reglab/housing_qa huggingface dataset:
OR Rev Stat § 733.090 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.090 - Unearned premium reserve and fund for title insurance.

(1) Each title insurer shall maintain a reserve for unearned premiums on its policies in force, which shall be charged as a liability in any determination of its financial condition. Such unearned premium liability shall be separate from and in addition to the insurer’s liability for incurred but unpaid losses and loss expenses. (2) The amount of the unearned premium reserve shall be determined according to accounting procedures approved or required by the Director of the Department of Consumer and Business Services. (3) A separate and distinct fund, known as the Title Insurance Unearned Premium Reserve Fund, shall be maintained by each title insurer in its treasury, as additional security to holders of its title insurance policies. The amount of the fund shall at least equal the amount of the unearned premium reserve liability determined in accordance with subsection (2) of this section. This fund shall be in addition to the insurer’s deposit with the Department of Consumer and Business Services and deposits required to be maintained with officials of other jurisdictions. The fund, to the extent of the unearned premium reserve on business in this state, shall be invested as provided for funds of a domestic insurer, except that ORS 733.630, 733.670 and 733.690 shall not be applicable to investment of the fund. The remainder of the fund may be similarly invested, or may be invested as permitted by the laws of the insurer’s domicile. The insurer shall keep a separate record of the cash and investments of the fund, giving complete identification of the assets belonging to the fund and showing full particulars as to withdrawals and additions. No title insurance policies shall be issued by an insurer during a period when its unearned premium reserve fund is below the required amount. [1967 c.359 §216; 1999 c.196 §10; 2001 c.318 §9]
OR Rev Stat § 733.095 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.095 - Unearned premium reserve for home protection insurance.

A home protection insurer shall maintain a reserve for unearned premiums, unpaid losses and claims incurred whether reported or unreported to the insurer and the expenses of adjustment or settlement of such losses and claims, in an aggregate amount of not less than 40 percent of the aggregate of premiums charged on the insurer’s policies currently in force. [1981 c.247 §11]
OR Rev Stat § 733.100 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.100 - Contingency reserve liability for mortgage insurance.

A mortgage insurer shall establish a contingency reserve liability for the protection of policyholders against the effect of adverse economic cycles according to accounting procedures approved or required by the Director of the Department of Consumer and Business Services. [1967 c.359 §217; 1969 c.692 §7; 2001 c.318 §10]
OR Rev Stat § 733.115 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.115 - Establishing reserves for variable life insurance and annuity policies.

Reserves for variable life insurance and annuity policies shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided, any mortality guarantees, and the valuation requirements of the Standard Valuation Law. [1973 c.435 §24; 1981 c.609 §4]
OR Rev Stat § 733.130 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.130

[Formerly 739.035; 1969 c.431 §1; 1973 c.636 §1; 1977 c.320 §11; 1981 c.609 §6; renumbered 733.123]
OR Rev Stat § 733.140 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.140 - Disallowance of "wash" transactions.

(1) The Director of the Department of Consumer and Business Services shall disallow as an asset or as a credit against liabilities any reinsurance found by the director after a hearing thereon to have been arranged for the purpose principally of deception as to the ceding insurer’s financial condition as of the date of any financial statement of the insurer. Without limiting the general purport of the foregoing provision, reinsurance of any substantial part of the insurer’s outstanding risks contracted for in fact within four months prior to the date of any such financial statement and canceled in fact within four months after the date of such statement, or reinsurance under which the reinsurer bears no substantial insurance risk or substantial risk of net loss to itself, shall prima facie be deemed to have been arranged for the purpose principally of deception. (2) The director shall disallow as an asset any deposit, funds or other assets of the insurer found by the director after a hearing thereon: (a) Not to be in good faith the property of the insurer; (b) Not freely subject to withdrawal or liquidation by the insurer at any time for the payment or discharge of claims or other obligations arising under its policies; and (c) To be resulting from arrangements made principally for the purpose of deception as to the insurer’s financial condition as of the date of any financial statement of the insurer. [1967 c.359 §221; 2005 c.22 §487]
OR Rev Stat § 733.150 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.150 - Alternative accounting for assets and liabilities.

Assets may be allowed as deductions from corresponding liabilities, liabilities may be charged as deductions from assets, deductions from assets may be charged as liabilities, and deductions from liabilities may be allowed as assets, in accordance with the form of annual statement prescribed by the Director of the Department of Consumer and Business Services, or otherwise in the discretion of the director. [1967 c.359 §222]
OR Rev Stat § 733.160 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.160 - Valuation of assets other than securities.

(1) Each bond or other evidence of debt having a fixed term and rate of interest may be valued as follows, if amply secured and not in default as to principal or interest: (a) If purchased at par, at the par value. (b) If purchased above or below par, according to an accepted method of valuation approved by the Director of the Department of Consumer and Business Services. (2) For the purpose of subsection (1) of this section, the purchase price shall not be a higher amount than the actual market value at the time of purchase, plus actual brokerage, transfer, postage or express charges paid in the acquisition of such bond or other evidence of debt. (3) For purposes of subsections (1) and (2) of this section, the director may determine the method of calculating values. The method or valuation may not be inconsistent with any applicable method or valuation used by insurers in general or any such method or valuation then currently formulated or approved by the National Association of Insurance Commissioners or its successor organization. (4) Real property shall be valued as follows: (a) Real property acquired pursuant to a mortgage loan or contract of sale shall be valued at an amount not greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property. (b) Other real property held by an insurer shall be valued at an amount not in excess of the cost of the acquired property and the cost of improvements thereafter made by the insurer, less a reasonable allowance for depreciation. (5) Purchase money mortgages on real property referred to in subsection (4)(a) of this section shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or 90 percent of the fair value of such real property, whichever is less. (6) Other assets, other than securities, shall be valued at cost of acquisition less any repaid portion thereof, unless the director determines that another value is proper. [1967 c.359 §223; 1971 c.231 §19; 1993 c.447 §16; 2001 c.318 §11]
OR Rev Stat § 733.165 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.165 - Valuation of securities.

(1) Securities held by an insurer, other than bonds or other evidences of debt to which ORS 733.160 applies, must be valued in the discretion of the Director of the Department of Consumer and Business Services at their market value, at their appraised value or at prices determined by the director as representing their fair market value. (2) Preferred or guaranteed stocks or shares while paying full dividends may be carried at a fixed value instead of market value, at the discretion of the director and in accordance with any method of valuation approved by the director. (3) Stock of a subsidiary corporation of an insurer must not be valued at an amount in excess of the net value thereof as based upon the assets only of the subsidiary that would be eligible under ORS 733.510 to 733.780 for investment of the funds of the insurer directly. (4) The director may determine the method of calculating values as provided in this section, but the method or valuation may not be inconsistent with any applicable method or valuation used by insurers in general or any such method of valuation then currently formulated or approved by the National Association of Insurance Commissioners or its successor organization. [1993 c.447 §18; 2001 c.318 §17]
OR Rev Stat § 733.170 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.170 - Accounts and records.

An insurer shall keep its books, records, accounts and transaction source data in such manner that the Director of the Department of Consumer and Business Services may readily verify its statements of financial condition and ascertain whether the insurer is unimpaired, has given proper treatment to policyholders and has complied with the Insurance Code. [Formerly 738.430]
OR Rev Stat § 733.210 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.210 - Director’s determinations.

(1) In making any determination or prescribing rules relating to items such as are reported in the form of annual statement and any supplement thereto required to be filed by an insurer, the Director of the Department of Consumer and Business Services shall give consideration to recommendations made from time to time by the National Association of Insurance Commissioners, and to customary and general practice in insurance accounting. (2) The director may apply and may require insurers to use and comply with standards, practices and procedures established by the National Association of Insurance Commissioners in its manuals or other publications, including actuarial, accounting and other opinion and reporting requirements. [1967 c.359 §228; 1993 c.447 §20]
OR Rev Stat § 733.230 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.230 - Transactions of separate accounts registered with Securities and Exchange Commission; application of laws and rules to members of separate account management committee.

(1) Notwithstanding any other provisions of law a domestic insurer may: (a) With respect to a separate account registered with the federal Securities and Exchange Commission as a unit investment trust, exercise voting rights, in connection with any securities of a regulated investment company registered under the federal Investment Company Act of 1940, as amended, and held in such account, in accordance with instructions from persons having interests in such account, ratably as determined by the insurer; and (b) With respect to a separate account registered with the federal Securities and Exchange Commission as a management investment company, establish for such account a committee, board, or other body, the members of which need not be otherwise affiliated with the insurer and may be elected by the vote of persons having interests in such account, ratably as determined by the insurer. Such committee, board or other body may have the power, exercisable alone or in conjunction with others, to manage the separate account and the investment of its assets. (2) The insurer or such committee, board or other body may make such other provisions in respect to the separate account as may be considered necessary to comply with any applicable federal or state laws, if the Director of the Department of Consumer and Business Services approves such provisions as not being hazardous to the insurer’s policyholders or the public in this state. (3) Any provision of the Insurance Code or rule of the director applicable to the officers or directors of an insurer and relating to conflicts of interest will also apply to members of a separate account’s committee, board or other similar body. No officer or director of an insurer nor any member of the committee, board or body of a separate account shall receive directly or indirectly any commission or any other compensation with respect to the purchase or sale of assets of the separate account. [1973 c.435 §7; 1997 c.249 §218]
OR Rev Stat § 733.300 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.300 - Short title.

ORS 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, may be cited as the Standard Valuation Law. [1991 c.401 §17]
OR Rev Stat § 733.314 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.314 - Amount of required reserves for certain annuity and pure endowment contracts.

(1) This section applies to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended. (2) Reserves according to the commissioners annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in such contracts, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by such contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of such contract, that become payable prior to the end of such respective contract year. The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rate, or rates, specified in such contracts for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of such contracts to determine nonforfeiture values. [1991 c.401 §24]
OR Rev Stat § 733.316 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.316 - Aggregate reserves.

(1) The aggregate reserves of an insurer for all life insurance policies, excluding disability and accidental death benefits, issued on or after the operative date stated in ORS 743.204 for the Standard Nonforfeiture Law for Life Insurance, shall not be less than the aggregate reserves calculated in accordance with the methods set forth in ORS 733.312, 733.314, 733.320 and 733.322 and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for such policies. (2) The aggregate reserves of an insurer for all policies, contracts and benefits shall not be less than the aggregate reserves determined by the qualified actuary to be necessary to render the opinion required by ORS 733.304. [1991 c.401 §25; 2015 c.547 §24] Note: The amendments to 733.316 by section 24, chapter 547, Oregon Laws 2015, apply for a limited period. See section 28, chapter 547, Oregon Laws 2015 (second note under 733.302). The text that is applicable for the limited period is set forth for the user’s convenience. (1) The aggregate reserves of an insurer for all life insurance policies, excluding disability and accidental death benefits, issued on or after the operative date stated in ORS 743.204 for the Standard Nonforfeiture Law for Life Insurance, may not be less than the aggregate reserves calculated in accordance with the methods set forth in ORS 733.312, 733.314, 733.320 and 733.322 and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for such policies. (2) The aggregate reserves of an insurer for all policies, contracts and benefits may not be less than the aggregate reserves that the appointed actuary determines to be necessary to render the opinion required by ORS 733.304.
OR Rev Stat § 733.320 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.320 - Minimum required reserve for certain policies.

(1) Except as provided in subsection (2) of this section, if in any contract year the gross premium charged by an insurer on any life insurance policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve thereon but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for the policy or contract shall be the greater of either the reserve calculated according to the mortality table, rate of interest, and method actually used for the policy or contract, or the reserve calculated by the method actually used for the policy or contract but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium by the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium. The minimum valuation standards of mortality and rate of interest referred to in this subsection are the standards stated in ORS 733.306 and 733.310. (2) For any life insurance policy issued on or after January 1, 1986, for which the gross premium in the first policy year exceeds that of the second year and for which no comparable additional benefit is provided in the first year for the excess and which provides an endowment benefit or a cash surrender value or a combination thereof in an amount greater than the excess premium, subsection (1) of this section shall apply as if the method actually used in calculating the reserve for the policy were the method described in ORS 733.312 (1). The minimum reserve at each policy anniversary of such a policy shall be the greater of the minimum reserve calculated in accordance with ORS 733.312, and the minimum reserve calculated in accordance with this section. [1991 c.401 §27]
OR Rev Stat § 733.322 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.322 - Calculation of reserves for plans for which minimum reserves cannot be determined under ORS 733.312, 733.314 or 733.320; rules.

(1) For any plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurer based on then estimates of future experience, or in the case of any plan of life insurance or annuity that is of such a nature that the minimum reserves cannot be determined by the methods described in ORS 733.312, 733.314 and 733.320, the reserves held under any such plan must: (a) Be appropriate in relation to the benefits and the pattern of premiums for that plan; and (b) Be computed by a method that is consistent with the principles of ORS 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, as determined by rules adopted by the Director of the Department of Consumer and Business Services. (2) Any policy, contract or certificate providing life insurance under a plan referred to in subsection (1) of this section must be reviewed and specifically approved by the director before it can be marketed, issued, delivered or used in this state. [1991 c.401 §28]
OR Rev Stat § 733.325 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 733 - Accounting and Investments|Section 733.325 - Definitions.

As used in ORS 733.325 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015: (1) "Accident and health insurance" means a contract that incorporates morbidity risk and provides protection against economic loss that results from accident, sickness or a medical condition. (2) "Appointed actuary" means a qualified actuary that an insurer appoints in accordance with the valuation manual to prepare the actuarial opinion required under ORS 733.331. (3) "Deposit-type contract" means a contract that does not incorporate mortality or morbidity risks. (4) "Insurer" means an entity that has: (a) Written, issued or reinsured life insurance contracts, accident and health insurance contracts or deposit-type contracts in this state and has at least one life insurance contract, accident and health insurance contract or deposit-type contract in force or on claim; or (b) Written, issued or reinsured life insurance contracts, accident and health insurance contracts or deposit-type contracts in any state and that must hold a certificate of authority to write life insurance, accident and health insurance or deposit-type contracts in this state. (5) "Life insurance" means a contract that incorporates mortality risk, including an annuity contract and a pure endowment contract. (6) "Operative date of the valuation manual" means the date on which the Director of the Department of Consumer and Business Services adopts the valuation manual by rule in accordance with section 16, chapter 547, Oregon Laws 2015. (7) "Principle-based valuation" means a reserve valuation that uses one or more methods or one or more assumptions that the insurer determines and that must comply with section 17, chapter 547, Oregon Laws 2015, as specified in the valuation manual. (8) "Qualified actuary" means an individual who: (a) Is qualified to sign the applicable statement of actuarial opinion in accordance with standards that the director establishes by rule, taking into consideration standards that the American Academy of Actuaries establishes for actuaries that sign statements of actuarial opinion; and (b) Meets the requirements set forth in the valuation manual. (9) "Reserves" means reserve liabilities. (10) "Valuation manual" means the manual of valuation instructions that the director adopts in accordance with section 16, chapter 547, Oregon Laws 2015. [2015 c.547 §11]