reglab/housing_qa huggingface dataset:
OR Rev Stat § 732.105 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.105 - Filing articles of incorporation and surety bond, letter of credit or deposit.

The incorporators shall file with the Director of the Department of Consumer and Business Services within six months of the issuance of the organization permit under ORS 732.055: (1) Duplicate originals of the articles of incorporation signed by all of the incorporators. (2) A corporate surety bond payable to the director and the director’s successors, as trustee, in the sum of $25,000, or, in lieu thereof, a like amount in an irrevocable letter of credit issued by an insured institution as defined in ORS 706.008 or in approved securities or cash, conditioned upon the faithful accounting to the insurer upon completion of its organization and the receipt of its certificate of authority from the director, or to the shareholders, members, applicants for policies and creditors, or to the trustee, receiver or assignee of the insurer, duly appointed in any proceeding in any court or department of competent jurisdiction in this state, in accordance with their respective rights in case the organization of the insurer is not completed and the certificate of authority is not procured from the director. Such bond, letter of credit or deposit shall be in the form prescribed by the director. [1967 c.359 §156; 1991 c.331 §127; 1997 c.631 §546]
OR Rev Stat § 732.110 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.110

[Amended by 1967 c.359 §668; renumbered 751.085]
OR Rev Stat § 732.115 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.115 - Approval of articles, documents and bond, letter of credit or deposit; certificate of incorporation.

(1) If the Director of the Department of Consumer and Business Services finds that the articles of incorporation and the bond, letter of credit or securities filed with the director conform to law and the sureties on any bond are acceptable, the director shall, when all fees established by the director have been paid: (a) Indorse on each of such duplicate originals of the articles the word "filed," and the month, day and year of the filing thereof. (b) File one of such duplicate originals in the director’s office. (c) Issue a certificate of incorporation to which the director shall affix the other duplicate original. (d) Return to the incorporators or their representative the certificate of incorporation with the duplicate original. (2) Upon the issuance of the certificate of incorporation, the insurer’s corporate existence shall begin and the insurer shall have all authority and power, subject to the limitations prescribed in the Insurance Code, as may be necessary and proper to complete its organization, obtain its initial capital and otherwise complete the requirements to qualify for a certificate of authority to transact the class or classes of insurance proposed in its articles of incorporation. In the case of an insurer without capital stock, the authority and power shall include the solicitation of applications for insurance and receipt in advance of premium payments for any insurance for which the proposed form of application, policies, literature and advertisements pertaining thereto have been filed with and approved by the director. An insurer shall not otherwise transact any business or incur any indebtedness until its certificate of authority to transact insurance has been granted. (3) The issuance of the certificate of incorporation shall be conclusive evidence that all conditions precedent required to be performed by the incorporators have been complied with and that the insurer has been incorporated under the laws of this state, except as against this state in a proceeding to cancel or revoke the certification of incorporation or any certificate of authority to transact insurance or for involuntary dissolution of the insurer. [1967 c.359 §157; 1989 c.413 §8; 1991 c.331 §128]
OR Rev Stat § 732.120 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.120

[Amended by 1967 c.359 §669; renumbered 751.095]
OR Rev Stat § 732.125 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.125 - Registration of securities subsequent to issuance of organization permit and certificate of incorporation.

If the proposed domestic insurer is to issue securities, it shall comply with the applicable provisions of ORS 59.005 to 59.505, 59.710 to 59.830, 59.991 and 59.995. However, the Director of the Department of Consumer and Business Services shall not allow the registration of securities of a proposed domestic insurer unless the organizers of such insurer have been issued an organization permit under ORS 732.055, and have received a certificate of incorporation under ORS 732.115. [1967 c.359 §158; 1987 c.414 §162]
OR Rev Stat § 732.130 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.130

[Amended by 1967 c.359 §670; renumbered 751.105]
OR Rev Stat § 732.135 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.135 - Soliciting subscriptions and applications.

No person shall solicit subscriptions for the capital stock of, or, in the case of an insurer without capital stock, applications for insurance in, any insurer in the process of organization unless the insurer has filed the insurer’s name and address with the Director of the Department of Consumer and Business Services. [1967 c.359 §159]
OR Rev Stat § 732.140 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.140

[Amended by 1967 c.359 §671; renumbered 751.115]
OR Rev Stat § 732.145 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.145 - Stipulations required in subscriptions and applications; disposition of subscribed funds.

(1) A subscription to the capital stock of an insurer in the process of organization must contain a stipulation that no sum shall be used for commission, promotion or organization expenses in excess of a stated percent of the amount paid upon the subscription. This stated amount may not exceed 15 percent. (2) Sums paid by subscribers and applicants must be deposited under an escrow agreement approved by the Director of the Department of Consumer and Business Services in a bank, trust company or savings association in the state until the insurer has procured a certificate of authority from the director. (3) Every subscription for stock or every application for insurance in an insurer made prior to the insurer’s receipt of a certificate of authority must contain a stipulation that the money, securities or evidences of debt advanced by the subscriber or applicant must be returned to the subscriber or applicant without deduction in case the insurer fails to complete the insurer’s organization or procure the insurer’s certificate of authority or issue the policy applied for. [1967 c.359 §160; 2009 c.541 §48]
OR Rev Stat § 732.150 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.150

[Amended by 1967 c.359 §672; renumbered 751.125]
OR Rev Stat § 732.155 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.155 - Organization to be completed within two years; policies to be issued within one year of certification.

(1) If the Director of the Department of Consumer and Business Services finds that any domestic insurer has not completed its organization and qualified for a certificate of authority within two years from the date of filing its articles of incorporation, the director may order the application abandoned and close the files in which event its corporate powers shall expire and the director shall proceed as for an impaired insurer. (2) If any domestic insurer does not commence to issue policies within one year from the date of receiving its certificate of authority, the director shall proceed as for an impaired insurer. [1967 c.359 §161]
OR Rev Stat § 732.160 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.160

[Amended by 1967 c.359 §673; renumbered 751.135]
OR Rev Stat § 732.165 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.165 - Liability of directors and incorporators.

The directors, incorporators, and organizers of any insurer organized under the Insurance Code and those entitled to participation in the profits of such insurer shall be jointly and severally liable for all debts or liabilities of such insurer until it has received a certificate of authority. [1967 c.359 §162]
OR Rev Stat § 732.175 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.175 - Liability for acting as corporate insurer without authority.

Any person who assumes to act as a corporate insurer without a permit to organize and without the issuance of a certificate of incorporation by the Director of the Department of Consumer and Business Services or who assumes to transact insurance business without a certificate of authority to transact such business issued by the director shall be jointly and severally liable for all liabilities created while so acting. [1967 c.359 §163; 1981 c.633 §80; 1987 c.846 §5]
OR Rev Stat § 732.205 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.205 - General powers of insurers.

Except as otherwise provided in the Insurance Code or the articles of incorporation of an insurer, a domestic insurer shall have: (1) The general and emergency powers granted to corporations by ORS 60.077 and 60.081; (2) The powers granted to insurers by the Insurance Code; and (3) All powers necessary or convenient to effect any or all of the purposes for which the corporation is organized or to perform any or all of the acts expressly or impliedly authorized or required under the Insurance Code. [1967 c.359 §164; 1987 c.846 §6]
OR Rev Stat § 732.210 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.210 - Assertion of lack of capacity or power.

The provision of ORS 60.084 shall not affect the right of any policyholder of a domestic insurer or the Director of the Department of Consumer and Business Services from asserting the lack of capacity or power of an insurer, by reason of any provision of the Insurance Code, to do any act or make any conveyance or transfer of real or personal property. [1967 c.359 §165; 1987 c.846 §7]
OR Rev Stat § 732.215 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.215 - Management contracts prohibited.

No domestic insurer shall make any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors or other governing body. [1967 c.359 §166]
OR Rev Stat § 732.225 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.225 - Impairment of required capitalization prohibited; rules.

No domestic insurer shall reduce its combined capital and surplus by partial distribution of its assets, by payment in the form of a dividend to stockholders or otherwise, below: (1) Its required capitalization; or (2) A greater amount which the Director of the Department of Consumer and Business Services, by rule or by order after hearing upon the motion of the director or the petition of any interested person, finds necessary to avoid injury or prejudice to the interest of policyholders or creditors. [1967 c.359 §168]
OR Rev Stat § 732.230 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.230 - Order to cure impairment; confidentiality of order.

(1) Whenever the Director of the Department of Consumer and Business Services determines from any showing or statement made to the director or from any examination made by the director that the assets of a domestic insurer are less than its liabilities plus required capitalization, the director may proceed immediately under the provisions of ORS chapter 734 or the director may allow the insurer a period of time, not to exceed 90 days, in which to make good the amount of the impairment with cash or authorized investments. (2) If the amount of any such impairment is not made good within the time prescribed by the director under subsection (1) of this section, the director shall proceed under the provisions of ORS chapter 734. (3) An order directing an insurer to cure an impairment is confidential as provided in ORS 705.137, for such time as the director considers proper but not exceeding the time prescribed by the director for making the amount of the impairment good. If the director determines that the public interest in disclosure outweighs the public interest in protecting or salvaging the solvency of the insurer, the director may make the order available for public inspection. [1967 c.359 §169; 1991 c.401 §5; 2001 c.377 §9]
OR Rev Stat § 732.235 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.235 - Voluntary dissolution of insurer.

(1) No insurer may be dissolved voluntarily until the Director of the Department of Consumer and Business Services has approved a plan for liquidation of the insurer’s assets and obligations. The preparation and approval of such plan shall follow the provisions of ORS 732.517 to 732.546. (2) The plan of dissolution must provide for reinsurance of substantially all insurance in force of the insurer in accordance with the provisions of ORS 731.512. (3) The director shall require that the plan of dissolution provide adequate reserves in trust or otherwise for satisfaction of all obligations of the insurer. [1967 c.359 §170; 1993 c.447 §107]
OR Rev Stat § 732.240 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.240 - Trusts of life insurance proceeds.

(1) Any domestic insurer may hold in trust the proceeds of any life insurance policy issued by it. Such a trust shall be upon such terms and subject to such limitations as to revocation by the policyholder and control by the beneficiary thereunder as are agreed to in writing by the insurer and the policyholder. (2) Trust provisions authorized by this section shall in no manner subject the insurer to any of the provisions of the laws of this state relating to banks or trust companies. (3) The forms of such trust agreements shall be first submitted to and approved by the Director of the Department of Consumer and Business Services. [Formerly 739.410]
OR Rev Stat § 732.305 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.305 - Board of directors; qualifications.

A domestic insurer may not have fewer than five directors. A director need not be a shareholder or member of the insurer unless the articles of incorporation so require, but a director must be 21 years of age or older. At least five or one-quarter of the directors, whichever is fewer, must be residents of this state. A majority of directors must be persons who are not salaried officers of the insurer. [1967 c.359 §174; 1997 c.771 §18; 2007 c.433 §1]
OR Rev Stat § 732.320 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.320 - Supporting documents for expenditures.

No domestic insurer shall make any disbursement of $100 or more unless the sum is evidenced by: (1) A voucher signed by or on behalf of the person receiving the money or, if a voucher cannot be obtained, by an affidavit stating the reason for not obtaining the voucher; (2) A bill, invoice, statement or similar document commonly in business use submitted on account of goods supplied or services rendered or both; (3) An authorization of the board of directors, or a committee thereof or officer duly delegated by the board with authority to so authorize, in regard to compensation of officers, employees and agents; or (4) Satisfactory proof of claim, accepted and approved in the manner prescribed by the insurer, based upon provisions of a policy issued by the insurer. [Formerly 738.420]
OR Rev Stat § 732.405 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.405 - Authorized shares.

No domestic insurer shall issue or have outstanding more than one class of shares, whether with or without par value. [1967 c.359 §179]
OR Rev Stat § 732.410 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.410 - Right to acquire own shares.

A domestic insurer shall have the right to purchase or otherwise acquire, hold, pledge, transfer or dispose of its own issued shares. An insurer may acquire any such shares by purchase, exchange or disposition of its assets only from earned surplus as defined by rule, that is not otherwise restricted or, with the prior written approval of the Director of the Department of Consumer and Business Services, from other of its surplus. [1967 c.359 §180; 1987 c.846 §8]
OR Rev Stat § 732.415 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.415 - Stock insurer’s proxies; regulation by director; rules.

(1) A proxy may be authorized in writing to vote the shares of any stockholder, or where authorized of a policyholder, of a domestic stock insurer at any regular or special stockholders’ meeting. (2) Such stockholders and policyholders shall be provided with adequate and accurate information with respect to the affairs of the insurer, the interests of those involved in the solicitation of proxies or consents, and the matters regarding which the proxies or consents are solicited. (3) Every form of proxy or consent and soliciting material to be used in connection therewith shall be filed with the Director of the Department of Consumer and Business Services in advance of any circulation or other use by at least 10 days, or such shorter period as the director may authorize. Circulation or use of a filed document may be made when such 10-day or shorter period has expired, unless or until the director has disapproved the filing by written notice showing wherein the document does not comply with this section or the pertinent rules. Any proxy or consent obtained in violation of this section shall be void. (4) The director may issue rules to carry out the purposes of this section and to prevent fraud or deception in connection with proxies and consents. Such rules may differ as to different types of insurers, and may include, but not by way of limitation, provisions as to: (a) Exemption from the requirements of this section for insurers subject to similar provisions of federal law, or with less than a prescribed number of stockholders; (b) Disclosure of equivalent information when no proxies or consents are solicited; (c) Form and content of proxies, consents and solicitation materials, and filing procedures therefor; (d) Procedure for presentation of stockholder proposals; and (e) Election contests. [Formerly 738.190]
OR Rev Stat § 732.420 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.420 - "Equity security" defined; rules.

As used in ORS 732.220 and 732.420 to 732.455, "equity security" means: (1) Any stock or similar security; (2) Any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security; (3) Any such warrant or right; or (4) Any other security which the Director of the Department of Consumer and Business Services shall consider to be of similar nature and consider necessary or appropriate, by such rules as the director may prescribe in the public interest or for the protection of investors, to treat as an equity security. [Formerly 738.710]
OR Rev Stat § 732.425 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally|Section 732.425 - Application of insider trading regulation.

The provisions of ORS 732.430, 732.435 and 732.440 do not apply to equity securities of a domestic stock insurer if: (1) Such securities are registered, or are required to be registered, pursuant to section 12 of the Securities Exchange Act of 1934, as amended; or (2) Such insurer does not have any class of its equity securities held of record by 100 or more persons on the last business day of the year next preceding the year in which equity securities of the insurer would be subject to the provisions of ORS 732.430, 732.435 and 732.440 except for the provisions of this subsection. [Formerly 738.720]