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 836-011-0120 - Filing and Extensions for Filing of Annual Audited Financial Reports

Current through Register Vol. 63, No. 7, July 1, 2024
(1) All insurers
			 shall have an annual audit by an independent certified public accountant and
			 shall file an audited financial report with the Director on or before June 1
			 for the year ended December 31 immediately preceding. The Director may require
			 an insurer to file an audited financial report earlier than June 1 with advance
			 notice of 90 days to the insurer.
(2) Extensions of the June 1 filing date may
			 be granted by the Director for 30-day periods upon a showing by the insurer and
			 its independent certified public accountant of the reasons for requesting an
			 extension and determination by the Director of good cause for an extension. The
			 request for extension must be submitted in writing not less than 10 days prior
			 to the due date in sufficient detail to permit the Director to make an informed
			 decision with respect to the requested extension.
(3) If an extension is granted in accordance
			 with section (2) of this rule, a similar extension of 30 days is granted to the
			 filing of Management's Report of Internal Control over Financial
			 Reporting.
(4) Every insurer
			 required to file an annual audited financial report pursuant to OAR
			 836-011-0100  to 836-011-0230  shall designate a group of individuals as
			 constituting its audit committee, as defined in 836-011-0110. The audit
			 committee of an entity that controls an insurer may be designated as the
			 insurer's audit committee for purposes of 836-011-0100  to 836-011-0230  at the
			 election of the controlling person.
Stat. Auth.: ORS
				  731.244 &
				  731.488
Stats. Implemented: ORS
				  731.488
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0130 - Exemptions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The following
			 authorized insurers are exempt from the requirements of OAR 836-011-0100  to
			 836-011-0230:
(a) An insurer having direct
			 premiums written in this state of less than $1,000,000 in any calendar year and
			 having fewer than 1,000 policyholders or certificate holders of directly
			 written policies nationwide at the end of the same calendar year is exempt from
			 OAR 836-011-0100  to 836-011-0230  for the year unless the Director determines
			 with respect to the insurer that compliance is necessary for the Director to
			 carry out statutory responsibilities. The exemption under this subsection does
			 not apply to any insurer that has assumed premiums pursuant to contracts or
			 treaties of reinsurance, or both, of $1,000,000 or more.
(b) A foreign or alien insurer that has filed
			 the audited financial report in another state pursuant to the other State's
			 requirement of audited financial reports, if the Director determines that the
			 other state's requirements are substantially similar to the requirements of OAR
			 836-011-0100  to 836-011-0230  and if the foreign or alien insurer does both of
			 the following:
(A) Files with the Director a
			 copy of the Audited Financial Report, the Communication of Internal Control
			 Related Matters Noted in an Audit and the Accountant's Letter of Qualifications
			 that are filed with the other state, in accordance with the filing dates
			 specified in OAR 836-011-0120, 836-011-0200, and 836-011-0210. In lieu of the
			 requirements of this paragraph, a Canadian insurer may file accountants'
			 reports as filed with the Office of the Superintendent of Financial
			 Institutions, Canada.
(B) Files
			 with the Director a copy of any Notification of Adverse Financial Condition
			 Report filed with the other state. The copy must be filed with the Director
			 within the time specified in OAR 836-011-0190.
(c) An insurer to whom the Director has
			 granted an exemption under section (2) of this rule, during the period in which
			 the exemption is effective.
(d) A
			 foreign or alien insurer required to file Management's Report of Internal
			 Control over Financial Reporting in another state is exempt from filing the
			 Report in this state if the other state has substantially similar reporting
			 requirements and the Report is filed with the insurance commissioner of the
			 other state within the time specified.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0140 - Contents of Annual Audited Financial Report

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An annual audited financial report
			 required under OAR 836-011-0120  must report the financial position of the
			 insurer as of the end of the most recent calendar year and the results of its
			 operations, cash flows and changes in capital and surplus for the year then
			 ended in conformity with statutory accounting practices prescribed or otherwise
			 permitted by the Department of Insurance of the state of domicile.
(2) The annual audited financial report shall
			 include the following:
(a) A report of an
			 independent certified public accountant;
(b) A balance sheet reporting admitted
			 assets, liabilities and capital and surplus;
(c) A statement of operations;
(d) A statement of cash flow;
(e) A statement of changes in capital and
			 surplus; and
(f) Notes to financial
			 statements. The notes shall be those required by the appropriate National
			 Association of Insurance Commissioners (NAIC) Annual Statement Instructions and
			 the NAIC Accounting Practices and Procedures Manual. The notes shall include a
			 reconciliation of differences, if any, between the audited statutory financial
			 statements and the annual statement filed pursuant to ORS
			 731.574, with a written
			 description of the nature of the differences.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0160 - Qualifications of Independent Certified Public Accountant

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Director shall not recognize any
			 person as a qualified independent certified public accountant for the purposes
			 of OAR 836-011-0100  to 836-011-0230  if the person:
(a) Is not in good standing with the American
			 Institute of Certified Public Accountants (AICPA) and in all states in which
			 the person is licensed to practice as a certified public accountant or, if the
			 insurer is a Canadian or British insurer, the person is not a chartered
			 accountant; or
(b) Has either
			 directly or indirectly entered into an agreement of indemnity or a release from
			 liability (collectively referred to as indemnification) with respect to the
			 audit of the insurer.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0170 - Consolidated or Combined Audits

Current through Register Vol. 63, No. 7, July 1, 2024
An insurer may apply in writing to the Director for approval to
				file audited consolidated or combined financial statements in lieu of separate
				annual audited financial statements if the insurer is part of a group of
				insurers that uses a pooling or one hundred percent reinsurance agreement
				affecting the solvency and integrity of the insurer's reserves and if the
				insurer cedes all of its direct and assumed business to the pool. In such a
				case, a columnar consolidating or combining worksheet shall be filed with the
				report as follows:
(1) Amounts shown
			 on the consolidated or combined audited financial report shall be shown on the
			 worksheet.
(2) Amounts for each
			 insurer subject to this rule shall be stated separately.
(3) Noninsurance operations may be shown on
			 the worksheet on a combined or individual basis.
(4) Explanations of consolidating and
			 eliminating entries shall be included.
(5) A reconciliation shall be included of any
			 differences between the amounts shown in the individual insurer columns of the
			 worksheet and comparable amounts shown on the annual statements of the
			 insurers.
Stat. Auth.: ORS
				  731.244 & ORS
				  731.488
Stats. Implemented: ORS
				  731.488(2)(a)
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0180 - Scope of Audit and Report of Independent Certified Public Accountant

Current through Register Vol. 63, No. 7, July 1, 2024
Financial statements furnished pursuant to OAR 836-011-0140 shall be audited by an independent certified public accountant. The audit of
				the insurer's financial statements must be conducted in accordance with
				generally accepted auditing standards. In accordance with AU Section 319 of the
				Professional Standards of the AICPA,
Consideration of Internal Control
				in a Financial Statement Audit
, the independent certified public
				accountant shall obtain an understanding of internal control sufficient to plan
				the audit. To the extent required by AU 319, for those insurers required to
				file a Management's Report of Internal Control over Financial Reporting
				pursuant to 836-011-0227, the independent certified public accountant shall
				consider (as that term is defined in Statement on Auditing Standards (SAS) No.
				102,
Defining Professional Requirements in Statements on Auditing
				Standards
or its replacement) the most recently available report in
				planning and performing the audit of the statutory financial statements.
				Consideration shall also be given to other procedures illustrated in the
Financial Condition Examiner's Handbook
promulgated by the
				National Association of Insurance Commissioners as the certified public
				accountant determines to be necessary.
Publications: Publications referenced are available from the
				  agency.
Stat. Auth.: ORS
				  731.244 &
				  731.488
Stats. Implemented: ORS
				  731.488
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0190 - Notification of Adverse Financial Condition

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An insurer required to furnish the annual
			 audited financial report shall require the independent certified public
			 accountant to report in writing to the board of directors or its audit
			 committee any determination by the independent certified public accountant that
			 the insurer has materially misstated its financial condition as reported to the
			 Director as of the date of the balance sheet currently under audit or that the
			 insurer does not meet the minimum capital and surplus requirement of the Oregon
			 Insurance Code as of that date. The insurer shall require the independent
			 certified public accountant to submit the report not later than the fifth
			 business day after the independent certified public accountant makes such a
			 determination. An insurer that has received a report under this section shall
			 forward a copy of the report to the Director not later than the fifth business
			 day after receiving the report and shall provide the independent certified
			 public accountant with evidence that the report was furnished to the Director.
			 If the independent certified public accountant does not receive the evidence
			 within the required period, the independent certified public accountant shall
			 furnish to the Director a copy of its report not later than the fifth business
			 day after the end of the period within which the insurer was required to submit
			 the report.
(2) An independent
			 certified public accountant shall not be liable to any person for any statement
			 made in connection with the requirements of section (1) of this rule if the
			 statement is made in good faith and in compliance with section (1) of this
			 rule.
(3) If the accountant, after
			 the date of the audited financial report filed pursuant to OAR 836-011-0100  to
			 836-011-0230, becomes aware of facts that might have affected the report, the
			 Director notes the obligation of the accountant to act as prescribed in
Volume 1
,
Section AU 561 of the Professional Standards of
			 the American Institute of Certified Public Accountants
(
AICPA
).
Publications: Publications referenced are available from the
				  agency.
Stat. Auth.: ORS
				  731.244 &
				  731.488
Stats. Implemented: ORS
				  731.488
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0200 - Communication of Internal Control Related Matters Noted in an Audit

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In addition to
			 the annual audited financial report, each insurer shall furnish the Director
			 with a written communication as to any unremediated material weaknesses in its
			 internal control over financial reporting noted during the audit. The
			 communication must be prepared by the accountant not later than the 60th day
			 after the filing of the annual audited financial report and shall contain a
			 description of any unremediated material weakness (as the term material
			 weakness is defined by Statement on Auditing Standard 60,
Communication
			 of Internal Control Related Matters Noted in an Audit
, or its
			 replacement) as of December 31 immediately preceding (so as to coincide with
			 the audited financial report required by OAR 836-011-0120(1)) in the insurer's
			 internal control over financial reporting noted by the accountant during the
			 course of their audit of the financial statements. If no unremediated material
			 weaknesses were noted, the communication must so state.
(2) The insurer shall submit with the report
			 required under section (1) of this rule a description of remedial actions taken
			 or proposed to correct unremediated material weaknesses, if the actions are not
			 described in the accountant's report.
(3) The insurer shall maintain information
			 about significant deficiencies communicated by the independent certified public
			 accountant. The information must be made available to the examiner conducting a
			 financial condition examination for review and kept in such a manner as to
			 remain confidential.
Publications: Publications referenced are available from the
				  agency.
Stat. Auth.: ORS
				  731.244 &
				  731.488
Stats. Implemented: ORS
				  731.488
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0210 - Accountant's Letter of Qualifications

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An accountant shall furnish the insurer,
			 in connection with and for inclusion in the filing of the annual audited
			 financial report, a letter stating:
(a) That
			 the accountant is independent with respect to the insurer and conforms to the
			 standards of the accounting profession as contained in the Code of Professional
			 Ethics and pronouncements of the American Institute of Certified Public
			 Accountants (
AICPA
) and the Rules of
			 Professional Conduct of the Oregon State Board of Accountancy, or a similar
			 code of conduct of the state board regulating the practice of accountancy in
			 the state in which the accountant is licensed to practice.
(b) The background and experience in general,
			 and the experience in audits of insurers, of the staff assigned to the
			 engagement and whether each is an independent certified public
			 accountant.
(c) That the accountant
			 understands that the annual audited financial report and the opinion of the
			 accountant thereon must be filed in compliance with OAR 836-011-0100  to
			 836-011-0230  and that the Director will rely on the information contained in
			 the report and opinion in the monitoring and regulation of the financial
			 position of insurers.
(d) That the
			 accountant consents to the requirements of OAR 836-011-220 and that the
			 accountant agrees to make the workpapers described in 836-011-0220  available
			 for review by the Director, or the Director's designee or appointed
			 agent.
(e) A representation that
			 the accountant is currently licensed by an appropriate state licensing
			 authority and is a member in good standing in the American Institute of
			 Certified Public Accountants.
(f) A
			 representation that the accountant is in compliance with OAR
			 836-011-0160.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0220 - Definition, Availability and Maintenance of Independent Certified Public Accountants Workpapers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For
			 the purpose of this rule, workpapers are the records kept by an independent
			 certified public accountant of the procedures followed, the tests performed,
			 the information obtained and the conclusions reached pertinent to the
			 accountant's audit of the financial statements of an insurer. Accordingly,
			 workpapers may include audit planning documentation, work programs, analyses,
			 memoranda, letters of confirmation and representation, abstracts of company
			 documents and schedules or commentaries prepared or obtained by the independent
			 certified public accountant in the course of the accountant's audit of the
			 financial statements of an insurer and which support the accountant's
			 opinion.
(2) An insurer that is
			 required to file an audited financial report pursuant to OAR 836-011-0100  to
			 836-011-0230  shall require the accountant to make available for review by
			 Department of Consumer and Business Service examiners, all workpapers prepared
			 in the conduct of the accountant's audit and any communications related to the
			 audit between the accountant and the insurer, at the offices of the insurer, at
			 the Department or at any other reasonable place designated by the Director. The
			 insurer shall require that the accountant retain the audit workpapers and
			 communications until the Department has filed a report on examination covering
			 the period of the audit but no longer than seven years from the date of the
			 audit report.
(3) In the conduct of
			 a periodic review by the Department examiners, it shall be agreed that
			 photocopies of pertinent audit workpapers may be made and retained by the
			 Department. Any such review by the Department examiners is an investigation and
			 all working papers and communications obtained during the course of such an
			 investigation must be given the same confidentiality as other examination
			 workpapers generated by the Department.
Publications: Publications referenced are available from the
				  agency.
Stat. Auth.: ORS
				  731.244 &
				  731.488
Stats. Implemented: ORS
				  731.488
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0224 - Internal Audit Function Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An insurer is exempt from these
			 requirements if:
(a) The insurer has annual
			 direct written and unaffiliated assumed premium, including international direct
			 and assumed premium but excluding premiums reinsured with the Federal Crop
			 Insurance Corporation and Federal Flood Program, less than $500,000,000;
			 and
(b) If the insurer is a member
			 of a group of insurers, the group has annual direct written and unaffiliated
			 assumed premium including international direct and assumed premium, but
			 excluding premiums reinsured with the Federal Crop Insurance Corporation and
			 Federal Flood Program, less than $1,000,000,000.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0225 - Conduct of Insurer in Connection with the Preparation of Required Reports and Documents

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 director or officer of an insurer may not directly or indirectly:
(a) Make or cause to be made a materially
			 false or misleading statement to an accountant in connection with any audit,
			 review or communication required under OAR 836-011-0100  to 836-011-0230;
			 or
(b) Omit to state, or cause
			 another person to omit to state, any material fact necessary in order to make
			 statements made, in light of the circumstances under which the statements were
			 made, not misleading to an accountant in connection with any audit, review or
			 communication required under OAR 836-011-0100  to 836-011-0230.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0227 - Management's Report of Internal Control over Financial Reporting

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each insurer
			 required to file an audited financial report pursuant to OAR 836-011-0100  to
			 836-011-0230  that has annual direct written and assumed premiums of
			 $500,000,000 or more, excluding premiums reinsured with the Federal Crop
			 Insurance Corporation and Federal Flood Program, shall prepare a report of the
			 insurer's or group of insurers' internal control over financial reporting. The
			 insurer shall file the report with the Director, along with the Communication
			 of Internal Control Related Matters Noted in an Audit, as described in
			 836-011-0200. The Management's Report of Internal Control over Financial
			 Reporting shall be as of December 31 immediately preceding.
(2) Notwithstanding the premium threshold in
			 section (1) of this rule, the Director may require an insurer to file a
			 Management's Report of Internal Control over Financial Reporting if the insurer
			 is in any RBC level event or meets any one or more of the standards of an
			 insurer determined to be in hazardous financial condition as defined in ORS
			 731.385.
(3) An insurer or a group of insurers
			 described in this section may file its or its parent's Section 404 Report and
			 an addendum in satisfaction of this rule, but only if the internal controls of
			 the insurer or group of insurers having a material impact on the preparation of
			 the insurer's or group of insurers' audited statutory financial statements
			 (those items included in OAR 836-011-0140(2) and (3), except for
			 836-011-0140(2)(a), were included in the scope of the Section 404 Report. This
			 section applies to an insurer or a group of insurers that is:
(a) Directly subject to Section
			 404;
(b) Part of a holding company
			 system whose parent is directly subject to Section 404;
(c) Not directly subject to Section 404 but
			 is a SOX Compliant Entity; or
(d) A
			 member of a holding company system whose parent is not directly subject to
			 Section 404 but is a SOX Compliant Entity.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0230 - Canadian and British Companies

Current through Register Vol. 63, No. 7, July 1, 2024
In the case of Canadian and British insurers, the annual
				audited financial report is the annual statement of total business on the form
				filed by such companies with their domiciliary supervision authority and
				audited by an independent chartered accountant. For such insurers, the letter
				required under OAR 836-011-0150  shall state that the accountant is aware of the
				requirements relating to the annual audited statement filed with the Director
				under 836-011-0120  and shall affirm that the opinion expressed conforms to
				those requirements.
Stat. Auth.: ORS
				  731.244 & ORS
				  731.488
Stats. Implemented: ORS
				  731.488(2)(b)-ORS
				  731.488(2)(c)
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0235 - Effective Dates

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 requirements of OAR 836-011-0160(4)  as amended effective July 1, 2008 apply to
			 audits of the year beginning January 1, 2010 and thereafter.
(2) The requirements of OAR 836-011-0223  first apply beginning January 1, 2010. An insurer or group of insurers that is
			 not required to have independent audit committee members or only a majority of
			 independent audit committee members, as opposed to a supermajority, because the
			 total written and assumed premium is below the threshold and subsequently
			 becomes subject to one of the independence requirements due to changes in
			 premium has one year following the year the threshold is exceeded, but not
			 earlier than January 1, 2010, to comply with the independence requirements.
			 Likewise, an insurer that becomes subject to one of the independence
			 requirements as a result of a business combination shall have one calendar year
			 following the date of acquisition or combination to comply with the
			 independence requirements.
(3) The
			 requirements of OAR 836-011-0100  to 836-011-0230  as amended effective July 1,
			 2008, except for 836-011-0223, are effective beginning with the reporting
			 period ending December 31, 2010 and each year thereafter. An insurer or group
			 of insurers that is not required to file a report because the total written
			 premium is below the threshold and subsequently becomes subject to the
			 reporting requirements shall have two years following the year the threshold is
			 exceeded, but not earlier than December 31, 2010, to file a report. Likewise,
			 an insurer acquired in a business combination shall have two calendar years
			 following the date of acquisition or combination to comply with the reporting
			 requirements.
Stat. Auth.: ORS
				  731.244 &
				  731.488
Stats. Implemented: ORS
				  731.488
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0250 - Authority; Purpose; Scope

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR
			 836-011-0250  to 836-011-0260  are adopted by the Director of the Department of
			 Consumer and Business Services pursuant to ORS
			 731.244. The purpose of OAR
			 836-011-0250  to 836-011-0260  is to improve the Director's ability to determine
			 whether a self-insurance program satisfies the financial requirements of ORS
			 30.282 and
			 731.036 to be exempt from the
			 Insurance Code and to clarify the components of the annual financial statement
			 required under ORS 30.282 and
			 731.036, including the timeline
			 for providing the annual financial statement to the program participants and to
			 the director.
(2) OAR 836-011-0250  to 836-011-0260  apply to every public body that establishes a self-insurance
			 program that is exempt from the Insurance Code under ORS
			 30.282 and
			 731.036.
(3) OAR 836-011-0250  to 836-011-0260  do not
			 limit the Director's authority to order, conduct or perform examinations of
			 self insurance programs to determine whether the program complies with
			 applicable criteria for exemption from the Insurance Code.
Stat. Auth.: ORS
				  731.244
Stats. Implemented: ORS
				  30.282,
				  731.036
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0253 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
As used in OAR 836-011-0250  to 836-011-0260:
(1) "Annual contributions" means total
			 contributions paid by program participants less any premium collected from
			 participants to procure insurance of any kind.
(2) "Annual financial statement" means the
			 financial report required under ORS
			 731.036 or the annual
			 independently audited financial statement provided to program participants
			 under ORS 30.282. The report described in
			 this rule must comply with all applicable Government Accounting Standards Board
			 requirements.
Stat. Auth.: ORS
				  731.244
Stats. Implemented: ORS
				  30.282,
				  731.036
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0255 - Reserve Adequacy

Current through Register Vol. 63, No. 7, July 1, 2024
In order to demonstrate that a self-insurance program complies
				with the reserve adequacy provisions contained in ORS
				30.282(6)(d) or
				731.036(4), (5) or
				(6), the demonstration of compliance must be
				accompanied and supported by the written actuarial report issued by a qualified
				actuary. As used in this rule, "qualified actuary" means:
(1) For property or casualty insurance, a
			 person who is either:
(a) A member in good
			 standing of the Casualty Actuarial Society; or
(b) A member in good standing of the American
			 Academy of Actuaries who has been approved as qualified for signing casualty
			 loss reserve opinions by the Casualty Practice Council of the American Academy
			 of Actuaries.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0258 - Unallocated Reserve Account

Current through Register Vol. 63, No. 7, July 1, 2024
In order to demonstrate compliance with the requirement to
				maintain an unallocated reserve account as set forth in ORS
				30.282(6)(e)in
				which total assets exceed total liabilities by the greater of 25 percent of
				annual contributions or $250,000, total liabilities must include all
				liabilities identified by a qualified actuary including but not necessarily
				limited to the items listed in ORS
				30.282(6)(d).
Stat. Auth.: ORS
				  731.244
Stats. Implemented: ORS
				  30.282,
				  731.036
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0260 - Distribution of Annual Financial Statement

Current through Register Vol. 63, No. 7, July 1, 2024
A public body or the administrator of a self-insurance program
				must make the annual financial statement available to program participants and
				to the director not later than six months after the close of the program's
				fiscal year.
Stat. Auth.: ORS
				  731.244
Stats. Implemented: ORS
				  30.282,
				  731.036
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0300 - Statutory Authority; Statutes Implemented

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR 836-011-0300  to 836-011-0390  apply to
			 insurers that are subject to the capital and surplus requirements of ORS
			 731.554 and insurers that are
			 subject to the capital and surplus requirements of
			 731.566.
(2) OAR 836-011-0300  to 836-011-0390  are
			 adopted pursuant to the authority of ORS
			 731.244,
			 731.554,
			 731.574 and 733.210for the
			 purpose of implementing
			 731.554 and
			 731.574.
Stat. Auth.: ORS
				  731.244,
				  731.554 &
				  733.210
Stats. Implemented: ORS
				  731.554 &
				  731.574
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0305 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
As used in OAR 836-011-0300  to 836-011-0390:
(1) "Adjusted RBC report" means a risk-based
			 capital (RBC) report that has been adjusted by the director in accordance with
			 OAR 836-011-0310(5).
(2)
			 "Corrective order" means an order issued by the director specifying corrective
			 actions that the director has determined are required.
(3) "NAIC" means the National Association of
			 Insurance Commissioners.
(4) "Life
			 or health insurer" means an insurer transacting life insurance or health
			 insurance or both or an insurer authorized to transact property and casualty
			 insurance but writing only health insurance.
(5) "Property and casualty insurer" means an
			 insurer transacting property and casualty insurance, or either, but does not
			 include an insurer transacting only monoline mortgage guaranty insurance,
			 financial guaranty insurance or title insurance, or an insurer authorized to
			 transact property and casualty insurance but writing only health
			 insurance.
(6) "Negative trend"
			 means, with respect to a life or health insurer, negative trend over a period
			 of time, as determined in accordance with the "trend test calculation" included
			 in the RBC instructions.
(7) "RBC
			 instructions" means the RBC report, including risk-based capital instructions
			 adopted by the NAIC, as such RBC instructions may be amended by the NAIC from
			 time to time in accordance with the procedures adopted by the NAIC and
			 identified by the Department of Consumer and Business Services to be applicable
			 to the RBC report period. RBC instructions may be obtained by contacting the
			 Division of Financial Regulation of the Department of Consumer and Business
			 Services using the contact information provided on the Division of Financial
			 Regulation website at dfr.oregon.gov.
(8) "RBC level" means an insurer'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 insurer, 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; and
(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 836-011-0310 - RBC Reports

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each
			 domestic insurer 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, each domestic insurer 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 insurer is authorized to do business, if the insurance
			 commissioner has notified the insurer of its request in writing, in which case
			 the insurer 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 836-011-0320 - 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) The filing of an RBC report by an insurer
			 indicating that:
(A) The insurer's total
			 adjusted capital is greater than or equal to its regulatory action level RBC
			 but less than its company action level RBC;
(B) If a life or health insurer, the insurer
			 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 has a negative trend; or
(C) If
			 a property and casualty insurer, the insurer 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
			 property and casualty RBC instructions.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0330 - Regulatory Action Level Event

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 "Regulatory action level event" means, with respect to an insurer, any of the
			 following events:
(a) The filing of an RBC
			 report by the insurer that indicates the insurer's total adjusted capital is
			 greater than or equal to its authorized control level RBC but less than its
			 regulatory action level RBC;
(b)
			 Notification by the Director to the insurer of an adjusted RBC report that
			 indicates the event in subsection (a) of this section (1), if the insurer does
			 not challenge the adjusted RBC report under OAR 836-011-0360;
(c) If, pursuant to OAR 836-011-0360, the
			 insurer challenges an adjusted RBC report that indicates the event in
			 subsection (a) of this section (1), notification by the Director to the insurer
			 that the Director has, after a hearing, rejected the insurer's
			 challenge;
(d) Failure of the
			 insurer to file an RBC report by the filing date, unless the insurer has
			 provided an explanation for the failure that is satisfactory to the Director
			 and has cured the failure not later than the 10th day after the filing
			 date;
(e) Failure of the insurer to
			 submit an RBC plan to the Director within the time period established in OAR
			 836-011-0320(3);
(f) Notification
			 by the Director to the insurer that:
(A) The
			 RBC plan or revised RBC plan submitted by the insurer is unsatisfactory, in the
			 judgment of the Director; and
(B)
			 Such notification constitutes a regulatory action level event with respect to
			 the insurer, if the insurer has not challenged the determination under OAR
			 836-011-0360;
(g) If,
			 pursuant to OAR 836-011-0360, the insurer challenges a determination by the
			 Director under subsection (f) of this section, the notification by the Director
			 to the insurer that the Director has, after a hearing, rejected the
			 challenge;
(h) Notification by the
			 Director to the insurer that the insurer has failed to adhere to its RBC plan
			 or revised RBC plan, but only if the failure has a substantial adverse effect
			 on the ability of the insurer to eliminate the company action level event in
			 accordance with its RBC plan or revised RBC plan and the Director has so stated
			 in the notification, and if the insurer has not challenged the determination
			 under OAR 836-011-0360; or
(i) If,
			 pursuant to OAR 836-011-0360, the insurer challenges a determination by the
			 Director under subsection (h) of this section (1), the notification by the
			 Director to the insurer that the Director has, after a hearing, rejected the
			 challenge.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0340 - 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 insurer indicating that the insurer's total adjusted capital is greater
			 than or equal to its mandatory control level RBC but less than its authorized
			 control level RBC;
(b) Notification
			 by the Director to the insurer of an adjusted RBC report indicating the event
			 in subsection (a) of this section, if the insurer does not challenge the
			 adjusted RBC report under OAR 836-011-0360;
(c) If, pursuant to OAR 836-011-0360, the
			 insurer challenges an adjusted RBC report that indicates the event in
			 subsection (a) of this section, notification by the Director to the insurer
			 that the Director has, after a hearing, rejected the insurer's
			 challenge;
(d) The failure of the
			 insurer to respond to a corrective order, in a manner satisfactory to the
			 Director, if the insurer has not challenged the corrective order under OAR
			 836-011-0360; or
(e) If the insurer
			 has challenged a corrective order under OAR 836-011-0360  and the Director has,
			 after a hearing, rejected the challenge or modified the corrective order, the
			 failure of the insurer to respond to the corrective order in a manner
			 satisfactory to the Director 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 836-011-0350 - 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 indicating
			 that the insurer's total adjusted capital is less than its mandatory control
			 level RBC;
(b) Notification by the
			 Director to the insurer of an adjusted RBC report that indicates the event in
			 subsection (a) of this section, if the insurer does not challenge the adjusted
			 RBC report under OAR 836-011-0360; or
(c) If, pursuant to OAR 836-011-0360, the
			 insurer challenges an adjusted RBC report that indicates the event in
			 subsection (a) of this section, notification by the Director to the insurer
			 that the Director has, after a hearing, rejected the insurer's
			 challenge.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0360 - Hearings

Current through Register Vol. 63, No. 7, July 1, 2024
An insurer 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 insurer 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
				insurer'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
				insurer's request. The events to which the opportunity for a hearing under this
				rule relates are as follows:
(1)
			 Notification to an insurer by the Director of an adjusted RBC report;
(2) Notification to an insurer by the
			 Director that the insurer's RBC plan or revised RBC plan is unsatisfactory, and
			 such notification constitutes a regulatory action level event with respect to
			 the insurer;
(3) Notification to
			 any insurer by the Director that the insurer has failed to adhere to its RBC
			 plan or revised RBC plan and that the failure has a substantial adverse effect
			 on the ability of the insurer to eliminate the company action level event with
			 respect to the insurer in accordance with its RBC plan or revised RBC plan;
			 or
(4) Notification to an insurer
			 by the Director of a corrective order with respect to the insurer.
Stat. Auth.: ORS
				  731.244, ORS
				  731.554 & ORS
				  733.210
Stats. Implemented: ORS
				  731.240, ORS
				  731.554 & ORS
				  731.574
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0380 - Supplemental Provisions; Exemption

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
								836-011-0300  to 836-011-0390  are
			 supplemental to any other provisions of the laws of this state, and do not
			 preclude or limit any other powers or duties of the Director under such laws,
			 including, but not limited to, OAR 836-011-0100  to 836-011-0120.
(2) OAR 836-011-0300  to 836-011-0390  do not
			 apply to any domestic insurer transacting property and casualty insurance that:
(a) Writes direct business only in this
			 state;
(b) Writes direct annual
			 premiums of $2 million or less; and
(c) Assumes no reinsurance in excess of five
			 percent of direct premium written.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0390 - Foreign Insurers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 foreign insurer 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 on the
			 later of:
(a) The date by which an RBC report
			 would be required to be filed by a domestic insurer under OAR 836-011-0300  to
			 836-011-0390; or
(b) The 15th day
			 after the request is received by the foreign insurer.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0430 - Scope and Authority

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR
			 836-011-0430  to 836-011-0460  apply to all domestic insurers and to all domestic
			 health care service contractors under ORS
			 750.055 and multiple employer
			 welfare arrangements under
			 750.333. For purposes of OAR
			 836-011-0430  to 836-011-0460, "insurer" includes health care service
			 contractors and multiple employer welfare arrangements.
(2) OAR 836-011-0430  to 836-011-0460  are
			 adopted under the authority of ORS
			 731.244,
			 731.574 and
			 733.210.
Stat. Auth.: ORS
				  731.244 & ORS
				  731.574
Stats. Implemented: ORS
				  731.574 & ORS
				  733.210
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0440 - Report

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Every domestic
			 insurer shall file a report with the Director of the Department of Consumer and
			 Business Services disclosing material acquisitions and dispositions of assets
			 or material nonrenewals, cancellations or revisions of ceded reinsurance
			 agreements unless the acquisitions and dispositions of assets or material
			 nonrenewals, cancellations or revisions of ceded reinsurance agreements have
			 been submitted to the Director for review, approval or information purposes
			 pursuant to other provisions of the Insurance Code, laws, rules or other
			 requirements.
(2) The report
			 required in section (1) of this rule is due not later than the 15th day after
			 the end of the calendar month in which any of the transactions described in
			 section (1) of this rule occurs.
(3) One complete copy of the report,
			 including any exhibits or other attachments, shall be filed with:
(a) The insurance department of the insurer's
			 state of domicile; and
(b) The
			 National Association of Insurance Commissioners.