reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0020 - General Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An
			 insurer shall maintain at its home office or principal office a complete file
			 containing one copy of each document authorized by the insurer for use pursuant
			 to OAR 836-051-0005  to 836-051-0020. Each such document shall be retained in
			 the file for at least three years following the date of its last authorized
			 use.
(2) An insurance producer
			 shall inform a prospective buyer, prior to the beginning a life insurance sales
			 presentation, that the insurance producer is acting as a life insurance
			 producer, and shall inform the prospective buyer of the full name of the
			 insurer that the insurance producer is representing to the buyer. In sales
			 situations in which an insurance producer is not involved, the insurer shall
			 identify its full name.
(3) Such
			 terms as "financial planner," "investment advisor," "financial consultant," or
			 "financial counseling" shall not be used in such a way as to imply that the
			 insurance producer is generally engaged in an advisory business in which
			 compensation is unrelated to sales, unless such is actually the case.
(4) Any reference to policy dividends must
			 include a statement that dividends are not guaranteed.
(5) A presentation that does not recognize
			 through the use of appropriate interest adjustments the time value of money
			 shall not be used for comparing the cost of two or more life insurance
			 policies. Such a presentation may be used for the purpose of demonstrating the
			 cash-flow pattern of a policy if it is accompanied by a statement disclosing
			 that the presentation does not recognize that a dollar in the future has less
			 value than a dollar today because of interest.
(6) A presentation of benefits shall not
			 display guaranteed and non-guaranteed benefits as a single sum unless they are
			 also shown separately in close proximity to the single sum.
(7) A statement regarding the use of the Life
			 Insurance Net Cost and Surrender Cost Indexes shall include a explanation to
			 the effect that the Indexes are useful only for the comparison of the relative
			 costs of two or more similar policies.
(8) A statement of a Life Insurance Net Cost
			 or Surrender Cost Index that reflects dividends, and an Equivalent Level Annual
			 Dividend, shall be accompanied by a statement that it is based on the insurer's
			 current dividend scale and is not guaranteed.
(9) For the purposes of OAR 836-051-0005  to
			 836-051-0020, the annual premium for a basic policy or optional rider for which
			 the insurer reserves the right to change the premium shall be the maximum
			 annual premium.
Stat. Auth.: ORS 731 & 743
Stats. Implemented: ORS
				  742.009(2)
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0030 - Purpose and Applicability

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 The purpose of OAR 836-051-0030  to 836-051-0040  is to establish rules that
			 ensure meaningful information is provided to the purchasers of small face
			 amount policies.
(2) OAR
			 836-051-0030  to 836-051-0040  apply to insurance policies and certificates
			 issued on or after July 1, 2011.
Stat. Auth.: ORS
				  731.244 &
				  746.240
Stats. Implemented: ORS
				  746.075,
				  743.218,
				  746.100,
				  746.110 &
				  746.240
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0032 - Definition

Current through Register Vol. 63, No. 7, July 1, 2024
"Small face amount policy" means a life insurance policy or
				certificate with an initial face amount of $15,000 or less.
Stat. Auth.: ORS
				  731.244 &
				  746.240
Stats. Implemented: ORS
				  746.075,
				  743.218,
				  746.100,
				  746.110 &
				  746.240
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0034 - Exemptions

Current through Register Vol. 63, No. 7, July 1, 2024
OAR 836-051-0030  to 836-051-0040  apply to all group and
				individual life insurance policies and certificates except:
(1) Variable life insurance;
(2) Individual and group annuity
			 contracts;
(3) Credit life
			 insurance;
(4) Group or individual
			 policies of life insurance issued to members of an employer group or other
			 permitted group where:
(a) Every plan of
			 coverage was selected by the employer or other group representative;
(b) Some portion of the premium is paid by
			 the group or through payroll deduction; and
(c) Group underwriting or simplified
			 underwriting is used; or
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0036 - Disclosure Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An
			 insurer issuing a small face amount policy, where over the term of the policy
			 the cumulative policy premiums paid may exceed the face amount of the policy,
			 shall clearly and prominently disclose, on or before policy delivery, the
			 length of time until the cumulative policy premiums paid may exceed the face
			 amount of the policy.
(2) If an
			 insurer is required to provide a disclosure under section (1) of this rule, the
			 insurer shall clearly and prominently disclose, on or before policy delivery,
			 available premium payment plans.
(3) Cumulative premiums shall include
			 premiums paid for riders. However, the face amount shall not include the
			 benefit attributable to the riders.
(4) Each policy subject to the disclosure
			 requirements of this section shall contain a provision that allows the
			 policyholder to cancel the policy within 10 days following the delivery of the
			 policy with full premium refund to the consumer and with no charge or penalty.
			 The free-look period shall be clearly and prominently disclosed to the
			 consumer.
Stat. Auth.: ORS
				  731.244 &
				  746.240
Stats. Implemented: ORS
				  746.075,
				  743.218,
				  746.100,
				  746.110 &
				  746.240
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0038 - Insurer Duties

Current through Register Vol. 63, No. 7, July 1, 2024
The insurer and its producers shall provide additional
				information to any policyholder or certificate holder who asks questions about
				the disclosure statement.
Stat. Auth.: ORS
				  731.244 &
				  746.240
Stats. Implemented: ORS
				  746.075,
				  743.218,
				  746.100,
				  746.110 &
				  746.240
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0040 - Trade Practice Regulation

Current through Register Vol. 63, No. 7, July 1, 2024
Violation of any provision of OAR 836-051-0030  to 836-051-0040 is an unfair trade practice under ORS
				746.240.
Stat. Auth.: ORS
				  731.244 &746.240
Stats. Implemented: ORS
				  746.075,
				  743.218,
				  746.100,
				  746.110 &
				  746.240
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0101 - Statutory Authority; Purpose; Applicability; and Effective Date

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR
			 836-051-0101  to 836-051-0115  are adopted pursuant to the general rulemaking
			 authority of the Director in ORS
			 731.244, and specific authority
			 of 733.306 and
			 743.215 for approving mortality
			 tables adopted by the National Association of Insurance Commissioners for use
			 in determining minimum valuation and nonforfeiture standards.
(2) OAR 836-051-0101  to 836-051-0115  apply to
			 policies of ordinary life insurance issued on the standard basis.
Stat. Auth.: ORS
				  731.244,
				  733.306 &
				  743.215
Stats. Implemented: ORS
				  733.306
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0106 - Life Insurance Valuation and Nonforfeiture Standards

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The following
			 definitions apply in this rule:
(a) "2001 CSO
			 Mortality Table" means that mortality table, consisting of separate rates of
			 mortality for male and female lives, developed by the American Academy of
			 Actuaries CSO Task Force from the Valuation Basic Mortality Table developed by
			 the Society of Actuaries Individual Life Insurance Valuation Mortality Task
			 Force, and adopted by the NAIC in December 2002. The 2001 CSO Mortality Table
			 is included in the Proceedings of the NAIC (2nd Quarter 2002). Unless the
			 context indicates otherwise, the "2001 CSO Mortality Table" includes both the
			 ultimate form of that table and the select and ultimate form of that table and
			 includes both the smoker and nonsmoker mortality tables and the composite
			 mortality tables. It also includes both the age-nearest-birthday and the
			 age-last-birthday bases of the mortality tables.
(b) "2001 CSO Mortality Table (F)" means that
			 mortality table consisting of the rates of mortality for female lives from the
			 2001 CSO Mortality Table.
(c) "2001
			 CSO Mortality Table (M)" means that mortality table consisting of the rates of
			 mortality for male lives from the 2001 CSO Mortality Table.
(d) "Composite mortality tables" means
			 mortality tables with rates of mortality that do not distinguish between
			 smokers and nonsmokers.
(e) "Smoker
			 and nonsmoker mortality tables" means mortality tables with separate rates of
			 mortality for smokers and nonsmokers.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0110 - Life Insurance Nonforfeiture Standards for Men and Women

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Use of the
			 blended tables procedure described in section (2) of this rule shall be limited
			 to situations in which sex neutral benefits are required to comply with the
			 decision of the United States Supreme Courts in
Arizona Governing
			 Committee v. Norris, 463 U.S. 1073, 103 S. Ct. 3492, 77 1. Ed 2d 1236
			 (1983)
.
(2) In situations of
			 section (1) of this rule, insurers may use the blended tables described in
NAIC Proposed Procedures for Permitting Same Minimum Nonforfeiture
			 Standards for Men and Women Insureds Under 1980 CSO and 1980 CET Mortality
			 Tables,
NAIC Proceedings
, 1984 Volume I, pp. 426-428,
			 as amended in
Section 4
by NAIC Proceedings, 1984 Volume 1, p.
			 395. These procedures establish the method by which select factors are to be
			 obtained for blended 1980 CSO Mortality Tables as described in NAIC
			 Proceedings, 1984 Volume I, p. 457.
Publications: The publication(s) referred to or incorporated
				  by reference in this rule are available from the
				  agency.
Stat. Auth.: ORS 731, ORS 733 & ORS 743
Stats. Implemented: ORS
				  733.306(1) -
				  ORS 733.306(2), ORS
				  733.306(4) -
				  ORS 733.306(6)
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0115 - Smoker/Nonsmoker Mortality Tables

Current through Register Vol. 63, No. 7, July 1, 2024
Insurers may use the tables as described in
Proposed NAIC
				Model Rule Permitting Smoker/Nonsmoker Mortality Rates for Use in Determining
				Minimum Reserve Liabilities and Nonforfeiture Benefits.
NAIC
				Proceedings
, 1984 Volume I, pp. 458-460. Nothing in this rule permits
				a company which has elected use of 1980 CSO for all new forms to revert to 1958
				CSO for a subsequent form.
Publications: The publication(s) referred to or incorporated
				  by reference in this rule are available from the
				  agency.
Stat. Auth.: ORS 731, ORS 733 & ORS 743
Stats. Implemented: ORS
				  733.306(1) -
				  ORS 733.306(2)
				  & ORS 733.306(4) -
				  ORS 733.306(6)
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0150 - Individual Deferred Annuities Surrender Charge

Current through Register Vol. 63, No. 7, July 1, 2024
Statutory Authority; Purpose; Applicability
(1) OAR 836-051-0150  to 836-051-0156  are
			 adopted pursuant to the authority granted to the Director of the Department of
			 Consumer and Business Services in section 2, chapter 85, Oregon Laws 2015 to
			 adopt rules to regulate the penalties, fees or other charges that an insurer
			 imposes for a withdrawal, before maturity or after the owner or annuitant dies,
			 from an individual deferred annuity policy.
(2) OAR 836-051-0150  to 836-051-0156  apply to
			 individual deferred non-variable annuity policies and to the fixed accounts of
			 individual deferred variable annuity policies.
(3) OAR 836-051-0150  to 836-051-0156  apply to
			 contracts entered into on and after July 1, 2017. New contracts submitted for
			 approval to the Department of Consumer and Business Services for effective
			 dates on or after January 1, 2016 must comply with section 2, chapter 85,
			 Oregon Laws 2015.
Stat. Auth.: Sec. 2, Ch. 85 OL 2015
Stats. Implemented: Sec. 2, Ch. 85 OL
				  2015
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0153 - Limitations on Surrender Charge Scales

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For contracts where surrender charge
			 scales are measured from the date of each premium payment an insurer must
			 demonstrate compliance with minimum value either by:
(a) Treating each premium payment as a
			 separate single premium contract, in which case the maturity date for each
			 single premium shall be the later of the tenth anniversary of the payment, or
			 the annuitant's 70th birthday; or
(b) Treating the entire contract as a single
			 contract providing for flexible premiums.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0156 - Fair Surrender Charges

Current through Register Vol. 63, No. 7, July 1, 2024
An insurer shall treat funds withdrawn from a contract, when
				such funds are subject to surrender charges, as withdrawn on a
				first-in-first-out basis unless the insurer allows an alternative method that
				is more beneficial to the contract holder.
Stat. Auth.: Sec. 2, Ch. 85 OL 2015
Stats. Implemented: Sec. 2, Ch. 85 OL
				  2015
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0200 - Authority; Effective Date

Current through Register Vol. 63, No. 7, July 1, 2024
OAR 836-051-0200  to 836-051-0250  are adopted by the Director of
				the Department of Consumer and Business Services pursuant to ORS
				733.308.
Stat. Auth.: ORS
				  731.244, ORS
				  733.306 & ORS
				  743.215
Stats. Implemented: ORS
				  733.306
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0210 - Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
The purpose of OAR 836-051-0200  to 836-051-0250  is to recognize
				the following mortality tables for use in determining the minimum standard of
				valuation for annuity and pure endowment contracts:
(1) The 1983 Table "a".
(2) The 1983 Group Annuity Mortality (1983
			 GAM) Table.
(3) The Annuity 2000
			 Mortality Table.
(4) The 2012
			 Individual Annuity Reserving (2012 IAR) Table.
(5) The 1994 Group Annuity Reserving (1994
			 GAR) Table.
Tables referenced are available from the
				  agency.
Stat. Auth.: ORS
				  731.244,
				  733.306 &
				  743.215
Stats. Implemented: ORS
				  733.306
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0220 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
For the purpose of OAR 836-051-0200  to 836-051-0250, the
				following terms have the following meanings:
(1) "1983 Table 'a'" means that mortality
			 table developed by the Society of Actuaries Committee to Recommend a New
			 Mortality Basis for Individual Annuity Valuation and adopted as a recognized
			 mortality table for annuities in June 1982 by the National Association of
			 Insurance Commissioners. (See 1982 Proceedings of the NAIC II, page 454.)
(2) "1983 GAM Table" means that
			 mortality table developed by the Society of Actuaries Committee on Annuities
			 and adopted as a recognized mortality table for annuities in December 1983 by
			 the National Association of Insurance Commissioners. (See 1984 Proceedings of
			 the NAIC I, pages 414 to 415.)
(3)
			 "1994 GAR Table" means that mortality table developed by the Society of
			 Actuaries Group Annuity Valuation Table Task Force and shown on pages 866-867
			 of Volume XLVII of the Transactions of the Society of Actuaries (1995).
(4) "2012 IAR Table" means that
			 Generational mortality table developed by the Society of Actuaries Committee on
			 Life Insurance Research and containing rates, qx 2012+n, derived from a
			 combination of the 2012 IAM Period Table and Projection Scale G2, using the
			 methodology stated in Section 5.
(5) "2012 Individual Annuity Mortality Period
			 Life (2012 IAM Period) Table" means the Period table containing loaded
			 mortality rates for calendar year 2012. This table contains rates, qx 2012,
			 developed by the Society of Actuaries Committee on Life Insurance Research and
			 is shown in Appendices 1-2.
(6)
			 "Annuity 2000 Mortality Table" means that mortality table developed by the
			 Society of Actuaries Committee on Life Insurance Research and shown on page 240
			 of Volume XLVII of the Transactions of the Society of Actuaries (1995).
(7) "Generational mortality table"
			 means a mortality table containing a set of mortality rates that decrease for a
			 given age from one year to the next based on a combination of a Period table
			 and a projection scale containing rates of mortality improvement.
(8) "Period table" means a table of mortality
			 rates applicable to a given calendar year (the Period).
(9) "Projection Scale G2 (Scale G2)" is a
			 table of annual rates, G2x, of mortality improvement by age for projecting
			 future mortality rates beyond calendar year 2012. This table was developed by
			 the Society of Actuaries Committee on Life Insurance Research and is shown in
			 Appendices 3-4.
Tables referenced are available from the
				  agency.
Stat. Auth.: ORS
				  731.244,
				  733.306 &
				  743.215
Stats. Implemented: ORS
				  733.306
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0230 - Individual Annuity or Pure Endowment Contracts

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Except as provided in sections (2) and
			 (3) of this rule, the 1983 Table "a" is recognized and approved as an
			 individual annuity mortality table for valuation and, at the option of the
			 insurer, may be used for purposes of determining the minimum standard of
			 valuation for any individual annuity or pure endowment contract issued on or
			 after October 4, 1977.
(2) Except
			 as provided in section (3) of this rule, either the 1983 Table "a" or the
			 Annuity 2000 Mortality Table shall be used for determining the minimum standard
			 of valuation for any individual annuity or pure endowment contract issued on or
			 after January 1, 1998.
(3) Except
			 as provided in section (4) of this rule, the Annuity 2000 Mortality Table shall
			 be used for determining the minimum standard of valuation for any individual
			 annuity or pure endowment contract issued on or after January 1, 1999.
(4) Except as provided in section
			 (5) of this rule, the 2012 IAR Mortality Table shall be used for determining
			 the minimum standard of valuation for any individual annuity or pure endowment
			 contract issued on or after January 1, 2015.
(5) The 1983 Table "a" without projection is
			 to be used for determining the minimum standards of valuation for an individual
			 annuity or pure endowment contract issued on or after January 1, 1998, solely
			 when the contract is based on life contingencies and is issued to fund periodic
			 benefits arising from:
(a) Settlements of
			 various forms of claims pertaining to court settlements or out of court
			 settlements from tort actions;
(b)
			 Settlements involving similar actions such as workers' compensation claims; or
(c) Settlements of long term
			 disability claims where a temporary or life annuity has been used in lieu of
			 continuing disability payments.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0235 - Application of the 2012 IAR Mortality Table

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In using the 2012 IAR Mortality Table,
			 the mortality rate for a person age x in year (2012 + n) is calculated as
			 follows: q*x **2012+n** = qx**2012** (1 - G2x)**n**. The resulting qx 2012+n
			 shall be rounded to three decimal places per 1,000, e.g., 0.741 deaths per
			 1,000. Also, the rounding shall occur according to the formula above, starting
			 at the 2012 period table rate.
(2)
			 For example, for a male age 30, qx 2012= 0.741. qx 2013= 0.741 * (1 - 0.010) ^
			 1 = 0.73359, which is rounded to 0.734. qx 2014= 0.741 * (1 - 0.010) ^ 2 =
			 0.7262541, which is rounded to 0.726.
(3) A method leading to incorrect rounding
			 would be to calculate qx 2014 as qx 2013 * (1 - 0.010), or 0.734 * 0.99 =
			 0.727.
(4) It is incorrect to use
			 the already rounded qx 2013 to calculate qx 2014.
Stat. Auth.: ORS
				  731.244, ORS
				  733.306 &
				  743.215
Stats. Implemented: ORS
				  733.306
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0240 - Group Annuity or Pure Endowment Contracts

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Except as provided in sections (1) and
			 (2) of this rule, the 1983 GAM Table, the 1983 Table "a" and the 1994 GAR Table
			 are recognized and approved as group annuity mortality tables for valuation
			 and, at the option of the insurer, any one of these tables may be used for
			 purposes of valuation for an annuity or pure endowment purchased on or after
			 October 4, 1977, under a group annuity or pure endowment contract.
(2) Except as provided in section (3) of this
			 rule, either the 1983 GAM Table or the 1994 GAR Table shall be used for
			 determining the minimum standard of valuation for any annuity or pure endowment
			 purchased on or after January 1, 1998.
(3) The 1994 GAR Table shall be used for
			 determining the minimum standard of valuation for any annuity or pure endowment
			 purchased on or after January 1, 2000, under a group annuity or pure endowment
			 contract.
The Table(s) referenced in this rule is not printed in the
				  OAR Compilation. Copies are available from the
				  agency.
Stat. Auth.: ORS
				  731.244, ORS
				  733.306 & ORS
				  743.215
Stats. Implemented: ORS
				  733.306
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0250 - Application of the 1994 GAR Table

Current through Register Vol. 63, No. 7, July 1, 2024
In using the 1994 GAR Table, the mortality rate for a person
				age x in year (1994 + n) is calculated as follows: q*x **1994+n** = qx**1994**
				(1 - AAx)**n** where the qx**1994** and AAxs are as specified in the 1994 GAR
				Table.
The Table(s) referenced in this rule is not printed in the
				  OAR Compilation. Copies are available from the
				  agency.
Stat. Auth.: ORS
				  731.244, ORS
				  733.306 & ORS
				  743.215
Stats. Implemented: ORS
				  733.306
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0300 - Statutory Authority; Effective Date; Applicability

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR 836-051-0300  to 836-051-0380  are
			 adopted pursuant to ORS
			 743.154.
(2) OAR 836-051-0300  to 836-051-0380  become
			 effective on June 1, 1992.
(3) No
			 life insurance policy, certificate or rider containing an accelerated benefit
			 provision may be delivered or issued for delivery in this state on or after
			 June 1, 1992, unless the provision complies with OAR 836-051-0300  to
			 836-051-0380.
(4) OAR 836-051-0300  to 836-051-0380  apply to individual and group life insurance policies and to
			 riders and certificates issued thereunder. OAR 836-051-0300  to 836-051-0380  apply to all accelerated benefits provisions of life insurance policies except
			 for provisions for advance payment of life insurance proceeds under
			 836-052-0500  to 836-052-0645.
Stat. Auth.: ORS
				  731.244 &
				  743.154
Stats. Implemented: ORS
				  743.154
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0310 - Acknowledgement of Concurrence for Payout from Assignee or Beneficiary

Current through Register Vol. 63, No. 7, July 1, 2024
Prior to payment of an accelerated benefit, an insurer shall
				obtain a signed acknowledgement of concurrence for payout as follows:
(1) From an assignee, when the amount of
			 benefit that is accelerated exceeds the unassigned portion of the death
			 benefit, unless the assignee is the insurer.
(2) From an irrevocable beneficiary, if there
			 is an irrevocable beneficiary.
Stat. Auth.: ORS
				  731.244 & ORS
				  743.154
Stats. Implemented: ORS
				  743.154
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0320 - Payment Options; Filing of Claims; Remaining Benefits

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An insurer shall include among payment
			 options for the accelerated benefit an option that allows the policy owner or
			 certificate holder to take the benefit as a lump sum. The insurer shall not
			 make the benefit available as an annuity contingent upon the life of the
			 insured.
(2) An insurer shall not
			 impose any restriction on the use of the proceeds.
(3) If any death benefit remains after
			 payment of an accelerated benefit, any accidental death benefit that is part of
			 the policy shall not be affected by the payment of the accelerated benefit. Any
			 other benefits in force at the time of acceleration shall not be affected by
			 the payment of the accelerated benefit if premiums continue to be paid for
			 those benefits.
Stat. Auth.: ORS
				  731.244
Stats. Implemented: ORS
				  743.154
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0330 - Disclosure

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An accelerated
			 benefit provision shall include "accelerated benefit" or "accelerated death
			 benefit" as part of the descriptive title. The policy, certificate or rider
			 schedule must:
(a) Include one of the
			 following:
(A) Any premium or cost of
			 insurance charge designated for the accelerated benefit;
(B) The interest rate if fixed; or
(C) The method used by the insurer to
			 establish the interest rate in OAR 836-051-0370(3); and
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0340 - Exercise of the Accelerated Benefit

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For conditions of eligibility resulting
			 from accident, an accelerated benefit provision must be exercisable on or after
			 the issue date of the accelerated benefit provision.
(2) For conditions of eligibility resulting
			 from illness, an accelerated benefit provision must be exercisable not later
			 than the 30th day after the issued date of the accelerated benefit
			 provision.
(3) For the purpose of
			 defining the qualifying event described in ORS
			 743.154(2)(c),
			 an insurer shall not require a period of continuous confinement that is greater
			 than 180 days.
Stat. Auth.: ORS
				  731.244 & ORS
				  743.154
Stats. Implemented: ORS
				  743.154
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0350 - Waiver of Premium

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An insurer
			 may offer a waiver of premium as part of the accelerated benefit provision in
			 the absence of a regular waiver of premium provision.
(2) When an accelerated benefit is included
			 in an individual term policy or an individually-paid group certificate, the
			 accelerated benefit provision must include a waiver of premium provision for
			 any remaining face amount.
(3) A
			 term rider shall not be affected by the payment of the accelerated benefit if
			 premiums continue to be paid for the rider.
Stat. Auth.: ORS
				  731.244 & ORS
				  743.154
Stats. Implemented: ORS
				  743.154
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0360 - Discrimination

Current through Register Vol. 63, No. 7, July 1, 2024
In the payment of accelerated benefits, an insurer shall not
				unfairly discriminate among insureds with differing qualifying events covered
				under the policy or among insureds with similar qualifying events covered under
				the policy. An insurer shall not apply further conditions on the payment of the
				accelerated benefits other than those conditions specified in the policy or
				rider. An insurer who provides that its accelerated benefit provision is
				exercisable in the event of a medical condition to which ORS
				743.154(2)(d)
				applies shall not limit exercise of the benefit to specific medical
				conditions.
Stat. Auth.: ORS
				  731.244 & ORS
				  743.154
Stats. Implemented: ORS
				  743.154
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0370 - Minimum Benefit Standards

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 For purposes of this rule, accelerated benefits consist of:
(a) The risk portion of the accelerated
			 benefit, determined by deducting the cash values in the contract from the total
			 accelerated benefit amount; and
(b)
			 The portion of the accelerated benefit equal to the cash value in the policy at
			 the time of acceleration. Any amount included in the accelerated benefit that
			 is accessible through another policy provision is subject to that policy
			 provision if more favorable to the policy holder or certificate holder. Such an
			 amount must be separately identified.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0380 - Actuarial Disclosure and Reserves

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An insurer shall submit an actuarial
			 memorandum with each filing that describes the accelerated benefit, the risks,
			 the expected costs, the development of premiums, the bases used to calculate
			 benefits payable and the calculation of statutory reserves.
(2) When an accelerated benefit is included
			 as part of a policy, certificate or rider, an insurer shall determine reserves
			 in accordance with the Standard Valuation Law. The actuary must follow both
			 actuarial standards and certification for good and sufficient reserves.
			 Reserves in the aggregate must be sufficient to cover:
(a) Policies upon which no claim has yet
			 arisen; and
(b) Policies upon which
			 an accelerated claim has arisen.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0500 - Purpose; Authority

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 purpose of OAR 836-051-0500  to 836-051-0600  is to provide rules for life
			 insurance policy illustrations that will protect consumers and foster consumer
			 education. OAR 836-051-0500  to 836-051-0600  provide illustration formats,
			 prescribe standards to be followed when illustrations are used and specify the
			 disclosures that are required in connection with illustrations. The goals of
			 836-051-0500  to 836-051-0600  are to ensure that illustrations do not mislead
			 purchasers of life insurance and to make illustrations more
			 understandable.
(2) Insurers shall,
			 as far as possible, eliminate the use of footnotes and caveats and define terms
			 used in the illustration in language that would be understood by a typical
			 person within the segment of the public to which the illustration is
			 directed.
(3) OAR 836-051-0500  to
			 836-051-0600  are adopted pursuant to ORS
			 731.244 and
			 746.240 for the purpose of
			 implementing 746.075,
			 746.085,
			 746.100,
			 746.110, and
			 746.240.
Stat. Auth.: ORS
				  731.244 &
				  746.240
Stats. Implemented: ORS
				  746.075,
				  746.085,
				  746.100,
				  746.110 &
				  746.240
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0510 - Applicability and Scope

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR
			 836-051-0500  to 836-051-0600  apply to all group life insurance policies and
			 certificates and all individual life insurance policies except:
(a) Variable life insurance;
(b) Individual and group annuity
			 contracts;
(c) Credit life
			 insurance;
(d) Life insurance
			 policies with an illustrated death benefit that does not exceed $10,000 on any
			 individual; and
(e) Group term life
			 insurance policies.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0520 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
For the purposes of OAR 836-051-0500  to 836-051-0600:
(1) "Actuarial Standards Board" means the
			 board established by the American Academy of Actuaries to develop and
			 promulgate standards of actuarial practice.
(2) "Contract premium" means the gross
			 premium that is required to be paid under a fixed premium policy, including the
			 premium for a rider for which benefits are shown in the illustration.
(3) "Currently payable scale" means a scale
			 of non-guaranteed elements in effect for a policy form as of the preparation
			 date of the illustration or declared to become effective within the next 95
			 days.
(4) "Disciplined current
			 scale" means a scale of non-guaranteed elements constituting a limit on
			 illustrations currently being illustrated by an insurer, that is reasonably
			 based on actual recent historical experience, as certified annually by an
			 illustration actuary designated by the insurer. Further guidance in determining
			 the disciplined current scale as contained in standards established by the
			 Actuarial Standards Board may be relied upon if the standards:
(a) Are consistent with all provisions of OAR
			 836-051-0500  to 836-051-0600;
(b)
			 Limit a disciplined current scale to reflect only actions that have already
			 been taken or events that have already occurred;
(c) Do not permit a disciplined current scale
			 to include any projected trends of improvements in experience or any assumed
			 improvements in experience beyond the illustration date; and
(d) Do not permit assumed expenses to be less
			 than minimum assumed expenses.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0530 - Policies to Be Illustrated

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 An insurer shall identify each life insurance policy form filed with the
			 Director on or after July 1, 1997, that will be marketed with an illustration.
			 For informational purposes, the insurer shall file with the policy form filing
			 a sample illustration in John Doe format to match a John Doe policy. Approval
			 of a policy form filing will not be given until the Director has received the
			 informational sample illustration. The insurer shall also identify in writing
			 each policy form being actively marketed on July 1, 1997, with which an
			 illustration is being or will be used. Any decision to market with an
			 illustration or not may be changed by notice to the Director.
(2) If an insurer does not identify a policy
			 form as one to be marketed with an illustration, any use of an illustration for
			 any policy using that form prior to the first policy anniversary is
			 prohibited.
(3) If a policy form is
			 identified by the insurer as one to be marketed with an illustration, a basic
			 illustration prepared and delivered in accordance with OAR 836-051-0500  to
			 836-051-0600  is required, except that a basic illustration need not be provided
			 to individual members of a group or to individuals insured under multiple lives
			 coverage issued to a single applicant unless the coverage is marketed to these
			 individuals. The illustration furnished an applicant for a group life insurance
			 policy or policies issued to a single applicant on multiple lives may be either
			 an individual or composite illustration representative of the coverage on the
			 lives of members of the group or the multiple lives covered.
(4) Potential enrollees of non-term group
			 life insurance subject to OAR 836-051-0500  to 836-051-0600  shall be furnished a
			 quotation as described in this section with the enrollment materials. The
			 quotation shall show potential policy values for sample ages and policy years
			 on a guaranteed and non-guaranteed basis appropriate to the group and the
			 coverage. This quotation shall not be considered an illustration for purposes
			 of 836-051-0500  to 836-051-0600, but all information provided shall be
			 consistent with the illustrated scale. A basic illustration shall be provided
			 at delivery of the certificate to enrollees for non-term group life who enroll
			 for more than the minimum premium necessary to provide pure death benefit
			 protection. In addition, the insurer shall make a basic illustration available
			 to any non-term group life enrollee who requests it.
Stat. Auth.: ORS
				  731.244 &
				  746.240
Stats. Implemented: ORS
				  746.075,
				  746.085,
				  746.100,
				  746.110 &
				  746.240
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0540 - General Rules and Prohibitions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An illustration used in the sale of a
			 life insurance policy shall satisfy the applicable requirements of OAR
			 836-051-0500  to 836-051-0600, be clearly labeled "life insurance illustration"
			 and contain the following basic information:
(a) Name of insurer;
(b) Name and business address of the
			 insurance producer, if any;
(c)
			 Name, age and sex of proposed insured, except when a composite illustration is
			 permitted under OAR 836-051-0500  to 836-051-0600;
(d) Underwriting or rating classification
			 upon which the illustration is based;
(e) Generic name of policy, the insurer
			 product name, if different, and form number;
(f) Initial death benefit; and
(g) Dividend option election or application
			 of non-guaranteed elements, if applicable.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0560 - Standards for Supplemental Illustrations

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A supplemental illustration may be
			 provided so long as:
(a) It is appended to,
			 accompanied by or preceded by a basic illustration that complies with OAR
			 836-051-0500  to 836-051-0600;
(b)
			 The non-guaranteed elements shown are not more favorable to the policy owner
			 than the corresponding elements based on the scale used in the basic
			 illustration;
(c) It contains the
			 same statement required of a basic illustration that non-guaranteed elements
			 are not guaranteed; and
(d) For a
			 policy that has a contract premium, the contract premium underlying the
			 supplemental illustration is equal to the contract premium shown in the basic
			 illustration. For policies that do not require a contract premium, the premium
			 outlay underlying the supplemental illustration shall be equal to the premium
			 outlay shown in the basic illustration.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0580 - Annual Report; Notice to Policy Owners

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In the case of a policy designated as one
			 for which illustrations will be used, the insurer shall provide each policy
			 owner with an annual report on the status of the policy that shall contain at
			 least the following information:
(a) For
			 universal life policies, the report shall include the following:
(A) The beginning and end date of the current
			 report period;
(B) The policy value
			 at the end of the previous report period and at the end of the current report
			 period;
(C) The total amounts that
			 have been credited or debited to the policy value during the current report
			 period, identifying each by type (e.g., interest, mortality, expense and
			 riders);
(D) The current death
			 benefit at the end of the current report period on each life covered by the
			 policy;
(E) The net cash surrender
			 value of the policy as of the end of the current report period;
(F) The amount of outstanding loans, if any,
			 as of the end of the current report period; and
(G) For fixed premium policies: If, assuming
			 guaranteed interest, mortality and expense loads and continued scheduled
			 premium payments, the policy's net cash surrender value is such that it would
			 not maintain insurance in force until the end of the next reporting period, a
			 notice to this effect shall be included in the report; or
(H) For flexible premium policies: If,
			 assuming guaranteed interest, mortality and expense loads, the policy's net
			 cash surrender value will not maintain insurance in force until the end of the
			 next reporting period unless further premium payments are made, a notice to
			 this effect shall be included in the report.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0590 - Annual Certifications

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 board of directors of each insurer shall appoint one or more illustration
			 actuaries.
(2) The illustration
			 actuary shall certify that the disciplined current scale used in illustrations
			 is in conformity with the Actuarial Standard of Practice for Compliance with
			 the NAIC Model Regulation on Life Insurance Illustrations promulgated by the
			 Actuarial Standards Board, and that the illustrated scales used in
			 insurer-authorized illustrations meet the requirements of OAR 836-051-0500  to
			 836-051-0600.
(3) The illustration
			 actuary shall:
(a) Be a member in good
			 standing of the American Academy of Actuaries;
(b) Be familiar with the standard of practice
			 regarding life insurance policy illustrations;
(c) Not have been found by the Director,
			 following appropriate notice and hearing to have:
(A) Violated any provision of, or any
			 obligation imposed by, the Insurance Law or other law in the course of the
			 actuary's dealings as an illustration actuary;
(B) Been found guilty of fraudulent or
			 dishonest practices;
(C)
			 Demonstrated the actuary's incompetence, lack of cooperation or
			 untrustworthiness to act as an illustration actuary; or
(D) Resigned or been removed as an
			 illustration actuary within the past five years as a result of acts or
			 omissions indicated in any adverse report on examination or as a result of a
			 failure to adhere to generally acceptable actuarial standards.
(d) Not fail to notify the
			 Director of any action taken by a commissioner of another state similar to that
			 under subsection (c) of this section (3);
(e) Disclose in the annual certification
			 whether, since the last certification, a currently payable scale applicable for
			 business issued within the previous five years and within the scope of the
			 certification has been reduced for reasons other than changes in the experience
			 factors underlying the disciplined current scale. If nonguaranteed elements
			 illustrated for new policies are not consistent with those illustrated for
			 similar in force policies, this must be disclosed in the annual certification.
			 If nonguaranteed elements illustrated for both new and in force policies are
			 not consistent with the nonguaranteed elements actually being paid, charged or
			 credited to the same or similar forms, this must be disclosed in the annual
			 certification; and
(f) Disclose in
			 the annual certification the method used to allocate overhead expenses for all
			 illustrations:
(A) Fully allocated
			 expenses;
(B) Marginal expenses;
			 or
(C) A generally recognized
			 expense table based on fully allocated expenses representing a significant
			 portion of insurance companies and approved by the Director.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0600 - Trade Practice Regulation

Current through Register Vol. 63, No. 7, July 1, 2024
Violation of any provision of OAR 836-051-0500  to 836-051-0600 is an unfair trade practice under ORS
				746.240.
Stat. Auth.: ORS
				  731.244 & ORS
				  746.240
Stats. Implemented: ORS
				  746.075, ORS
				  746.085, ORS
				  746.100, ORS
				  746.110 & ORS
				  746.240