reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally › Section 732.672 - Confidentiality; permissible disclosures; agreement with National Association of Insurance Commissioners.

(1) All documents, materials or other information, including any own risk and solvency assessment summary report, that the Department of Consumer and Business Services possesses or controls, that the Director of the Department of Consumer and Business Services obtained or created or that were otherwise disclosed to the director or any other person in the course of implementing ORS 732.650 to 732.689 are confidential, are subject to the provisions of ORS 705.137, 705.138, 705.139 and 731.312 and are not subject to disclosure under ORS 192.311 to 192.478.
(2) Notwithstanding subsection (1) of this section, the director may:
(a) Use the documents, materials or other information in any regulatory or legal action the director brings as a part of the director’s official duties.
(b) Share documents, materials or other information related to an own risk and solvency assessment, including confidential documents and information, only:
(A) As provided in ORS 705.137, 705.138 and 705.139 in response to a request from a chief insurance regulatory official, the National Association of Insurance Commissioners or a state, federal, foreign or international law enforcement agency; and
(B) After receiving written consent from the affected insurer.
(c) Share documents or materials or other information related to an own risk and solvency assessment with any third-party consultants the director designates, but only if the consultant:
(A) Agrees in writing to keep the documents, materials or other information confidential; and
(B) Demonstrates in writing and to the director’s satisfaction that the consultant has the capacity and legal authority to keep the documents, materials or other information confidential.
(3) In addition to the requirements of ORS 705.137, 705.138 and 731.312, the director shall enter into a written agreement with the National Association of Insurance Commissioners or a third-party consultant that:
(a) Prohibits the National Association of Insurance Commissioners or a third-party consultant from storing the information the director or the department shares under ORS 732.650 to 732.689 in a permanent database after the underlying analysis is complete; and
(b) Requires that an affected insurer must give written consent before a third-party consultant may disclose any documents, material or information the director or the department shares under ORS 732.650 to 732.689. [2015 c.547 §9]
Note:
See note under 732.650.
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally › Section 732.683 - Discretion as to form and content of responses to inquiries in corporate governance annual disclosure; documentation and supporting information.

(1) An insurer or insurance group has discretion as to the form and content of the insurer’s or insurance group’s responses to inquiries in a corporate governance annual disclosure so long as the responses provide information the Director of the Department of Consumer and Business Services requires to understand the insurer’s or insurance group’s corporate governance structure, policies and practices. The director may request additional information the director deems material and necessary to enable a clear understanding of the corporate governance policies and the reporting, information systems or controls that implement the policies.
(2) Notwithstanding the discretion permitted to an insurer or insurance group under subsection (1) of this section, the insurer or insurance group shall prepare the corporate governance annual disclosure in a manner consistent with rules the director adopts under ORS 732.680. The insurer or insurance group shall maintain documentation and supporting information for the corporate governance annual disclosure and make the documentation and supporting information available during an examination of the insurer or insurance group or otherwise at the director’s request. [2017 c.479 §6]
Note:
See note under 732.650.
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally › Section 732.810 - Definitions for ORS 732.810 to 732.814.

As used in ORS 732.810 to 732.814:
(1) "Control" has the meaning given that term in ORS 732.548.
(2) "Controlled insurer" means an authorized insurer that an insurance producer controls directly or indirectly.
(3) "Controlling producer" means an insurance producer who directly or indirectly controls an insurer.
(4)(a) "Insurance producer" has the meaning given that term in ORS 731.104.
(b) "Insurance producer" does not include a person who sells, solicits or negotiates an insurance contract on the insurance producer’s behalf. [1993 c.447 §58; 2003 c.364 §82; 2013 c.370 §34]
Note:
732.810 to 732.814 were added to and made a part of the Insurance Code by legislative action but were not added to ORS chapter 732 or any series therein. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally › Section 732.811 - Application of ORS 732.810 to 732.814.

(1) ORS 732.810 to 732.814 apply to an insurer who is authorized in this state to transact property insurance or casualty insurance, or both, and is:
(a) Domiciled in this state; or
(b) Domiciled in a state that is not accredited by the National Association of Insurance Commissioners and does not have in effect a law that the Director of the Department of Consumer and Business Services determines to be substantially similar to ORS 732.810 to 732.814. For purposes of this paragraph, a state is accredited if its insurance department or regulatory agency is determined by the National Association of Insurance Commissioners to meet the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners.
(2) ORS 732.517 to 732.596 apply to all parties within a holding company system that is subject to ORS 732.810 to 732.814, to the extent that ORS 732.517 to 732.596 are not inconsistent with ORS 732.810 to 732.814.
(3) ORS 732.810 to 732.814 do not apply to any of the following persons:
(a) A risk retention group as defined in the Superfund Amendments Reauthorization Act of 1986, P.L. 99-499, 100 Stat. 1613 (1986), the Liability Risk Retention Act, 15 U.S.C. § 3901 et seq. or ORS 735.305.
(b) A residual market pool or a joint underwriting authority or association.
(c) An insurer that is owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, an insurer that is owned by the insureds and whose exclusive purpose is to insure risks to member organizations or group members and their affiliates, or any combination thereof. [1993 c.447 §59]
Note:
See note under 732.810.
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally › Section 732.813 - Notice to prospective insured.

A controlling producer, prior to the effective date of a policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer. If the insurance is placed through a subproducer who is not a controlling producer, the controlling producer must retain in the records of the controlling producer a signed commitment from the subproducer that the subproducer is aware of the relationship between the insurer and the producer and that the subproducer has or will notify the insured of the relationship. [1993 c.447 §61]
Note:
See note under 732.810.
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally › Section 732.814 - Authority of director over controlling producer and controlled insurer.

(1) If the Director of the Department of Consumer and Business Services believes that the controlling producer or any other person has not complied with ORS 732.810 to 732.814 or any rule adopted or order issued thereunder, the director may order the controlling producer to cease placing insurance with the controlled insurer.
(2) If the director finds that the controlled insurer or any policyholder of the controlled insurer has suffered any loss or damage because the controlling producer or any other person has not complied with ORS 732.810 to 732.814 or any rule adopted or issued thereunder, the director may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or other appropriate relief.
(3) If an order for liquidation or rehabilitation of the controlled insurer has been entered pursuant to ORS chapter 734 and the receiver appointed under that order believes that the controlling producer or any other person has not complied with ORS 732.810 to 732.814 or any rule adopted or order issued thereunder, and if the insurer suffered any loss or damage because of the noncompliance, the receiver may maintain a cause of action for recovery of damages or other appropriate sanctions for the benefit of the insurer.
(4) This section does not affect the authority of the director to take any other administrative action under the Insurance Code.
(5) This section does not alter or affect the rights of policyholders, claimants, creditors or other third parties. [1993 c.447 §62]
Note:
See note under 732.810.
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally › Section 732.825 - State member of Interstate Insurance Product Regulation Commission.

The Director of the Department of Consumer and Business Services or a designee of the director shall serve as this state’s member of the Interstate Insurance Product Regulation Commission established under the Interstate Insurance Product Regulation Compact set forth in ORS 732.820. [2011 c.520 §3]
Note:
See note under 732.820.
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 733 - Accounting and Investments › Section 733.010 - Assets allowed.

In any determination of the financial condition of an insurer, there shall be allowed as assets only such assets as are owned by the insurer and which consist of:
(1) Cash in the possession or control of the insurer, including the true balance of any deposit in a solvent bank or trust company.
(2) Investments held in accordance with the Insurance Code, and due or accrued income items in connection therewith to the extent considered by the Director of the Department of Consumer and Business Services to be collectible.
(3) Premium notes, policy loans, liens and other like policy assets on life insurance policies and accrued interest thereon, in an amount not exceeding the loan value of the policy.
(4) Due premiums, deferred premiums, installment premiums, and written obligations taken for premiums, to the extent allowed by the director.
(5) The amount recoverable from a reinsurer if credit for reinsurance may be allowed to the insurer under ORS 731.509 or 731.510 and amounts receivable on assumed reinsurance representing funds withheld by a solvent ceding insurer under a reinsurance treaty.
(6) Deposits or equities recoverable from underwriting associations, syndicates and reinsurance funds, or from any suspended banking institution, to the extent deemed by the director to be available for the payment of losses and claims.
(7) Other assets considered by the director to be available for the payment of losses and claims, at values determined by the director. [1967 c.359 §208; 1971 c.321 §18; 1979 c.818 §1; 1993 c.447 §69; 2001 c.318 §7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 733 - Accounting and Investments › Section 733.020 - Assets not allowed.

In addition to assets impliedly excluded by ORS 733.010, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer:
(1) Advances to officers, other than policy loans, whether secured or not, and advances to employees, agents and other persons on personal security only.
(2) Stock of such insurer owned by it, or any material equity therein or loans secured thereby, or any material proportionate interest in such stock acquired or held through the ownership by such insurer of an interest in another firm, corporation or business unit.
(3) Tangible personal property, except such property as the insurer is otherwise permitted to acquire and retain as an investment under the Insurance Code and which is deemed by the Director of the Department of Consumer and Business Services to be available for the payment of losses and claims or which is otherwise expressly allowable, in whole or in part, as an asset.
(4) The amount, if any, by which the book value of any investment as carried in the ledger assets of the insurer exceeds the value thereof as determined under the Insurance Code. [1967 c.359 §209; 2001 c.318 §8]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 733 - Accounting and Investments › Section 733.030 - Liabilities in general.

In any determination of the financial condition of an insurer, liabilities to be charged against its assets shall be calculated in accordance with the Insurance Code and shall include:
(1) The amount necessary to pay all of its unpaid losses and claims incurred on or prior to the date of the statement, whether reported or unreported to the insurer, together with the expenses of adjustment or settlement thereof.
(2) For insurance other than specified in subsections (3) and (4) of this section, the amount of reserves equal to the unearned portions of the gross premiums charged on policies in force, calculated in accordance with the Insurance Code.
(3) For life insurance policies:
(a) Reserves on life insurance benefits, valued according to the tables of mortality, rates of interest, and valuation methods applicable thereto which are adopted pursuant to the Insurance Code.
(b) Reserves for disability benefits, for both active and disabled lives.
(c) Reserves for accidental death benefits.
(d) Any additional reserves considered to be necessary by the Director of the Department of Consumer and Business Services.
(4) For health insurance policies, the amount of reserves required pursuant to ORS 733.080.
(5) Taxes, expenses and other obligations due or accrued at the date of the statement.
(6) Any additional reserves for asset valuation contingencies or loss contingencies required by the Insurance Code or considered to be necessary by the director for the protection of policyholders and stockholders of the insurer. [1967 c.359 §210]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 733 - Accounting and Investments › Section 733.040 - Reinsurance credit.

The Director of the Department of Consumer and Business Services shall disallow reinsurance as credit against the liabilities of a ceding insurer if credit against the liabilities of the ceding insurer is not allowed as a credit to the ceding insurer under ORS 731.509 or 731.510. [1967 c.359 §211; 1993 c.447 §70]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 733 - Accounting and Investments › Section 733.050 - Increase of inadequate reserves.

If the Director of the Department of Consumer and Business Services determines that an insurer’s reserves, however calculated or estimated, are inadequate, the director shall require the insurer to maintain reserves in such additional amount as is needed to make them adequate. [1967 c.359 §212]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 733 - Accounting and Investments › Section 733.060 - Unearned premium reserve.

(1) Every insurer shall maintain an unearned premium reserve on all policies in force.
(2) The Director of the Department of Consumer and Business Services may require that such reserves shall be equal to the unearned portions of the gross premiums in force as calculated pro rata on each respective risk from the policy’s date of issue. In the absence of such requirement, the unearned premium reserve shall be equal to the pro rata unearned portions of the gross premiums in force as calculated by an approximation method approved by the director. After adopting a method of computing such reserves, an insurer shall not change methods without approval of the insurance supervisory official of the insurer’s domicile.
(3) This section does not apply to:
(a) Marine and transportation insurance on trip risks not terminated.
(b) Health insurance.
(c) Title insurance.
(d) Home protection insurance under policies issued by a home protection insurer.
(e) Life insurance. [1967 c.359 §213; 1981 c.247 §9]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 733 - Accounting and Investments › Section 733.070 - Unearned premium reserve for marine and transportation insurance trip risks.

As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be deemed unearned. The Director of the Department of Consumer and Business Services may require the insurer to carry a reserve equal to 100 percent of premiums on trip risks written during the month ended as of the date of statement. [1967 c.359 §214]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 733 - Accounting and Investments › Section 733.080 - Reserves for health insurance.

For all health insurance policies the insurer shall maintain reserves which place a sound value on its liabilities under such policies and which are not less than the reserves according to appropriate standards set forth in rules issued by the Director of the Department of Consumer and Business Services. Except for policies of credit health insurance, such reserves for nondisabled lives shall not be less in the aggregate than the pro rata gross unearned premiums for such policies calculated in accordance with ORS 733.060. [1967 c.359 §215; 1971 c.231 §18]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 733 - Accounting and Investments › Section 733.302 - Reserve valuation method for life insurance policies and annuity and pure endowment contracts.

(1) The Director of the Department of Consumer and Business Services shall annually value, or cause to be valued, the reserve liabilities for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurer doing business in this state, and may certify the amount of any such reserves, specifying the mortality table or tables, rate or rates of interest, and methods, net level premium method or other, used in the calculations of such reserves. For purposes of ORS 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, reserve liabilities shall be referred to as reserves.
(2) In calculating reserves, the director may use group methods and approximate averages for fractions of a year or otherwise.
(3) In lieu of the valuation of the reserves required of any foreign or alien insurer under the Standard Valuation Law, the director may accept any valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided under the Standard Valuation Law and if the official of the state or jurisdiction accepts as sufficient and for all valid legal purposes the certificate of valuation of the director when the certificate states the valuation to have been made in a specified manner according to which the aggregate reserves would be at least as large as if they had been computed in the manner prescribed by the law of that state or jurisdiction. [1991 c.401 §18; 2015 c.547 §22]
2023 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]
2023 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]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 733 - Accounting and Investments › Section 733.318 - Alternative standards of valuation.

(1) Reserves for all policies and contracts issued prior to the operative date stated in ORS 743.204 for the Standard Nonforfeiture Law for Life Insurance may be calculated, at the option of the insurer, according to any standards that produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by the laws in effect immediately prior to the operative date.
(2) Reserves for any category of policies, contracts or benefits as established by the Director of the Department of Consumer and Business Services, issued on or after the operative date stated in ORS 743.204 for the Standard Nonforfeiture Law for Life Insurance, may be calculated, at the option of the insurer, according to any standards that produce greater aggregate reserves for the category than those calculated according to the minimum standard provided in ORS 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, shall not be higher than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided in the policies or contracts.
(3) An insurer that at any time has adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided in ORS 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, may, with the approval of the director, adopt any lower standard of valuation. The standard shall not be lower than the minimum provided in ORS 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, except that for the purposes of this subsection, the holding of additional reserves previously determined by a qualified actuary to be necessary to render the opinion required by ORS 733.304 shall not be deemed to be the adoption of such a higher standard of valuation. [1991 c.401 §26; 2015 c.547 §25]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]