reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 71 - INSURANCE LICENSING › Section 836-071-0425 - Limited License Renewal

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 limited license expires on the last day of the month in which the second
			 anniversary of the initial issuance date occurs. Thereafter, the limited
			 license shall expire on the second anniversary following each
			 renewal.
(2) A limited licensee
			 applying for renewal must submit the following to the director electronically
			 as set forth on the website of the National Insurance Producer Registry in
			 accordance with instructions located on the Division of Financial Regulation
			 website at dfr.oregon.gov. The renewal application must include:
(a) A completed renewal application on the
			 form entitled "Renewal Notice for Self-Service Storage Insurance Vendors." must
			 be returned to the director electronically in accordance with instructions set
			 forth on Division of Financial Regulation website not later than the limited
			 license expiration date.
(b) An
			 updated certification by the supervising entity or the limited licensee that
			 all employees, agents and authorized representatives involved in the issuance,
			 sale or offering for sale of self-service storage coverage to customers have
			 completed or will complete the training program outlined in section (2)(c) of
			 this rule, prior to issuing, selling or offering for sale self-service storage
			 insurance coverage.
(c) An outline
			 of and copies of materials the licensee uses in the training program. The
			 director may request copies of materials annually or at renewal and at the time
			 of any change in materials. The entity must present a complete copy of
			 materials at renewal. In addition, materials the entity must present the
			 materials at the time of any change and at any time upon the request of the
			 director.
(d) A renewal fee of
			 $200.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 71 - INSURANCE LICENSING › Section 836-071-0430 - Remission to Insurer; Funds Held in Trust; Compensation

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If authorized by an insurer the limited
			 licensee that bills and collects the cost of self-service storage insurance
			 coverage from an enrolled customer is not required to deposit the amount paid
			 in a segregated account but shall remit the amount collected to the insurer or
			 the supervising entity within 60 days of receipt from the enrolled customer.
(2) Moneys collected by a limited
			 licensee from the enrolled customer for the cost of the self-service storage
			 insurance are considered funds held by the licensee in trust for the benefit of
			 the insurer.
(3) A limited
			 licensee may receive compensation from an insurer for billing and collecting
			 the cost of self-service storage insurance coverage purchased by enrolled
			 customers.
(4) Limited licensees
			 and insurers operating under a self-service storage limited license are not
			 subject to ORS 744.083 and
			 744.084 for purposes of premium
			 collected for self-service storage insurance.
Stat. Auth.: ORS
				  731.244,
				  744.001 &
				  744.083; Sec. 8, ch. 280, OL
				  2013
Stats. Implemented: Sec. 2 to 8, ch. 280, OL
				  2013
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 71 - INSURANCE LICENSING › Section 836-071-0450 - Requirements for Limited Travel Insurance Producer and Travel Retailer

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In order to
			 comply with ORS 744.104(2)(b),
			 a limited travel insurance producer shall:
(a) Establish and maintain a register
			 containing all of the information required under ORS
			 744.104(2)(a);
(b) Include on the register:
(A) The license number of any person
			 described in ORS 744.104(d) and
			 ORS 744.104(e) who
			 is a licensed insurance producer; or
(B) The fingerprints and background check
			 results of any person described in ORS
			 744.104(d) and
			 ORS 744.104(e) who
			 is not a licensed insurance producer; and
(c) Use the model form provided by the
			 director of the Department of Consumer and Business Services at dfr.oregon.gov
			 or a substantially similar form filed with and approved by the
			 director;
(d) Update retained
			 information recorded on the register at least annually
(e) Maintain the register in such a manner
			 that the document and all necessary required attachments are available to be
			 submitted in electronic form to the director within 30 days of a request as
			 under ORS 744.104(2)(c);
(f) Maintain records of the register after
			 the expiration of a policy as required under ORS
			 744.068; and
(g) Notify the director in writing of any
			 material changes in the affidavit described in ORS
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 71 - INSURANCE LICENSING › Section 836-071-0500 - Nonresident Licensing and Placement Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) This rule establishes requirements that a
			 nonresident surplus lines licensee or a nonresident insurance producer not
			 licensed in this state must satisfy in connection with placement of a surplus
			 lines insurance policy where Oregon is determined to be the home state as
			 defined in ORS 735.405(8).
(2) A person who is licensed as a resident
			 agent or producer in another state must be licensed in this state as a
			 nonresident surplus lines insurance licensee in order to place a surplus lines
			 insurance policy on a risk where Oregon is determined to be the home
			 state.
(3) When a nonresident
			 surplus lines licensee transacts surplus lines insurance on a risk where Oregon
			 is determined to be the home state, the nonresident surplus lines licensee
			 shall comply with the placement requirements in ORS
			 735.410(1) and
			 (2) related to an exempt commercial
			 purchaser
Stat. Auth.: ORS
				  731.244 &
				  735.410
Stats. Implemented: ORS
				  735.410
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 71 - INSURANCE LICENSING › Section 836-071-0501 - Allocation of Coverage Totals on Multi-state Policies

Current through Register Vol. 63, No. 7, July 1, 2024
(1) This rule establishes requirements that a
			 surplus lines licensee must satisfy in connection with the reporting of a
			 surplus lines insurance policy where Oregon is determined to be the home state
			 as defined in ORS 735.405(8), and
			 the requirements that an insured who obtains independently procured insurance
			 must satisfy in connection with the reporting of a surplus lines insurance
			 policy in section 5, chapter 660, Oregon Laws 2011 where Oregon is determined
			 to be the home state.
(2) For each
			 surplus lines insurance policy with coverage starting at any time beginning
			 January 1, 2012 through December 31, 2016 where Oregon is determined to be the
			 home state, each insured who obtains independently procured insurance must
			 include in their written report filed with the Director of the Department of
			 Consumer and Business Services the allocated premium, by coverage for Oregon
			 and other applicable states in accordance with the filing instructions on the
			 Surplus Line Association of Oregon Web site in addition to the filing
			 requirements in section 5, chapter 660, Oregon Laws 2011. Notwithstanding the
			 January 1, 2012 through December 31, 2016 time period referenced above, on or
			 after January 1, 2015 the Director may determine that insureds no longer need
			 to include this allocated premium information in their filed written
			 report.
(3) For each surplus lines
			 insurance policy with coverage starting at any time beginning January 1, 2012
			 through December 31, 2016 where Oregon is determined to be the home state, a
			 surplus lines licensee must include in their statement filed with the Director
			 the allocated premium, by coverage for Oregon and other applicable states in
			 accordance with the filing instructions on the Surplus Line Association of
			 Oregon Web site in addition to the filing requirements in ORS
			 735.425(1) and
			 (2). Notwithstanding the January 1, 2012
			 through December 31, 2016 time period referenced above, on or after January 1,
			 2015 the Director may determine that surplus lines licensees no longer need to
			 include this allocated premium information in their filed statement.
(4) The written report required in section 5,
			 chapter 660, Oregon Laws 2011 and the statements required in ORS
			 735.425(1) must
			 be filed with the Surplus Line Association of Oregon.
Stat. Auth.: ORS
				  731.244 &
				  735.425
Stats. Implemented: ORS
				  735.425 & OL 2011, Ch. 660
				  ¦ 5
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 71 - INSURANCE LICENSING › Section 836-071-0550 - Statutory Purpose and Authority

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR 836-071-0550  to 836-071-0570  apply to
			 vendors who sell or lease portable electronics devices, including but not
			 limited to cell phones or electronic tablets, and wish to issue, sell or offer
			 for sale portable electronics insurance coverage.
(2) OAR 836-071-0550  to 836-071-0570  are
			 adopted pursuant to the authority in section 7, chapter 393, Oregon Laws 2011
			 and ORS 705.135, for the purpose of
			 implementing sections 1 to 7, chapter 393, Oregon Laws 2011.
Stat. Auth. : Ch. 393 § 7, OL 2011 & ORS
				  705.135
Stats. Implemented: Ch. 393 §§ 1 to 7, OL 2011
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 71 - INSURANCE LICENSING › Section 836-071-0565 - Limited License Renewal

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 limited license expires on the last day of the month in which the second
			 anniversary of the initial issuance date occurs. Thereafter, the limited
			 license shall expire on the second anniversary following each
			 renewal.
(2) A limited licensee
			 applying for renewal must submit the following to the director electronically
			 as set forth on the Division of Financial Regulation website of the Department
			 of Consumer and Business Services at dfr.oregon.gov:
(a) A completed renewal application on the
			 form entitled "Renewal Notice for Portable Electronics Insurance Vendors." The
			 renewal application must be returned to the director electronically in
			 accordance with instructions set forth on the Division of Financial Regulation
			 website of the Department of Consumer and Business Services at dfr.oregon.gov
			 not later than the limited license expiration date.
(b) An updated certification by the
			 supervising entity or the limited licensee that all employees, agents and
			 authorized representatives to be involved in the issuance, sale or offering for
			 sale of portable electronics insurance coverage to customers have completed or
			 will complete the training program under ORS
			 646A.585(1)(b),
			 prior to issuing, selling or offering for sale portable electronics insurance
			 coverage.
(c) An updated
			 certification by the supervising entity or the limited licensee that a copy of
			 all written disclosure materials, as required under ORS
			 646A.582, that are currently
			 being made available to prospective customers of portable electronics or have
			 been made available to prospective customers in the past, shall be maintained
			 by the supervising entity or the applicant. This information shall be
			 maintained by the supervising entity or the applicant for a period of seven
			 years and must be provided to the director, upon request, within 21 calendar
			 days.
(d) A renewal fee of
			 $200.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 71 - INSURANCE LICENSING › Section 836-071-0570 - List of Employees Selling Coverage; Training Program

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A limited licensee shall maintain at all
			 times standard operating procedures to assure that all employees, agents and
			 authorized representatives are authorized to issue, sell or offer for sale
			 portable electronics insurance coverage to a customer. The limited licensee
			 must provide a description of these procedures, upon request, to the Director
			 within 21 calendar days.
(2) A
			 limited licensee must ensure that the information required under section
			 5(1)(b), chapter 393, Oregon Laws 2011, is included in any training program for
			 the limited licensee's employees, agents and authorized representatives who
			 will be issuing, selling or offering for sale portable electronics insurance
			 coverage.
Stat. Auth. : Ch. 393 § 7, OL 2011 & ORS
				  705.135
Stats. Implemented: Ch. 393 §§ 1 to 7, OL
				  2011
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 72 - LICENSING GENERALLY › Section 836-072-0001 - Applicability of and authority for OAR 836-072-0001 to 836-072-0045

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR
			 836-072-0001  to 836-072-0045  are adopted to carry out the authority of the
			 Department of Consumer and Business Services under ORS
			 181.534 to request an Oregon
			 LEDS-based criminal history check, a fingerprint-based Oregon criminal history
			 check or a nationwide criminal history check and, pursuant to ORS
			 705.141, to require fingerprints
			 of an applicant for any of the following licenses:
(a) Adjuster license.
(b) Insurance consultant license.
(c) Insurance producer license.
(d) Viatical settlement provider
			 license.
(e) Viatical settlement
			 broker license.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 72 - LICENSING GENERALLY › Section 836-072-0005 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) "Applicant"
			 means an applicant applying for any of the following:
(a) An initial resident license.
(b) A renewal of a resident
			 license.
(c) An additional line of
			 authority under an existing resident license when a criminal history record
			 check has not been obtained.
(d) A
			 resident license under a change of resident license application pursuant to ORS
			 744.067.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 72 - LICENSING GENERALLY › Section 836-072-0010 - Criminal Records Check Process

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An authorized designee:
(a) Shall conduct a LEDS-based criminal
			 history check and request that the Oregon Department of State Police conduct a
			 criminal records check for all applicants for an initial license; and
(b) May conduct a LEDS-based criminal history
			 check, or request that the Oregon Department of State Police conduct, a
			 criminal records check of an applicant for renewal of a license to whom OAR
			 836-072-0001  to 836-072-0045  apply.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 72 - LICENSING GENERALLY › Section 836-072-0025 - Incomplete Fitness Determination

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Department may close a final fitness
			 determination as incomplete when:
(a)
			 Circumstances change so that an applicant is no longer subject to OAR
			 836-072-0001  to 836-072-0045;
(b)
			 The applicant does not provide materials or information under OAR 836-072-0020  within the time required under that rule;
(c) An authorized designee cannot locate or
			 contact the applicant;
(d) The
			 applicant fails or refuses to cooperate with an authorized designee's attempts
			 to acquire other criminal records information under OAR 836-072-0015;
			 or
(e) The Department determines
			 that the applicant is not eligible or not qualified for the license for a
			 reason unrelated to the fitness determination process.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 72 - LICENSING GENERALLY › Section 836-072-0030 - Notice to Applicant of Fitness Determination

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An authorized designee shall provide, in
			 a format approved by the Department, written notice to an applicant upon
			 completion of a final fitness determination that denies issuance or renewal of
			 a license, or upon the closing of a fitness determination due to
			 incompleteness. In addition:
(a) The
			 authorized designee shall record on the notice the date on which the fitness
			 determination was either closed as incomplete or completed.
(b) A notice pertaining to a completed final
			 fitness determination must be accompanied by a separate notice addressing the
			 applicant's right to appeal the Department's determination under OAR
			 836-072-0035  and containing the information required by OAR
			 137-003-0505.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 72 - LICENSING GENERALLY › Section 836-072-0045 - Authorized Designees

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Authorized designees shall be employees holding positions within the Department
			 that have been designated by the Director to include the responsibilities of an
			 authorized designee.
(2)
			 Appointment to a position designated under section (1) of this rule is
			 contingent upon approval of the employee under the Department's nationwide
			 criminal history check and fitness determination processes and any process
			 required by the Department of Oregon State Police or Federal Bureau of
			 Investigations rules, regulations or policies. An appointment under this
			 section is at the Director's discretion.
(3) The Director and Deputy Director may also
			 serve as authorized designees, contingent on being approved under the
			 Department's nationwide criminal history check and fitness determination
			 processes and any process required by Department of Oregon State Police or
			 Federal Bureau of Investigation rules, regulations or policies.
(3) An authorized designee may not
			 participate in a fitness determination or review any information associated
			 with a fitness determination for an applicant if either of the following is
			 true:
(a) The authorized designee is related
			 to the applicant; or
(b) The
			 authorized designee has a financial or close personal relationship with the
			 applicant. If an authorized designee is uncertain whether a relationship with
			 an applicant qualifies as a financial or close personal relationship under this
			 subsection, the authorized designee must consult with the authorized designee's
			 supervisor before taking any action that would violate this rule if such a
			 relationship were determined to exist.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 74 - INSURANCE DIVISION TRUST ACCOUNTS › Section 836-074-0005 - Statutory Authority; Effective Date

Current through Register Vol. 63, No. 7, July 1, 2024
OAR 836-074-0005  to 836-074-0050  are adopted under the general
				rulemaking authority of the Director of the Department of Consumer and Business
				Services under ORS 731.244 for the purpose of
				carrying out 744.083.
Stat. Auth.: ORS 731
Stats. Implemented: ORS
				  744.225
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 74 - INSURANCE DIVISION TRUST ACCOUNTS › Section 836-074-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
As used in OAR 836-074-0005  to 836-074-0050:
(1) "Insurance producer includes any person
			 who is licensed by the Department as a resident insurance producer.
(2) "Premium Fund" and "Premium Funds" means
			 any premium or other consideration received from or on behalf of an insured for
			 the purpose of effecting or purchasing insurance, and includes return premiums,
			 return premium credits, policy fees and premium taxes.
Stat. Auth.: ORS 731
Stats. Implemented: ORS
				  744.225
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 74 - INSURANCE DIVISION TRUST ACCOUNTS › Section 836-074-0015 - Director's Enforcement Authority

Current through Register Vol. 63, No. 7, July 1, 2024
The Director may apply any sanction for violation of ORS
				744.225 that the Director may
				apply for any other violation of the Insurance Code or rules adopted
				thereunder.
Stat. Auth.: ORS 731
Stats. Implemented: ORS
				  744.225
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 74 - INSURANCE DIVISION TRUST ACCOUNTS › Section 836-074-0017 - Exemptions

Current through Register Vol. 63, No. 7, July 1, 2024
OAR 836-074-0005  to 836-074-0050  do not apply to:
(1) An insurance producer who is exclusively
			 a salaried employee of an insurer.
(2) An insurance producer who sells only
			 industrial life insurance, as that term is defined in ORS
			 731.166.
Stat. Auth.: ORS 731
Stats. Implemented: ORS
				  744.083
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 74 - INSURANCE DIVISION TRUST ACCOUNTS › Section 836-074-0020 - Premium Funds Trust Account

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Except as otherwise provided in OAR 836-074-0025, an insurance producer shall
			 deposit in one or more premium funds trust accounts all premium funds received
			 by the insurance producer under the insurance producer's license. Each trust
			 account must be located in this state unless the Director gives written
			 permission to the insurance producer to keep the account in another state. In
			 applying for permission, the insurance producer must give written justification
			 for keeping the account outside this state;
(2) An insurance producer shall maintain each
			 trust account in one or more of the following forms:
(a) In the form of a checking account, demand
			 account, savings account or other account in a state or national bank or
			 savings bank, a state or federal savings association or a state or federal
			 credit union. A trust account under this subsection must be insured by the
			 United States Government or an agency or instrumentality thereof. However, such
			 insurance need not exceed $100,000 for each account or the amount at any time
			 in the account, whichever is less;
(b) In the form of an account that solely
			 invests, either directly or through an investment fund, in any or all of the
			 following instruments: United States government bonds and Treasury certificates
			 or other obligations for which the full faith and credit of the United States
			 are pledged for payment of principal and interest, repurchase agreements
			 collateralized by securities issued by the United States and bankers
			 acceptance;
(c) In the form of an
			 account in an open-end investment company registered under the Investment
			 Company Act of 1940 that:
(A) Limits its
			 portfolio investments to United States-dollar denominated instruments that the
			 board of directors determines present minimal credit risks and that are either
			 of high quality as determined by a nationally recognized statistical rating
			 organization or, in the case of an instrument that is not rated, of comparable
			 quality as determined by the board of directors; and
(B) May not purchase any instrument with a
			 remaining maturity of greater than one year or maintain a dollar-weighted
			 average portfolio maturity that exceeds 120 days.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 74 - INSURANCE DIVISION TRUST ACCOUNTS › Section 836-074-0025 - Deposit and Payment of Funds

Current through Register Vol. 63, No. 7, July 1, 2024
An insurance producer shall deposit and pay premium funds
				received as provided in this rule. When deposit is required, the insurance
				producer shall deposit the funds not later than the seventh day after they are
				received. When a payment is owed to an insured, the insurance producer shall
				pay the premium funds not later than the 30th day after the receipt of the
				funds. The following provisions also apply to the deposit and payment of
				premium funds:
(1) A return premium
			 and the insurance producer's share of any premium funds required to be
			 refunded, including unearned commissions, shall be deposited and paid to the
			 insured or other person entitled to the funds. When a return premium is paid in
			 the form of a credit to the account of an insurance producer, the insurance
			 producer shall deposit the equivalent of the credit in money into the
			 account.
(2) When an insurance
			 producer receives a payment of premium funds in the form of an instrument, such
			 as a check, made payable to an insurer, another insurance producer, a surplus
			 line licensee or a premium finance company, the insurance producer may forward
			 the instrument directly to the payee without depositing the instrument in the
			 trust account, if that can be done without endorsement or alteration. Such a
			 payment need not be accounted for with respect to the trust account.
(3) Except as otherwise provided in this
			 section, when an insurance producer receives a payment of premium funds in the
			 form of cash or an instrument requiring endorsement by the insurance producer,
			 the insurance producer shall deposit the premium funds in the trust account or
			 endorse and forward the instrument to the insurer, another insurance producer,
			 the surplus lines licensee or the premium finance company that is entitled to
			 the premium funds received. An insurance producer:
(a) Need not deposit premium funds that are
			 paid in cash if the insurance producer does not maintain a premium trust
			 account because the insurance producer does not engage in transactions for
			 which a trust account must be established, and if the insurance producer
			 complies with all of the following requirements:
(A) Upon receiving the cash, the insurance
			 producer must give the payor a receipt showing the amount of money received,
			 the date on which the money was received, the policy number and the name of the
			 policyholder;
(B) Within 72 hours
			 after receiving the cash, the insurance producer must convert the cash into a
			 guaranteed negotiable instrument, such as a money order, certified check or
			 cashier's check, that is made out to the insurer and forward the money order or
			 check to the insurer;
(C) The
			 insurance producer must keep records of such moneys so received and
			 forwarded.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 74 - INSURANCE DIVISION TRUST ACCOUNTS › Section 836-074-0030 - Advancing Return Premiums

Current through Register Vol. 63, No. 7, July 1, 2024
An insurance producer may advance return premiums from funds of
				the insurance producer other than from a trust account of the insurance
				producer, in anticipation of receiving a credit for the return premium from the
				insurer. When the insurance producer credits the return premium to the trust
				account, the insurance producer may transfer the advanced credit out of the
				trust account.
Stat. Auth.: ORS 731
Stats. Implemented: ORS
				  744.083
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 74 - INSURANCE DIVISION TRUST ACCOUNTS › Section 836-074-0035 - Other Permissible Funds

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 An insurance producer may not deposit in a premium fund trust account any funds
			 other than premium funds, except as follows:
(a) Funds reasonably sufficient to pay bank
			 charges;
(b) Funds that the
			 insurance producer determines to be prudent for advancing premiums or
			 establishing reserves for the paying of return premiums;
(c) Funds for contingencies that may arise in
			 the course of receiving and transmitting premiums.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 74 - INSURANCE DIVISION TRUST ACCOUNTS › Section 836-074-0040 - Interest on Trust Funds

Current through Register Vol. 63, No. 7, July 1, 2024
Unless an insurance producer and the insurer agree to the
				contrary, interest earned in a premium funds trust account may be retained by
				the insurance producer and:
(1) Used
			 to offset bank charges; or
(2)
			 Removed to the operating account of the insurance producer.
Stat. Auth.: ORS 731
Stats. Implemented: ORS
				  744.083
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 74 - INSURANCE DIVISION TRUST ACCOUNTS › Section 836-074-0045 - Accounting Records; Inspection

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 An insurance producer shall establish and maintain records and an appropriate
			 accounting system for all premium funds received by the insurance producer as
			 provided in this rule.
(2) Unless
			 otherwise authorized by the Director, an insurance producer shall establish and
			 maintain the records and accounting system in this state. An insurance producer
			 may establish the records and system in another state if the Director gives
			 written permission to the insurance producer to do so. In applying for
			 permission, the insurance producer must give written justification for keeping
			 the records and system outside this state.
(3) An insurance producer shall make the
			 records available in this state for inspection by the Director during regular
			 business hours upon demand.
(4) An
			 insurance producer shall make the records available with respect to any premium
			 funds received for a period of three years following the date of the policy
			 expiration.
(5) An insurance
			 producer may use any accounting system that effectively isolates each trust
			 account from any operating accounts. A recordkeeping system, whether electronic
			 or manual, must provide an audit trail so that details underlying the summary
			 data, such as invoices, checks and statements, may be identified and made
			 available on request. The system must provide the means of tracing any
			 transaction back to its original source or forwarded to final entry such as is
			 accomplished by a conventional double-entry bookkeeping system. When an
			 automatic data processing system is used, the insurance producer shall make a
			 description of the system available for review by the Director.
Stat. Auth.: ORS 731
Stats. Implemented: ORS
				  744.083
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 74 - INSURANCE DIVISION TRUST ACCOUNTS › Section 836-074-0047 - Examinations and Audits

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 Director may examine or audit any trust account and any accounting records of
			 premium funds as the Director determines necessary.
(2) The examination or audit shall be
			 performed at the expense of the insurance producer, when the trust account or
			 accounting records are located outside this state.
Stat. Auth.: ORS 731
Stats. Implemented: ORS
				  744.083
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 74 - INSURANCE DIVISION TRUST ACCOUNTS › Section 836-074-0048 - Other Trust Account Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
OAR 836-074-0005  to 836-074-0050  do not prohibit an insurer
				from establishing requirements applicable to trust accounts of insurance
				producers of the insurer, if the requirements are more restrictive than the
				provisions of OAR 836-074-0005  to 836-074-0050.
Stat. Auth.: ORS 731
Stats. Implemented: ORS
				  744.083
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 74 - INSURANCE DIVISION TRUST ACCOUNTS › Section 836-074-0050 - Single Account for Affiliated Persons

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An insurance producer that is a firm or
			 corporation may use one premium fund trust account for the funds received by an
			 affiliated person operating under its license.
(2) An affiliated person of an insurance
			 producer that is a firm or corporation may deposit the premium fund that the
			 affiliated person received in the capacity of an affiliated person directly to
			 the deposit account of the firm or corporation with which the person is
			 affiliated.
Stat. Auth.: ORS 731
Stats. Implemented: ORS
				  744.083
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 75 - THIRD PARTY ADMINISTRATORS › Section 836-075-0010 - Completion of Application

Current through Register Vol. 63, No. 7, July 1, 2024
The Director may reject a third party administrator license
				application if it has not been completed by the 90th day after its
				filing.
Stat. Auth.: ORS
				  731.244, ORS
				  744.303, ORS
				  744.635, ORS
				  744.704, ORS
				  744.706, ORS
				  744.712 & ORS
				  744.726
Stats. Implemented: ORS
				  744.706
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 75 - THIRD PARTY ADMINISTRATORS › Section 836-075-0020 - Amendment of License Application Information

Current through Register Vol. 63, No. 7, July 1, 2024
A third party administrator shall notify the Director in
				writing when the third party administrator changes its principal place of
				business. The notice shall include the following:
(1) The new street address, including city
			 and state.
(2) The new mailing
			 address, if different.
(3) The new
			 telephone number.
Stat. Auth.: ORS
				  731.244, ORS
				  744.303, ORS
				  744.635, ORS
				  744.704, ORS
				  744.706, ORS
				  744.712 & ORS
				  744.726
Stats. Implemented: ORS 744.006, ORS
				  744.716 & ORS
				  744.724
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 75 - THIRD PARTY ADMINISTRATORS › Section 836-075-0030 - Third Party Administrator License Renewal

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A third party administrator applying for
			 renewal of the license must do the following, as applicable:
(a) Not later than the license expiration
			 date, submit electronically a completed renewal application in accordance with
			 directions set forth on the Division of Financial Regulation website of the
			 Department of Consumer and Business Services at dfr.oregon.gov.
(b) Submit the renewal fee.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 75 - THIRD PARTY ADMINISTRATORS › Section 836-075-0040 - Annual Report Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 A third party administrator shall include in the annual report required in ORS
			 744.738 the balance sheet and
			 income statement of the third party administrator for the immediately preceding
			 calendar year. The balance sheet and income statement must each be verified by
			 two of its officers, if the third party administrator is a corporation, or by
			 two of its partners, if the third party administrator is a partnership. Each
			 annual report must be filed not later than March 1 of each year.
(2) The first annual report required under
			 this rule shall be filed not later than March 1, 1993.
(3) If the annual report of a third party
			 administrator is for a year other than a calendar year, the third party
			 administrator may file the following instead of an annual report on a calendar
			 year basis:
(a) The annual report of the third
			 party administrator that is most current as of March l; and
(b) The interim financial statement most
			 current as of March 1.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 75 - THIRD PARTY ADMINISTRATORS › Section 836-075-0045 - Format and Instructions for Report Required by ORS 743.818

Current through Register Vol. 63, No. 7, July 1, 2024
(1) As used in this
			 rule:
(a) "Covered lives" means Oregon
			 residents who are employees, dependents of employees, or individuals otherwise
			 eligible for an individual, student health, association, group or self-insured
			 group health benefit plan or other benefit plan for which reporting is required
			 and who are enrolled for coverage under the terms of the plan as of the close
			 of the calendar quarter.
(b) "Third
			 party administrator" means a third party administrator licensed under ORS
			 744.702.
(c) "Zip code" means the 5-digit code:
(A) Of the employee or individual
			 policyholder's Oregon residence;
(B) Of an Oregon employer group covered by a
			 stop loss policy; or
(C) In
			 circumstances for which an Oregon zip code does not exist, the placeholder code
			 established by the director of the Department of Consumer and Business Services
			 and set forth on the website of the Division of Financial Regulation of the
			 Department of Consumer and Business Services at dfr.oregon.gov.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 75 - THIRD PARTY ADMINISTRATORS › Section 836-075-0060 - ERISA Exemption Registration

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A person who is required by ORS
			 744.714 to register with the
			 Director annually, verifying the person's status as qualifying under ORS
			 744.704(1)(L)
			 for the exemption from the licensing requirement for third party administrators
			 in ORS 744.702 and from all other
			 provisions of 744.700 to
			 744.740, shall register with the
			 Director annually. In the registration, the person shall certify that the
			 person qualifies for the exemption because of the person's status and shall
			 inform the Director:
(a) Of the person's name,
			 business address, mailing address if different from the business address, and
			 telephone number; and
(b) Whether
			 the person is acting solely as an administrator of one or more single
			 employers, union-bargaining (Taft-Hartley) plans, rural electric cooperatives
			 or other bona fide employer benefit plans established by an employer or an
			 employee organization, or both, for which the
Insurance Code
is
			 preempted pursuant to the Employee Retirement Income Security Act of
			 1974.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 75 - THIRD PARTY ADMINISTRATORS › Section 836-075-0070 - Errors and Omissions Insurance; Third Party Administrators

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The amount of
			 insurance for which a third party administrator as described in ORS
			 744.702 must maintain a
			 certificate of errors and omissions insurance with the Director as required by
			 744.726 is $500,000 claims made
			 or per occurrence.
(2) A third
			 party administrator may obtain insurance required by ORS
			 744.726 from an insurer other
			 than an authorized insurer if the insurer is not an affiliate, as that term is
			 defined in 744.700, of the third party
			 administrator, and if:
(a) The insurance is
			 procured by an Oregon surplus lines licensee from an insurer that is an
			 eligible surplus lines insurer pursuant to the requirements of ORS
			 735.400 to
			 735.495;
(b) The insurer is an authorized insurer in
			 the state of domicile of the third party administrator or license applicant;
			 or
(c) The insurance is procured
			 from a surplus lines insurer that is eligible in the state of domicile of the
			 third party administrator or license applicant, if all requirements of this
			 subsection are satisfied. The insurance for purposes of this subsection must be
			 confirmed by the signature of an Oregon surplus lines licensee who also affirms
			 in writing that the Oregon surplus lines licensee will be the agent for service
			 of process for any action or proceeding involving the third party administrator
			 and an Oregon resident.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 80 - TRADE PRACTICES › Section 836-080-0001 - Statutory Authority; Purpose; Applicability

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR 836-080-0001  to 836-080-0043  are adopted pursuant to the general rulemaking authority of the Director of the Department of Consumer and Business Services in ORS 731.244 and the specific authority in ORS 746.085(1), for the purpose of implementing ORS 746.085 and 746.240.
(2) The purpose of OAR 836-080-0001  to 836-080-0043  is to protect the insurance-buying public in insurance transactions involving the replacement of life insurance or annuities by:
(a) Regulating the activities of insurers and insurance producers with respect to the replacement of existing life insurance and annuities.
(b) Protecting the interests of life insurance and annuity purchasers by establishing minimum standards of conduct to be observed in replacement or financed purchase transactions. OAR 836-080-0001  to 836-080-0043  are intended to:
(A) Assure that a purchaser receives information with which a decision can be made in the purchaser's own best interest;
(B) Reduce the opportunity for misrepresentation and incomplete disclosure; and
(C) Establish penalties for failure to comply with requirements of OAR 836-080-0001  to 836-080-0043.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 80 - TRADE PRACTICES › Section 836-080-0022 - Duties of Insurers that Use Agents Insurance Producers

Current through Register Vol. 63, No. 7, July 1, 2024
Each insurer that uses an insurance producer shall:
(1) Maintain a system of supervision and
			 control to insure compliance with the requirements of OAR 836-080-0001  to
			 836-080-0043. The system shall do at least the following:
(a) Inform its insurance producers of the
			 requirements of OAR 836-080-0001  to 836-080-0043  and incorporate the
			 requirements of 836-080-0001  to 836-080-0043  into all relevant insurance
			 producer training manuals prepared by the insurer;
(b) Provide to each insurance producer a
			 written statement of the insurer's position with respect to the acceptability
			 of replacements, providing guidance to its insurance producer as to the
			 appropriateness of these transactions;
(c) Include a system for reviewing the
			 appropriateness of each replacement transaction that the insurance producer
			 does not indicate is in accord with subsection (b) of this section;
(d) Include procedures that confirm the
			 requirements of OAR 836-080-0001  to 836-080-0043  have been met; and
(e) Include procedures to detect transactions
			 that are replacements of existing policies or contracts by the existing
			 insurer, but that have not been reported as such by the applicant or insurance
			 producer. Compliance with OAR 836-080-0001  to 836-080-0043  may include, but
			 shall not be limited to, systematic customer surveys, interviews, confirmation
			 letters or programs of internal monitoring;
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 80 - TRADE PRACTICES › Section 836-080-0029 - Duties of Replacing Insurers that Use Agents

Current through Register Vol. 63, No. 7, July 1, 2024
(1) When a replacement is involved in the
			 transaction, the replacing insurer shall:
(a)
			 Verify that the required forms are received and are in compliance with OAR
			 836-080-0001  to 836-080-0043;
(b)
			 Notify any other existing insurer that may be affected by the proposed
			 replacement within five business days of receipt of a completed application
			 indicating replacement or when the replacement is identified if not indicated
			 on the application, and mail a copy of the available illustration or policy
			 summary for the proposed policy or available disclosure document for the
			 proposed contract within five business days of a request from an existing
			 insurer;
(c) Be able to produce
			 copies of the notification regarding replacement required in OAR
			 836-080-0014(2), indexed by insurance producer, for at least five years or
			 until the next regular examination by the insurance department of the insurer's
			 state of domicile, whichever is later; and
(d) Provide to the policyholder or contract
			 owner notice of the right to return the policy or contract within 30 days of
			 the delivery of the policy or contract and receive an unconditional full refund
			 of all premiums or considerations paid on it, including any policy fees or
			 charges or, in the case of a variable or market value adjustment policy or
			 contract, a payment of the cash surrender value provided under the policy or
			 contract plus the fees and other charges deducted from the gross premiums or
			 considerations or imposed under such policy or contract. Notice required in
			 this subsection may be included in
Appendix A
or
C
to
			 this rule.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 80 - TRADE PRACTICES › Section 836-080-0034 - Duties of the Existing Insurer

Current through Register Vol. 63, No. 7, July 1, 2024
When a replacement is involved in a transaction, the existing
				insurer shall:
(1) Retain and be able
			 to produce all replacement notifications received, indexed by replacing
			 insurer, for at least five years or until the conclusion of the next regular
			 examination conducted by the Insurance Department of its state of domicile,
			 whichever is later.
(2) Send a
			 letter to the policyholder or contract owner of the right to receive
			 information regarding the existing policy or contract values including, if
			 available, an in force illustration or policy summary if an in force
			 illustration cannot be produced within five business days of receipt of a
			 notice that an existing policy or contract is being replaced. The information
			 shall be provided within five business days of receipt of the request from the
			 policy or contract owner.
(3) Upon
			 receipt of a request to borrow, surrender or withdraw any policy values, send a
			 notice advising the policyholder that the release of policy values may affect
			 the guaranteed elements, non-guaranteed elements, face amount or surrender
			 value of the policy from which the values are released. The notice shall be
			 sent separate from the check if the check is sent to anyone other than the
			 policyholder. In the case of consecutive automatic premium loans, the insurer
			 is required to send the notice only at the time of the first loan.
Stat. Auth.: ORS
				  731.244
Stats. Implemented: ORS
				  746.085 & ORS
				  746.240