reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0450 - Acquisitions and Dispositions of Assets

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Materiality. No acquisitions or
			 dispositions of assets need be reported pursuant to OAR 836-011-0440  if the
			 acquisitions or dispositions are not material. For purposes of 836-011-0430  to
			 836-011-0460, a material acquisition (or the aggregate of any series of related
			 acquisitions during any 30-day period) or disposition (or the aggregate of any
			 series of related dispositions during any 30-day period) is one that is
			 non-recurring and not in the ordinary course of business and involves more than
			 five percent of the reporting insurer's total allowed assets as reported in its
			 most recent statutory statement filed with the insurance department of the
			 insurer's state of domicile.
(2)
			 Scope. OAR 836-011-0430  to 836-011-0460  apply to the following asset
			 acquisitions and asset dispositions:
(a)
			 Asset acquisitions subject to OAR 836-011-0430  to 836-011-0460  include every
			 purchase, lease, exchange, merger, consolidation, succession or other
			 acquisition other than the construction or development of real property by or
			 for the reporting insurer or the acquisition of materials for such
			 purpose.
(b) Asset dispositions
			 subject to OAR 836-011-0430  to 836-011-0460  include every sale, lease,
			 exchange, merger, consolidation, mortgage, hypothecation, assignment (whether
			 for the benefit of creditors or otherwise), abandonment, destruction or other
			 disposition.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0460 - Nonrenewals, Cancellations or Revisions of Ceded Reinsurance Agreements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Materiality and
			 scope:
(a) No nonrenewals, cancellations or
			 revisions of ceded reinsurance agreements need be reported pursuant to OAR
			 836-011-0440  if the nonrenewals, cancellations or revisions are not material.
			 For purposes of 836-011-0430  to 836-011-0460, a material nonrenewal,
			 cancellation or revision is one that affects:
(A) As respects property and casualty
			 business, including accident and health business written by a property and
			 casualty insurer:
(i) More than fifty percent
			 of the insurer's total ceded written premium; or
(ii) More than fifty percent of the insurer's
			 total ceded indemnity and loss adjustment reserves.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0500 - Application; Statutory Authority; Statutes Implemented

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR 836-011-0500  to 836-011-0550 apply to
			 health care service contractors.
(2) OAR 836-011-0500  to 836-011-0550 are
			 adopted pursuant to the authority of ORS
			 731.244 and
			 750.045 for the purpose of
			 implementing ORS 731.574,
			 733.210 and
			 750.045.
Stat. Auth.: ORS
				  731.244, ORS
				  750.045
Stats. Implemented: ORS
				  731.574, ORS
				  733.210, ORS
				  750.045
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0505 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
As used in OAR 836-011-0500  to 836-011-05:
(1) "Adjusted RBC report" means an RBC report
			 that has been adjusted by the Director in accordance with OAR
			 836-011-0510(4).
(2) "Corrective
			 order" means an order issued by the Director specifying corrective actions that
			 the Director has determined are required.
(3) "Domestic health care service contractor"
			 means a health care service contractor domiciled in this state.
(4) "Foreign health care service contractor"
			 means a health care service contractor that is authorized to transact business
			 in this state as a health care service contractor but is not domiciled in this
			 state.
(5) "NAIC" means the
			 National Association of Insurance Commissioners.
(6) "RBC instructions" means the RBC report
			 including risk-based capital instructions adopted by the NAIC, as the RBC
			 instructions may be amended by the NAIC from time to time in accordance with
			 the procedures adopted by the NAIC.
(7) "RBC level" means a health care service
			 contractor's Company Action Level RBC, Regulatory Action Level RBC, Authorized
			 Control Level RBC or Mandatory Control Level RBC, defined as follows:
(a) "Company Action Level RBC" means, with
			 respect to any health care service contractor, the product of 2.0 and its
			 Authorized Control Level RBC;
(b)
			 "Regulatory Action Level RBC" means the product of 1.5 and its Authorized
			 Control Level RBC;
(c) "Authorized
			 Control Level RBC" means the number determined under the risk-based capital
			 formula in accordance with the RBC Instructions;
(d) "Mandatory Control Level RBC" means the
			 product of .70 and the Authorized Control Level RBC.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0510 - RBC Reports

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A domestic
			 health care service contractor shall, on or prior to each March 1 (the "filing
			 date"), prepare and submit to the Director a report of its RBC levels as of the
			 end of the calendar year just ended, in a form and containing such information
			 as is required by the RBC instructions. In addition, a domestic health care
			 service contractor shall file its RBC report:
(a) With the NAIC in accordance with the RBC
			 instructions; and
(b) With the
			 insurance commissioner in any state in which the health care service contractor
			 is authorized to do business, if the insurance commissioner has notified the
			 health care service contractor of its request in writing, in which case the
			 health care service contractor shall file its RBC report not later than the
			 later of:
(A) 15 days from the receipt of
			 notice to file its RBC report with that state; or
(B) The filing date.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0515 - Company Action Level Event

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 "Company Action Level Event" means any of the following events:
(a)
(A) The
			 filing of an RBC report by a health care service contractor that indicates that
			 the health care service contractor's total adjusted capital is greater than or
			 equal to its Regulatory Action Level RBC but less than its Company Action Level
			 RBC; or
(B) If a health care
			 service contractor has total adjusted capital that is greater than or equal to
			 its Company Action Level RBC but less than the product of its Authorized
			 Control Level RBC and 3.0 and triggers the trend test determined in accordance
			 with the trend test calculation included in the Health RBC
			 instructions;
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0525 - Authorized Control Level Event

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 "Authorized Control Level Event" means any of the following events:
(a) The filing of an RBC report by the health
			 care service contractor that indicates that the health care service
			 contractor's total adjusted capital is greater than or equal to its Mandatory
			 Control Level RBC but less than its Authorized Control Level RBC;
(b) The notification by the Director to the
			 health care service contractor of an adjusted RBC report that indicates the
			 event in subsection (a) of this section, if the health care service contractor
			 does not challenge the adjusted RBC report under OAR 836-011-0535;
(c) If, pursuant to OAR 836-011-0535, the
			 health care service contractor challenges an adjusted RBC report that indicates
			 the event in subsection (a) of this section, notification by the Director to
			 the health care service contractor that the Director has, after a hearing,
			 rejected the health care service contractor's challenge;
(d) The failure of the health care service
			 contractor to respond, in a manner satisfactory to the Director, to a
			 corrective order (if the health care service contractor has not challenged the
			 corrective order under OAR 836-011-0535); or
(e) If the health care service contractor has
			 challenged a corrective order under OAR 836-011-0535  and the Director has,
			 after a hearing, rejected the challenge or modified the corrective order, the
			 failure of the health care service contractor to respond, in a manner
			 satisfactory to the Director, to the corrective order subsequent to rejection
			 or modification by the Director.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0530 - Mandatory Control Level Event

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 "Mandatory Control Level Event" means any of the following events:
(a) The filing of an RBC report that
			 indicates that the health care service contractor's total adjusted capital is
			 less than its Mandatory Control Level RBC;
(b) Notification by the Director to the
			 health care service contractor of an adjusted RBC report that indicates the
			 event in subsection (a) of this section, if the health care service contractor
			 does not challenge the adjusted RBC report under OAR 836-011-0535; or
(c) If, pursuant to OAR 836-011-0535, the
			 health care service contractor challenges an adjusted RBC report that indicates
			 the event in subsection (a) of this section, notification by the Director to
			 the health care service contractor that the Director has, after a hearing,
			 rejected the health care service contractor's challenge.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0535 - Hearings

Current through Register Vol. 63, No. 7, July 1, 2024
Upon the occurrence of any of the following events, a health
				care service contractor may request a hearing, as provided in ORS
				731.240, for the purpose of
				challenging any determination or action by the Director in connection with any
				event described in this rule. The health care service contractor shall notify
				the Director of its request for a hearing not later than the fifth day after
				notification by the Director under any of the events described in this rule.
				Upon receipt of the health care service contractor's request for a hearing, the
				Director shall set a date for the hearing. The date shall be not less than 10
				nor more than 30 days after the date of the health care service contractor's
				request. The events to which the opportunity for a hearing under this rule
				relates are as follows:
(1)
			 Notification to a health care service contractor by the Director of an adjusted
			 RBC report;
(2) Notification to a
			 health care service contractor by the Director that:
(a) The health care service contractor's RBC
			 plan or revised RBC plan is unsatisfactory; and
(b) Notification constitutes a Regulatory
			 Action Level Event with respect to the health care service
			 contractor;
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0540 - Supplemental Provisions; Rules; Exemption

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR 836-011-0500  to 836-011-0550 are
			 supplemental to any other provisions of the laws of this state, and shall not
			 preclude or limit any other powers or duties of the Director under such laws,
			 including, but not limited to, ORS
			 734.059 to
			 734.440 and OAR 836-011-0100  to
			 836-011-0120.
(2) The Director may
			 exempt from the application of OAR 836-011-0500  to 836-011-0550 a domestic
			 health care service contractor that:
(a)
			 Writes direct business only in this state;
(b) Assumes no reinsurance in excess of five
			 percent of direct premium written; and
(c) Writes direct annual premiums for
			 comprehensive medical business of $2 million or less; or
(d) Is a limited health care service
			 contractor that covers less than 500 lives.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0545 - Foreign Health Care Service Contractors

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A foreign health care service contractor
			 shall, upon the written request of the Director, submit to the Director an RBC
			 report as of the end of the calendar year just ended the later of:
(a) The date an RBC report would be required
			 to be filed by a domestic health care service contractor under OAR 836-011-0500  to 836-011-0550; or
(b) The 15th
			 day after the request is received by the foreign health care service
			 contractor.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0600 - Report on Services Provided by Expanded Practice Dental Hygienists

Current through Register Vol. 63, No. 7, July 1, 2024
(1) As used in this
			 rule:
(a) "Expanded practice dental
			 hygienist" has the meaning given in ORS
			 679.010.
(b) "Health insurer" includes:
(A) An insurer authorized to transact health
			 insurance in Oregon;
(B) A health
			 care service contractor as defined in ORS
			 750.005;
(C) A multiple employer welfare arrangement
			 as defined in ORS 750.301;
(D) A coordinated care organization as
			 defined in ORS 414.025, or a dental care
			 organization or governed by the Oregon Health Authority;
(E) A third party administrator licensed
			 under ORS 744.702; and
(F) Federally qualified health centers
			 governed by the United States Department of Health and Human
			 Services.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0000 - Director's Authority

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR
			 836-012-0000  to 836-012-0110  are adopted pursuant to ORS
			 731.508 to
			 731.514,
			 and general rulemaking authority under ORS
			 731.244.
(2) OAR 836-012-0000  to 836-012-0110  are
			 adopted for the purpose of establishing standards and procedural requirements
			 that the director determines to be necessary and appropriate in the public
			 interest for carrying out ORS
			 731.508 to
			 731.514,
			 relating to credit for reinsurance, for the protection of the insurance-buying
			 public and the ceding insurers in this state.
(3) Form AR-1, Certificate of Assuming
			 Insurer, Exhibit 1 to this rule, is adopted for purposes of OAR 836-012-0000  to
			 836-012-0110, when the use of the form is required by such rules.
(4) Form ACR-1, Certificate of Assuming
			 Certified Reinsurer, Exhibit 2 to this rule, is adopted for purposes of OAR
			 836-012-0000  to 836-012-0110, when the use of the form is required by such
			 rules.
(5) Form CR-F, Certificate
			 For Property/Casualty Reinsurers, Exhibit 3 to this rule, is adopted for
			 purposes of OAR 836-012-0000  to 836-012-0110, when the use of the form is
			 required by such rules.
(6) Form
			 CR-S, Certificate For Life/Health Reinsurers, Exhibit 4 to this rule, is
			 adopted for purposes of OAR 836-012-0000  to 836-012-0110, when the use of the
			 form is required by such rules.
(7)
			 Form RJ-1, Certificate of Reinsurer Domiciled in Reciprocal Jurisdiction,
			 Exhibit 5 to this rule, is adopted for purposes of OAR 836-012-0000  to
			 836-012-0110, when the use of the form is required by such rules.
(8) If any provision of this regulation, or
			 the application of the provision to any person or circumstance, is held
			 invalid, the remainder of the regulation, and the application of the provision
			 to persons or circumstances other than those to which it is held invalid, shall
			 not be affected.
To view attachments referenced in rule text,
click here to view
				  rule
.
Statutory/Other Authority: Or Laws 2021, ch 204, sec 2, ORS
				  731.508 -
				  731.514 & ORS
				  731.244
Statutes/Other Implemented: Or Laws 2021, ch 204, sec 2 &
				  ORS
				  731.508 -
				  731.514
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0006 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
As used in OAR 836-012-0000  to 836-012-0110, "statutory
				financial statement" means quarterly, annual or other financial statements
				required by state law.
Statutory/Other Authority: 731.244 & ORS
				  731.508 - 731.511
Statutes/Other Implemented: ORS
				  731.508 - 731.511 & Or Laws
				  2019, ch 151
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0011 - Credit for Reinsurance - Reinsurer Authorized in this State

Current through Register Vol. 63, No. 7, July 1, 2024
Pursuant to ORS
				731.509(4), the
				director shall allow credit for reinsurance ceded by a domestic insurer to an
				assuming insurer that was authorized in this state as of any date on which
				statutory financial statement credit for reinsurance is claimed.
Statutory/Other Authority: ORS
				  731.508 - 731.511 &
				  731.244
Statutes/Other Implemented: ORS
				  731.508 - 731.511 & Or Laws
				  2019, ch 151
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0021 - Credit for Reinsurance - Accredited Reinsurers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Pursuant to ORS
			 731.509(4) and
			 ORS 731.511, the director shall
			 allow credit for reinsurance ceded by a domestic insurer to an assuming insurer
			 that is accredited as a reinsurer in this state as of the date on which
			 statutory financial statement credit for reinsurance is claimed. An accredited
			 reinsurer must:
(a) File a properly executed
			 Form AR-1 (Exhibit 1, OAR 836-012-0000) as evidence of its submission to this
			 state's jurisdiction and to this state's authority to examine its books and
			 records;
(b) File with the director
			 a certified copy of a certificate of authority or other acceptable evidence
			 that it is licensed to transact insurance or reinsurance in at least one state,
			 or, in the case of a U.S. branch of an alien assuming insurer, is entered
			 through and licensed to transact insurance or reinsurance in at least one
			 state;
(c) File annually with the
			 director a copy of its annual statement filed with the insurance department of
			 its state of domicile or, in the case of an alien assuming insurer, with the
			 state through which it is entered and in which it is licensed to transact
			 insurance or reinsurance, and a copy of its most recent audited financial
			 statement; and
(d) Maintain a
			 surplus as regards policyholders in an amount not less than $20,000,000 or
			 obtain the director's affirmative approval upon a finding by the director that
			 it has adequate financial capacity to meet its reinsurance obligations and is
			 otherwise qualified to assume reinsurance from domestic insurers.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0031 - Credit for Reinsurance - Reinsurer Domiciled and Licensed in Another State

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Pursuant to
			 ORS 731.509(6), the
			 director shall allow credit for reinsurance ceded by a domestic insurer to an
			 assuming insurer that as of any date on which statutory financial statement
			 credit for reinsurance is claimed:
(a) Is
			 domiciled in a state employing standards regarding credit for reinsurance that
			 equal or exceed those applicable under ORS
			 731.509 to
			 731.511 and OAR 836-012-0000  to
			 836-012-0110  or, in the case of a U.S. branch of an alien assuming insurer, is
			 entered through a state employing such standards;
(b) Maintains capital and surplus in an
			 amount not less than $20,000,000; and
(c) Files a properly executed Form AR-1
			 (Exhibit 1, OAR 836-012-0000) with the director as evidence of its submission
			 to this state's authority to examine its books and records.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0051 - Credit for Reinsurance Required by Law

Current through Register Vol. 63, No. 7, July 1, 2024
Pursuant to ORS
				731.511, the director shall
				allow credit for reinsurance ceded by a domestic insurer to an assuming insurer
				not meeting the requirements of ORS
				731.509(4), (5), (6) or
				(7), or other appropriate provisions
				contained in ORS 731.510 to
				731.511, but only as to the
				insurance of risks located in jurisdictions where the reinsurance is required
				by the applicable law or regulation of that jurisdiction. As used in this rule,
				"jurisdiction" means any state, district or territory of the United States and
				any lawful national government.
Statutory/Other Authority: ORS
				  731.508 - 731.511 &
				  731.244
Statutes/Other Implemented: ORS
				  731.508 - 731.511 & Or Laws
				  2019, ch 151
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0060 - Asset or Reduction from Liability for Reinsurance Ceded to an Unauthorized Assuming Insurer Not Meeting the Requirements of OAR 836-012-0011 to 836-012-0051

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Pursuant to ORS 731.510, the director shall
			 allow a reduction from liability for reinsurance ceded by a domestic insurer to
			 an assuming insurer not meeting the requirements of ORS
			 731.509 in an amount not
			 exceeding the liabilities carried by the ceding insurer. The reduction shall be
			 in the amount of funds held by or on behalf of the ceding insurer, including
			 funds held in trust for the exclusive benefit of the ceding insurer, under a
			 reinsurance contract with such assuming insurer as security for the payment of
			 obligations under the reinsurance contract. The security must be held in the
			 United States subject to withdrawal solely by and under the exclusive control
			 of the ceding insurer or, in the case of a trust, held in a qualified U.S.
			 financial institution as defined in ORS
			 731.510(1). The
			 security may be in the form of any of the following:
(a) Cash;
(b) Securities listed by the Securities
			 Valuation Office of the National Association of Insurance Commissioners,
			 including those deemed exempt from filing as defined by the Purposes and
			 Procedures Manual of the Securities Valuation Office, and qualifying as allowed
			 assets;
(c) Clean, irrevocable,
			 unconditional and "evergreen" letters of credit issued or confirmed by a
			 qualified U.S. institution, as defined in ORS
			 731.510(2),
			 effective no later than December 31 of the year for which filing is being made,
			 and in the possession of, or in trust for, the ceding insurer on or before the
			 filing date of its annual statement. Letters of credit meeting applicable
			 standards of issuer acceptability as of the dates of their issuance or
			 confirmation shall, notwithstanding the issuing or confirming institution's
			 subsequent failure to meet applicable standards of issuer acceptability,
			 continue to be acceptable as security until their expiration, extension,
			 renewal, modification or amendment, whichever first occurs; or
(d) Any other form of security acceptable to
			 the director.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0070 - Trust Agreements Qualified under OAR 836-012-0060

Current through Register Vol. 63, No. 7, July 1, 2024
(1) As used in this rule:
(a) "Beneficiary" includes any successor by
			 operation of law of the named beneficiary, including without limitation any
			 liquidator, rehabilitator, receiver or conservator.
(b) "Grantor" means the entity that has
			 established a trust for the sole benefit of the beneficiary. When established
			 in conjunction with a reinsurance agreement, the grantor is the unauthorized or
			 unlicensed unaccredited assuming insurer.
(c) "Obligations," as used in section (2)(k)
			 of this rule, means:
(A) Reinsured losses and
			 allocated loss expenses paid by the ceding insurer, but not recovered from the
			 assuming insurer;
(B) Reserves for
			 reinsured losses reported and outstanding;
(C) Reserves for reinsured losses incurred
			 but not reported; and
(D) Reserves
			 for allocated reinsured loss expenses and unearned premiums.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0090 - Other Security

Current through Register Vol. 63, No. 7, July 1, 2024
A ceding insurer may take credit for unencumbered funds
				withheld by the ceding insurer in the United States subject to withdrawal
				solely by the ceding insurer and under its exclusive control.
Statutory/Other Authority: ORS
				  731.508 - 731.511 &
				  731.244
Statutes/Other Implemented: ORS
				  731.508 - 731.511 & Or Laws
				  2019, ch 151
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0100 - Reinsurance Contract

Current through Register Vol. 63, No. 7, July 1, 2024
Credit shall not be granted, nor an asset or reduction from
				liability allowed, to a ceding insurer for reinsurance effected with assuming
				insurers meeting the requirements of OAR 836-012-0011, 836-012-0021,
				836-012-0031, 836-012-0041  or 836-012-0060  or otherwise in compliance with ORS
				731.509 after the adoption of
				OAR 836-012-0000  to 836-012-0110, unless the reinsurance agreement:
(1) Includes a proper insolvency clause,
			 which stipulates that reinsurance is payable directly to the liquidator or
			 successor without diminution regardless of the status of the ceding company
			 pursuant to ORS 731.508;
(2) Includes a provision pursuant to ORS
			 731.509(10),
			 whereby the assuming insurer, if an unauthorized assuming insurer, has
			 submitted to the jurisdiction of an alternative dispute resolution panel or
			 court of competent jurisdiction within the United States, has agreed to comply
			 with all requirements necessary to give such court or panel jurisdiction, has
			 designated an agent upon whom service of process may be effected and has agreed
			 to abide by the final decision of the court or panel; and
(3) Includes a proper reinsurance
			 intermediary clause, if applicable, which stipulates that the credit risk for
			 the intermediary is carried by the assuming insurer.
Statutory/Other Authority: ORS
				  731.508 - 731.511 &
				  731.244
Statutes/Other Implemented: ORS
				  731.508 - 731.511 & Or Laws
				  2019, ch 151
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0110 - Contracts Affected

Current through Register Vol. 63, No. 7, July 1, 2024
All new and renewal reinsurance transactions entered into on
				and after January 1, 2019, shall conform to the requirements of ORS
				731.509 to
				731.511 and OAR 836-012-0000  to
				836-012-0110  if credit is to be given to the ceding insurer for such
				reinsurance.
Statutory/Other Authority: ORS
				  731.508 - 731.511 &
				  731.244
Statutes/Other Implemented: ORS
				  731.508 - 731.511 & Or Laws
				  2019, ch 151
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0200 - Authority

Current through Register Vol. 63, No. 7, July 1, 2024
This regulation is adopted and promulgated by the director of
				the Department of Consumer and Business Services pursuant to ORS
				731.244.
Statutory/Other Authority: ORS
				  731.244, ORS
				  731.508 - 731.511 &
				  731.514
Statutes/Other Implemented: ORS
				  731.508 - 731.511 &
				  731.514
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0210 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
As used in OAR 836-012-0200  to 836-012-0270:
(1) "Actuarial Method" means the methodology
			 used to determine the Required Level of Primary Security, as described in OAR
			 836-012-0250.
(2) "Covered
			 Policies" means the following policies (unless such policies were issued prior
			 to January 1, 2015, and ceded as of December 31, 2014, as part of a reinsurance
			 treaty that would not have met one of the exemptions set forth in OAR
			 836-012-0240  had that section then been in effect):
(a) Life insurance policies with guaranteed
			 nonlevel gross premiums and/or guaranteed nonlevel benefits (other than
			 flexible premium universal life insurance policies); and
(b) Flexible premium universal life insurance
			 policies with provisions resulting in the ability of a policyholder to keep a
			 policy in force over a secondary guarantee period.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0220 - Purpose and Intent

Current through Register Vol. 63, No. 7, July 1, 2024
The purpose and intent of this rule is to establish uniform,
				national standards governing reserve financing arrangements pertaining to life
				insurance policies containing guaranteed nonlevel gross premiums, guaranteed
				nonlevel benefits and universal life insurance policies with secondary
				guarantees; and to ensure that, with respect to each such financing
				arrangement, funds consisting of Primary Security and Other Security, are held
				by or on behalf of ceding insurers in the forms and amounts required herein. In
				general, reinsurance ceded for reserve financing purposes has one or more of
				the following characteristics: some or all of the assets used to secure the
				reinsurance treaty or to capitalize the reinsurer (1) are issued by the ceding
				insurer or its affiliates; or (2) are not unconditionally available to satisfy
				the general account obligations of the ceding insurer; or (3) create a
				reimbursement, indemnification or other similar obligation on the part of the
				ceding insurer or any if its affiliates (other than a payment obligation under
				a derivative contract acquired in the normal course and used to support and
				hedge liabilities pertaining to the actual risks in the policies ceded pursuant
				to the reinsurance treaty).
Statutory/Other Authority: ORS
				  731.244, ORS
				  731.508 - 731.511 &
				  731.514
Statutes/Other Implemented: ORS
				  731.508 - 731.511 &
				  731.514
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0230 - Applicability

Current through Register Vol. 63, No. 7, July 1, 2024
This rule applies to reinsurance treaties that cede liabilities
				pertaining to Covered Policies issued by any life insurance company domiciled
				in this state. This rule and OAR 836-012-0046  shall both apply to such
				reinsurance treaties; provided, that in the event of a direct conflict between
				the provisions of this rule and OAR 836-012-0046, the provisions of this rule
				shall apply, but only to the extent of the conflict.
Statutory/Other Authority: ORS
				  731.244, ORS
				  731.508 - 731.511 &
				  731.514
Statutes/Other Implemented: ORS
				  731.508 - 731.511 &
				  731.514
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0240 - Exemptions from OAR 836-012-0200 to 836-012-0270

Current through Register Vol. 63, No. 7, July 1, 2024
OAR 836-012-0200  to 836-012-0270  do not apply to the
				following:
(1) Reinsurance of:
(a) Policies that satisfy the criteria for
			 exemption set forth OAR 836-031-0770 (7); and which are issued before the later
			 of:
(A) January 1, 2023, and
(B) The date on which the ceding insurer
			 begins to apply the provisions of VM-20 from the Valuation Manual to establish
			 the ceded policies' statutory reserves, but in no event later than January 1,
			 2020;
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0270 - Prohibition against Avoidance

Current through Register Vol. 63, No. 7, July 1, 2024
No insurer that has Covered Policies as to which this rule
				applies shall take any action or series of actions, or enter into any
				transaction or arrangement or series of transactions or arrangements if the
				purpose of such action, transaction or arrangement or series thereof is to
				avoid the requirements of this rule, or to circumvent its purpose and intent,
				as set forth in OAR 836-012-0220.
Statutory/Other Authority: ORS
				  731.244, ORS
				  731.508 - 731.511 &
				  731.514
Statutes/Other Implemented: ORS
				  731.508 - 731.511 &
				  731.514
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0300 - Authority; Statement of Purpose; Director's Authority

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR 836-012-0300  to 836-012-0330 are
			 adopted pursuant to the authority of ORS
			 731.244 and
			 731.508 for the purpose of
			 implementing ORS 731.508(6).
(2) OAR 836-012-0300  to 836-012-0330 apply to
			 each domestic insurer transacting life insurance, health insurance or both, to
			 each domestic health care service contractor, and to each other authorized
			 insurer or health care service contractor transacting life insurance, health
			 insurance or both who is not subject to substantially similar rules or
			 regulations in its domiciliary state. 836-012-0300  to 836-012-0330 do not apply
			 with respect to assumption reinsurance, yearly renewable term reinsurance or
			 certain nonproportional reinsurance such as stop loss or catastrophic
			 reinsurance.
(3) The Director
			 recognizes that authorized insurers routinely enter into reinsurance agreements
			 that yield legitimate relief to the ceding insurer from strain to surplus. It
			 is improper for an authorized insurer, however, in the capacity of ceding
			 insurer, to enter into reinsurance agreements for the principal purpose of
			 producing significant surplus aid for the ceding insurer, typically on a
			 temporary basis, while not transferring all of the significant risks inherent
			 in the business being reinsured. In substance and effect, the expected
			 potential liability to the ceding insurer in agreements that do not transfer
			 all of the significant risks remains basically unchanged by the reinsurance
			 transaction, notwithstanding certain risk elements in the reinsurance
			 agreement, such as catastrophic mortality or extraordinary survival.
Stat. Auth.: ORS
				  731.244 & ORS
				  731.508
Stats. Implemented: ORS
				  731.508(6)
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0320 - Written Agreements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 reinsurance agreement or amendment to any agreement shall not be used to reduce
			 any liability or to establish any asset in any financial statement filed with
			 the Director unless the agreement or amendment or a letter of intent has been
			 duly executed by both parties no later than the "as of date" of the financial
			 statement.
(2) In the case of a
			 letter of intent, a reinsurance agreement or an amendment to a reinsurance
			 agreement must be executed within a reasonable period of time, not exceeding 90
			 days from the execution date of the letter of intent, in order for credit to be
			 granted for the reinsurance ceded.
(3) The reinsurance agreement must contain
			 provisions providing that:
(a) The agreement
			 constitutes the entire agreement between the parties with respect to the
			 business being reinsured thereunder and that there are no understandings
			 between the parties other than as expressed in the agreement; and
(b) Any change or modification to the
			 agreement is void unless made by amendment to the agreement and signed by both
			 parties.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 12 - CREDIT FOR REINSURANCE › Section 836-012-0331 - Existing Agreements

Current through Register Vol. 63, No. 7, July 1, 2024
For purposes of an insurer's statutory financial statement
				filings, each insurer subject to OAR 836-012-0300  to 836-012-330 shall reduce
				to zero any reserve credits or assets established with respect to reinsurance
				agreements entered into prior to November 9, 1995 that, under the provisions of
				836-012-0300  to 836-012-330 as amended, would not be entitled to recognition of
				the reserve credits or assets.
Stat. Auth.: ORS
				  731.244 & ORS
				  731.508
Stats. Implemented: ORS
				  731.508(6)
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 13 - ANNUAL STATEMENT; DIRECTOR'S AUTHORITY › Section 836-013-0100 - Authority

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR
			 836-013-0100  to 836-013-0120  are adopted pursuant to ORS
			 731.244,
			 731.296 and
			 731.385.
(2) OAR 836-013-0100  to 836-013-0120  set
			 forth the standards that the Director may use for identifying insurers who are
			 in such condition as to render the continuance of their business hazardous to
			 the public or to holders of their policies or certificates of
			 insurance.
(3) OAR 836-013-0100  to
			 836-013-0120  are not a limitation on the regulatory powers of the
			 Director.
Stat. Auth.: ORS
				  731.244,
				  731.296,
				  731.385
Stats. Implemented: ORS
				  731.296,
				  731.385
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 13 - ANNUAL STATEMENT; DIRECTOR'S AUTHORITY › Section 836-013-0120 - Director's Authority

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For
			 the purposes of making a determination of the financial condition of an insurer
			 under OAR 836-013-0100  to 836-013-0120, the Director may do one or more of the
			 following:
(a) Disregard any credit or amount
			 receivable resulting from transactions with a reinsurer that is insolvent,
			 impaired or otherwise subject to a delinquency proceeding;
(b) Make appropriate adjustments to asset
			 values attributable to investments in or transactions with parents,
			 subsidiaries or affiliates;
(c)
			 Refuse to recognize the stated value of accounts receivable if the ability to
			 collect receivables is highly speculative in view of the age of the account or
			 the financial condition of the debtor; or
(d) Increase the insurer's liability in an
			 amount equal to any contingent liability, pledge, or guarantee not otherwise
			 included if there is a substantial risk that the insurer will be called upon to
			 meet the obligation undertaken within the next 12-month period.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 14 - ALTERNATIVE INSURANCE ORGANIZATIONS › Section 836-014-0001 - Purpose, Authority and Effective Date

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR 836-014-0001  to 836-014-0045  are
			 adopted to carry out the purpose of ORS
			 750.505 to
			 750.715, that of regulating the
			 operation of legal expense organizations in this state.
(2) OAR 836-014-0001  to 836-014-0045  are
			 adopted pursuant to the general rule-making authority of the Director under ORS
			 731.244 and the specific
			 authority in ORS 750.715.
Stat. Auth.: ORS 731 & ORS 750
Stats. Implemented: ORS
				  750.505 & ORS
				  750.715 et
				  seq.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 14 - ALTERNATIVE INSURANCE ORGANIZATIONS › Section 836-014-0005 - Applicability and Scope

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Except
			 as otherwise specifically provided in section (2) of this rule, OAR
			 836-014-0001  to 836-014-0045  apply to:
(a) All
			 legal expense organizations doing business in this state;
(b) All legal expense plans and membership
			 agreements of legal expense organizations delivered or issued for delivery in
			 this state on or after January 1, 1990;
(c) All legal expense provider agreements in
			 force in this state on or after January 1, 1990.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 14 - ALTERNATIVE INSURANCE ORGANIZATIONS › Section 836-014-0010 - Required Capitalization

Current through Register Vol. 63, No. 7, July 1, 2024
A legal expense organization shall possess and thereafter
				maintain capital or surplus, or any combination thereof, of not less than
				$25,000 or an amount equal to 25 percent of the gross written prepaid fees
				collected from plan members in the preceding calendar year, whichever is
				greater, but in no case shall the required amount be more than
				$300,000.
Stat. Auth.: ORS 731 & ORS 750
Stats. Implemented: ORS
				  750.535(3)(a)
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 14 - ALTERNATIVE INSURANCE ORGANIZATIONS › Section 836-014-0015 - Annual Financial Statement

Current through Register Vol. 63, No. 7, July 1, 2024
A legal expense organization shall file with the Director an
				annual financial statement, using the form prescribed by the Director, not
				later than March 1 following the calendar year to which the statement applies.
				The statement shall be:
(1) Provided
			 on a statutory accounting basis pursuant to the provisions of ORS chapter 733
			 applicable to organizations under ORS
			 750.705.
(2) Verified as to the financial condition of
			 the legal expense organization as of the end of the preceding calendar year:
(a) If the organization is a corporation, by
			 two executive officers;
(b) If the
			 organization is a partnership, by two partners;
(c) If the organization is a sole
			 proprietorship, by the individual proprietor;
(d) If the organization is an association, by
			 two executive officers;
(e) If the
			 organization is an entity other than one to which subsection (a), (b), (c) or
			 (d) of this section applies, by two executive officers.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 14 - ALTERNATIVE INSURANCE ORGANIZATIONS › Section 836-014-0020 - Deposits

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A deposit under
			 ORS 750.685 shall be with a bank
			 qualified under ORS 731.642 to act as a trust
			 company and as a depository of state funds to hold and service securities by
			 insurers with the state, or with any other depository bank as defined in ORS
			 295.005.
(2) For compliance with ORS
			 750.685, a deposit trust
			 agreement shall have the prior approval of the Director for adequate safeguards
			 providing:
(a) Retention of deposits so long
			 as there is outstanding any liability of the legal expense organization as to
			 which the deposit was required;
(b)
			 Release of deposit only upon written directions of the Director.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 14 - ALTERNATIVE INSURANCE ORGANIZATIONS › Section 836-014-0025 - Bond

Current through Register Vol. 63, No. 7, July 1, 2024
A legal expense organization posting a bond under ORS
				750.685 shall use the form
				prescribed by the Director.
Forms referenced are available from the
				  agency.
Stat. Auth.: ORS 731 & 750
Stats. Implemented: ORS
				  750.685(2) -
				  750.685(3)
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 14 - ALTERNATIVE INSURANCE ORGANIZATIONS › Section 836-014-0030 - Sales Representatives

Current through Register Vol. 63, No. 7, July 1, 2024
Every legal expense organization shall submit to the Director,
				on the form prescribed by the Director, the names and addresses of its sales
				and marketing representatives transacting business in this state. The
				notification must be submitted not later than January 1 and July 1 of each
				year.
Forms referenced are available from the
				  agency.
Stat. Auth.: ORS 731 & 750
Stats. Implemented: ORS
				  750.645(2)
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 14 - ALTERNATIVE INSURANCE ORGANIZATIONS › Section 836-014-0035 - Registration of Legal Expense Organization

Current through Register Vol. 63, No. 7, July 1, 2024
A legal expense organization may not transact business in this
				state unless the organization holds a valid certificate of registration. An
				organization may apply for registration with the Director by submitting to the
				Director the following documents:
(1)
			 A completed registration application. The registration application must be on
			 the form prescribed by the Director.
(2) A statement designating a registered
			 agent and a registered office. The statement must be on the form prescribed by
			 the Director. The requirement under this section is in addition to the filing
			 requirements of other law regarding designation of a registered office and
			 registered agent in the State of Oregon for service of process, notice and
			 demand.
(3) A list of its sales and
			 marketing representatives. The names of the sales and marketing representatives
			 must be submitted on the form prescribed by the Director in OAR
			 836-014-0030.
(4) A Financial
			 Statement. The statement must follow the form prescribed by the Director in OAR
			 836-014-0015  and comply with 836-014-0015, except for the filing
			 date.
(5) Copies of the following
			 forms and related schedules used or to be used by the organization:
(a) The provider agreement forms used or to
			 be used in this state;
(b) The
			 membership agreement forms delivered or issued or to be delivered or issued in
			 this state;
(c) The legal expense
			 plan forms delivered or issued or to be delivered or issued in this
			 state;
(d) The schedule of rates
			 charged or to be charged members in this state for each type of agreement or
			 plan.