Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 80 - TRADE PRACTICES › Section 836-080-0770 - Practices Declared False, Misleading, Deceptive or Unfair, Regardless of Location

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 following acts or practices by an insurer or insurance producer constitute
			 corrupt practices, improper influences or inducements and are declared to be
			 false, misleading, deceptive or unfair:
(a)
			 Submitting, processing or assisting in the submission or processing of any
			 allotment form or similar device used by the United States Armed Forces to
			 direct a service member's pay to a third party for the purchase of life
			 insurance. The acts or practices described in this subsection include, but are
			 not limited to, using or assisting in using a service member's "MyPay" account
			 or other similar Internet or electronic medium for such purposes. This
			 subsection does not prohibit assisting a service member by providing insurer or
			 premium information necessary to complete any allotment form.
(b) Knowingly receiving funds from a service
			 member for the payment of premium from a depository institution with which the
			 service member has no formal banking relationship. For purposes of this rule, a
			 formal banking relationship is established when the depository institution:
(A) Provides the service member a deposit
			 agreement and periodic statements and makes the disclosures required by the
			 Truth in Savings Act, 12 U.S.C. ¦ 4301 et seq. and the regulations
			 promulgated thereunder; and
(B)
			 Permits the service member to make deposits and withdrawals unrelated to the
			 payment or processing of insurance premiums.
(c) Employing any device or method or
			 entering into any agreement in which funds received from a service member by
			 allotment for the payment of insurance premiums are identified on the service
			 member's Leave and Earnings Statement or equivalent or successor form as
			 "Savings" or "Checking" and when the service member has no formal banking
			 relationship as defined in section (1)(b) of this rule.
(d) Entering into any agreement with a
			 depository institution for the purpose of receiving funds from a service member
			 in which the depository institution, with or without compensation, agrees to
			 accept direct deposits from a service member with whom it has not formal
			 banking relationship.
(e) Using DoD
			 personnel, directly or indirectly, as a representative or agent in any official
			 or unofficial capacity with or without compensation with respect to the
			 solicitation or sale of life insurance to service members who are junior in
			 rank or grade, or to the family members of such personnel.
(f) Offering or giving anything of value,
			 directly or indirectly, to DoD personnel to procure their assistance in
			 encouraging, assisting or facilitating the solicitation or sale of life
			 insurance to another service member.
(g) Knowingly offering or giving anything of
			 value to a service member with a pay grade of E-4 or below for the service
			 member's attendance to any event in which an application for life insurance is
			 solicited.
(h) Advising a service
			 member with a pay grade of E-4 or below to change the service member's income
			 tax withholding or State of legal residence for the sole purpose of increasing
			 disposable income to purchase life insurance.