a lesser amount even though such amount is a greater percentage of the current fair market value of the real property or leasehold than would otherwise be permitted under such sections. [Formerly 738.255; 1995 c.79 §360]
OR Rev Stat § 733.620 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.620 - Investment in stocks of corporation.

(1) Funds of an insurer may be invested in stocks (including trust certificates) of solvent corporations organized and carrying on a business under the laws of a sovereign as follows: (a) Preferred or guaranteed stocks if the corporation is not in default or arrears as to any preferred or guaranteed dividend and has continuously and regularly paid such dividends during the preceding three years or has paid cash dividends for five years on common stock. (b) Common stocks as provided in paragraph (c) of this subsection if: (A) The obligations and preferred stock, if any, of such corporation are eligible for investment under ORS 733.510 to 733.780; and (B) The stock is registered on a national securities exchange regulated under the Securities Exchange Act, or if of a type not commonly so registered is regularly traded on a broad national or regional basis. (c) Notwithstanding ORS 733.780 (1), not more than 25 percent of admitted assets may be in common stocks that have not paid a cash dividend during each of the five years preceding the date of acquisition. (2) An insurer shall not invest so as to own or control more than five percent of the voting power outstanding of a corporation, nor shall it invest in the obligations or stocks of a corporation if the insurer, directors, trustees and officers own or control, or as a result thereof shall own and control, in the aggregate more than 50 percent of the voting power. This subsection does not apply to limit the amount of an insurer’s assets that may be invested in the voting securities of a depository institution or any company that controls the depository institution. [Formerly 738.275; 1995 c.565 §1; 2001 c.377 §39]
OR Rev Stat § 733.635 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.635 - Approved activities of corporations in which investments authorized.

Investments authorized by ORS 733.630 may be made in corporations engaged, or which will be engaged, in one or more of the following insurance or ancillary businesses: (1) Any kind of insurance business authorized by the jurisdiction in which it is incorporated. (2) Any kind of business primarily related to the insurance business carried on by the parent. (3) Acting as an insurance producer for its parent or for any of its parent’s insurer subsidiaries or intermediate insurer subsidiaries. (4) Investing, reinvesting or trading in securities for its own account, that of its parent, any subsidiary of its parent, or any affiliate or subsidiary. (5) Management of any investment company subject to or registered pursuant to the Federal Investment Company Act of 1940, as amended, including related sales and services. (6) Acting as a broker-dealer subject to or registered pursuant to the Securities Exchange Act of 1934, as amended. (7) Rendering investment advice to governments, government agencies, corporations or other organizations or groups. (8) Rendering other services related to the operations of an insurance business including, but not limited to, actuarial, loss prevention, safety engineering, data processing, accounting, claims, appraisal and collection services. (9) Ownership and management of assets or property which the parent could itself own and manage. (10) Acting as administrative agent for a government instrumentality which is performing an insurance function. (11) Financing of insurance premiums. (12) Owning a corporation or corporations engaged or organized to engage exclusively in one or more of the businesses specified in subsections (1) to (11) of this section. [1969 c.285 §3; 2003 c.364 §84]
OR Rev Stat § 733.640 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.640 - Lending funds; limitations on loans.

(1) Funds of an insurer may be invested in loans secured by pledges of obligations and stocks eligible for investment under ORS 733.510 to 733.780. As of the date the loan is made, it shall not exceed in amount 80 percent of the market value of the collateral pledged. No such loan shall be made for the purpose of providing funds to purchase or carry stocks registered on a national securities exchange. (2) Funds of an insurer may be invested in loans secured by personal property or fixtures if such loan is: (a) In connection with a loan on the security of real property or a leasehold as provided in ORS 733.580 or 733.600; (b) In an amount not exceeding 20 percent of the amount loaned on the real property or leasehold; (c) For a term of not more than five years; (d) Secured by a security interest which constitutes a first lien, except for taxes not then delinquent, on tangible, permanent personal property of the borrower kept and used on the premises, other than stocks of goods held for sale or transfer in the ordinary course of business or items which by normal use will be consumed or depleted during the period of the loan; and (e) In an amount, the ratio of which to the value of the security does not exceed the ratio of the companion loan to the value of the real property or leasehold. (3) Funds of an insurer may be loaned to its own life insurance policyholder upon the security of such life insurance policy. The loan shall not exceed the cash value of the policy. [Formerly 738.285]