reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0290 - Specific Standards for Mortality

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Except as provided in section (2) of this
			 rule, the mortality basis used shall be according to any table (but without use
			 of selection factors) permitted by law for the valuation of whole life
			 insurance issued on the same date as the health insurance contract.
(2) Other mortality tables adopted by the
			 NAIC and also adopted by the Director may be used in the calculation of the
			 minimum reserves if appropriate for the type of benefits and if approved by the
			 Director. The request for such approval must include the proposed mortality
			 table and the reason that the standard specified in section (1) of this rule is
			 inappropriate.
Stat. Auth.: ORS
				  731.244 & ORS
				  733.080
Stats. Implemented: ORS
				  733.080
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0300 - Reserves for Waiver of Premium

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Waiver of premium reserves involves
			 several special considerations. First, the disability valuation tables
			 promulgated by the NAIC are based on exposures that include contracts on
			 premium waiver as in-force contracts. Hence, contract reserves based on these
			 tables are not reserves on active lives but rather are reserves on contracts in
			 force. This is true for the 1964 CDT and for both the 1985 CIDA and CIDB
			 tables.
(2) Reserves using any of
			 the tables described in section (1) of this rule shall value reserves on the
			 following basis:
(a) Claim reserves must
			 include reserves for premiums expected to be waived, valuing as a minimum the
			 valuation net premium being waived;
(b) Premium reserves must include contracts
			 on premium waiver as in-force contracts, valuing as a minimum the unearned
			 modal valuation net premium being waived; and
(c) Contract reserves must include
			 recognition of the waiver of premium benefit in addition to other contract
			 benefits provided for, valuing as a minimum the valuation net premium to be
			 waived.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0400 - Allowed Assets

Current through Register Vol. 63, No. 7, July 1, 2024
For the purpose of applying investment limitations and
				prohibitions in ORS Chapter 733 that are based upon percentages, the allowed
				assets of an insurer shall be those allowed assets described in
				733.010 that are shown in the
				financial statement filed by the insurer for the period immediately preceding
				the period for which the most recent financial statement was
				filed.
Stat. Auth.: ORS
				  731.244,
				  733.010 &
				  733.695
Stats. Implemented: ORS
				  733.010 &
				  733.510 -
				  733.780
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0410 - Title Insurance Unearned Premium Reserve

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For the purpose of implementing ORS
			 733.090(2), the
			 amount of the unearned premium reserve shall be determined as follows for each
			 foreign or alien title insurer relating to policies insuring titles to real
			 property in this state and for each domestic title insurer relating to all of
			 its policies insuring titles to real property:
(a) Three percent of all gross premiums on
			 title insurance policies issued by it during the preceding 15 years and prior
			 to January 1, 2002; plus
(b) A
			 percentage of all gross premiums on title insurance policies issued by it
			 during the current calendar year as determined from section (2) of this rule;
			 less
(c) Percentage portions of
			 reserve additions for each calendar year following January 1, 2002 and
			 preceding the current calendar year, as specified by the Director.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0600 - Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
The purpose of OAR 836-031-0600  to 836-031-0690  is to
				prescribe:
(1) Requirements for
			 statements of actuarial opinion to be submitted in accordance with ORS
			 733.304 and for memoranda in
			 support thereof;
(2) Rules
			 applicable to the appointment of an appointed actuary.
(3) Guidance as to the meaning of "adequacy
			 of reserves."
Stat. Auth.: ORS
				  731.244 &
				  733.304
Stats. Implemented: ORS
				  733.304
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0605 - Valuation Manual

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For the
			 purpose of complying with Oregon Laws 2015, chapter 547, insurers shall use the
			 Valuation Manual established by the National Association of Insurance
			 Commissioners when establishing reserves using a principle-based valuation. The
			 operative date of the Valuation Manual, as specified under Oregon Laws 2015,
			 chapter 547, section 16(2) is January 1, 2017. The Valuation Manual referred to
			 in this rule is available for inspection at the Department of Consumer and
			 Business Services.
(2) The director
			 shall specify the effective date of any amendments to the Valuation Manual by
			 decision posted under insurer financial regulation on the department's Division
			 of Financial Regulation website at dfr.oregon.gov.
Statutory/Other Authority: ORS
				  731.244, Or Laws 2015, ch
				  547, sec 16 & ORS
				  733.210
Statutes/Other Implemented: Or Laws 2015, ch
				  547
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0610 - Authority

Current through Register Vol. 63, No. 7, July 1, 2024
OAR 836-031-0600  to 836-031-0690  are adopted pursuant to ORS
				733.300 to
				733.322 generally and
				733.304
				specifically.
Stat. Auth.: ORS
				  731.244 &
				  733.304
Stats. Implemented: ORS
				  733.304
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0620 - Scope

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR
			 836-031-0600  to 836-031-0690  apply to all life insurers transacting insurance
			 in this state and to all life insurers that are authorized to reinsure life
			 insurance, annuities or health insurance business in this state OAR
			 836-031-0600  to 836-031-0690  shall be applied in a manner that allows the
			 appointed actuary to utilize his or her professional judgment in performing the
			 asset analysis and developing the actuarial opinion and supporting memoranda,
			 consistent with relevant actuarial standards and practices. However, the
			 director may specify specific methods of actuarial analysis and actuarial
			 assumptions when, in the director's judgment, these specifications are
			 necessary for an acceptable opinion to be rendered relative to the adequacy of
			 reserves and related items.
(2) OAR
			 836-031-0600  to 836-031-0690  shall be applicable to all annual statements filed
			 with the office of the director after the effective date of this change to OAR
			 836-031-0600  to 836-031-0690. A statement of opinion on the adequacy of the
			 reserves and related actuarial items based on an asset adequacy analysis in
			 accordance with 836-031-0670  and a memorandum in support thereof in accordance
			 with 836-031-0680  are required each year.
Stat. Auth.: ORS
				  731.244 &
				  733.304
Stats. Implemented: ORS
				  733.304
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0630 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
As used in OAR 836-031-0600  to 836-031-0690:
(1) "Actuarial Opinion" means the opinion of
			 an appointed actuary regarding the adequacy of the reserves and related
			 actuarial items based on an asset adequacy analysis in accordance with
			 836-031-0670  and with currently accepted actuarial standards;
(2) "Actuarial Standards Board" is the board
			 established by the American Academy of Actuaries to develop and promulgate
			 standards of actuarial practice.
(3) "Annual Statement" means that statement
			 required by ORS 731.574 of the Insurance Code to
			 be filed by the company with the Director annually.
(4) "Appointed Actuary" means any individual
			 who is appointed or retained in accordance with the requirements set forth in
			 OAR 836-031-0640(3)  to provide the actuarial opinion and supporting memorandum
			 as required by ORS 733.304.
(5) "Asset Adequacy Analysis" means an
			 analysis that meets the standards and other requirements referred to in OAR
			 836-031-0640(4).
(6) "Company"
			 means a life insurance company or reinsurer subject to the provisions of OAR
			 836-031-0600  to 836-031-0690.
(7)
			 "Qualified Actuary" means any individual who meets the requirements set forth
			 in OAR 836-031-0640(2).
Stat. Auth.: ORS
				  731.244
Stats. Implemented: ORS
				  733.304
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0640 - General Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 following provisions apply to submission of the statement of actuarial
			 opinions:
(a) There is to be included on or
			 attached to page 1 of the annual statement for each year beginning with 1992
			 the statement of an appointed actuary, entitled "Statement of Actuarial
			 Opinion," setting forth an opinion relating to reserves and related actuarial
			 items held in support of policies and contracts, in accordance with OAR
			 836-031-0670.
(b) Upon written
			 request by the company, the Director may grant an extension of the date for
			 submission of the statement of actuarial opinion.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0670 - Statement of Actuarial Opinion Based On an Asset Adequacy Analysis

Current through Register Vol. 63, No. 7, July 1, 2024
(1) General
			 Description. The statement of actuarial opinion submitted in accordance with
			 this rule must consist of:
(a) A paragraph
			 identifying the appointed actuary and the qualifications of the qualified
			 actuary, as provided in subsection (2)(a) of this rule;
(b) A scope paragraph identifying the
			 subjects on which an opinion is to be expressed and describing the scope of the
			 appointed actuary's work, including a tabulation delineating the reserves and
			 related actuarial items that have been analyzed for asset adequacy and the
			 method of analysis, as provided in subsection (2)(b) of this rule, and
			 identifying the reserves and related actuarial items covered by the opinion
			 that have not been so analyzed;
(c)
			 A reliance paragraph describing those areas, if any, where the appointed
			 actuary has deferred to other experts in developing data, procedures or
			 assumptions, (e.g., anticipated cash flows from currently owned assets,
			 including variation in cash flows according to economic scenarios, as provided
			 in subsection (2)(c) of this rule, supported by a statement of each such expert
			 in the form prescribed by section (5) of this rule;
(d) An opinion paragraph expressing the
			 appointed actuary's opinion with respect to the adequacy of the supporting
			 assets to mature the liabilities, as provided in subsection (2)(f) of this
			 rule; and
(e) One or more
			 additional paragraphs, to be included in individual company cases as follows:
(A) If the appointed actuary considers it
			 necessary to state a qualification of the appointed actuary's
			 opinion;
(B) If the appointed
			 actuary must disclose an inconsistency in the method of analysis or basis of
			 asset allocation used at the prior opinion date with that used for the
			 appointed actuary's opinion;
(C) If
			 the appointed actuary must disclose whether additional reserves of the prior
			 opinion date are released as of this opinion date, and the extent of the
			 release; and
(D) If the appointed
			 actuary chooses to add a paragraph briefly describing the assumptions forming
			 the basis for the actuarial opinion.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0690 - Additional Considerations for Analysis

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Use of Assets Supporting the Interest
			 Maintenance Reserve and the Asset Valuation Reserve. An appropriate allocation
			 of assets in the amount of the Interest Maintenance Reserve (IMR), whether
			 positive or negative, must be used in any asset adequacy analysis. Analysis of
			 risks regarding asset default may include an appropriate allocation of assets
			 supporting the Asset Valuation Reserve (AVR); these AVR assets may not be
			 applied for any other risks with respect to reserve adequacy. Analysis of these
			 and other risks may include assets supporting other mandatory or voluntary
			 reserves available to the extent not used for risk analysis and reserve
			 support. The amount of the assets used for the AVR shall be disclosed in the
			 Table of Reserves and Liabilities of the opinion and in the memorandum. The
			 method used for selecting particular assets or allocated portions of assets
			 shall be disclosed in the memorandum.
(2) Documentation. The appointed actuary
			 shall retain on file, for at least seven years, sufficient documentation so
			 that it will be possible to determine the procedures followed, the analyses
			 performed, the bases for assumptions and the results obtained.
Stat. Auth.: ORS
				  731.244
Stats. Implemented: ORS
				  733.304
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0750 - Purpose, Authority and Applicability

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The purpose of OAR 836-031-0750  to
			 836-031-0775  is to provide:
(a) Tables of
			 select mortality factors and rules for their use;
(b) A minimum standard for the valuation of
			 plans with nonlevel premiums or benefits; and
(c) A minimum standard for the valuation of
			 plans with secondary guarantees.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0755 - Applicability

Current through Register Vol. 63, No. 7, July 1, 2024
OAR 836-031-0750  to 836-031-0775  apply to all life insurance
				policies, with or without nonforfeiture values, issued on or after January 1,
				2000, subject to 836-051-0106  and the following exceptions and
				conditions:
(1) The following
			 exceptions apply:
(a) OAR 836-031-0750  to
			 836-031-0775  do not apply to any individual life insurance policy issued on or
			 after January 1, 2000, if the policy is issued in accordance with and as a
			 result of the exercise of a reentry provision contained in the original life
			 insurance policy of the same or greater face amount, issued before the
			 effective date of this regulation, that guarantees the premium rates of the new
			 policy. OAR 836-031-0750  to 836-031-0775  also do not apply to subsequent
			 policies issued as a result of the exercise of such a provision, or a
			 derivation of the provision, in the new policy.
(b) OAR 836-031-0750  to 836-031-0775  do not
			 apply to any universal life policy that meets all the following requirements:
(A) Secondary guarantee period, if any, is
			 five years or less;
(B) Specified
			 premium for the secondary guarantee period is not less than the net level
			 reserve premium for the secondary guarantee period based on CSO valuation
			 tables as defined in OAR 836-031-0760  and the applicable valuation interest
			 rate; and
(C) The initial surrender
			 charge is not less than 100 percent of the first year annualized specified
			 premium for the secondary guarantee period.
(c) OAR 836-031-0750  to 836-031-0775  do not
			 apply to any variable life insurance policy that provides for life insurance,
			 the amount or duration of which varies according to the investment experience
			 of any separate account or accounts.
(d) OAR 836-031-0750  to 836-031-0775  do not
			 apply to any variable universal life insurance policy that provides for life
			 insurance, the amount or duration of which varies according to the investment
			 experience of any separate account or accounts.
(e) OAR 836-031-0750  to 836-031-0775  do not
			 apply to a group life insurance certificate unless the certificate provides for
			 a stated or implied schedule of maximum gross premiums required in order to
			 continue coverage in force for a period in excess of one year.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0765 - General Calculation Requirements for Basic Reserves and Premium Deficiency Reserves

Current through Register Vol. 63, No. 7, July 1, 2024
General Calculation Requirements for Basic Reserves and
				Premium Deficiency Reserves
(1)
			 At the election of the insurer for any one or more specified plans of life
			 insurance, the minimum mortality standard for basic reserves may be calculated
			 using the 1980 CSO valuation tables with select mortality factors (or any other
			 valuation mortality table adopted by the NAIC after January 1, 2000, and
			 adopted by the Director of the Department of Consumer and Business Services by
			 rule for this purpose). If select mortality factors are elected, they may be:
(a) The ten-year select mortality factors
			 incorporated into the 1980 amendments to the NAIC Standard Valuation
			 Law;
(b) The select mortality
			 factors in the Appendix; or
(c) Any
			 other table of select mortality factors adopted by the NAIC after January 1,
			 2000, and adopted by the Director of the Department of Consumer and Business
			 Services by rule for the purpose of calculating basic reserves.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0770 - Calculation of Minimum Valuation Standard for Policies with Guaranteed Nonlevel Gross Premiums or Guaranteed Nonlevel Benefits (Other than Universal Life Policies)

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Basic
			 Reserves. Basic reserves shall be calculated as the greater of the segmented
			 reserves and the unitary reserves. Both the segmented reserves and the unitary
			 reserves for any policy shall use the same valuation mortality table and
			 selection factors. At the option of the insurer, in calculating segmented
			 reserves and net premiums, either of the adjustments described as follows may
			 be made:
(a) Treat the unitary reserve, if
			 greater than zero, applicable at the end of each segment as a pure endowment
			 and subtract the unitary reserve, if greater than zero, applicable at the
			 beginning of each segment from the present value of guaranteed life insurance
			 and endowment benefits for each segment; or
(b) Treat the guaranteed cash surrender
			 value, if greater than zero, applicable at the end of each segment as a pure
			 endowment; and subtract the guaranteed cash surrender value, if greater than
			 zero, applicable at the beginning of each segment from the present value of
			 guaranteed life insurance and endowment benefits for each segment.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0775 - Calculation of Minimum Valuation Standard for Flexible Premium and Fixed Premium Universal Life Insurance Policies that Contain Provisions Resulting in the Ability of a Policyowner to Keep a Policy in Force Over a Secondary Guarantee Period

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 following standards apply for purposes of this rule:
(a) Policies with a secondary guarantee
			 include:
(A) A policy with a guarantee that
			 the policy will remain in force at the original schedule of benefits, subject
			 only to the payment of specified premiums;
(B) A policy in which the minimum premium at
			 any duration is less than the corresponding one year valuation premium,
			 calculated using the maximum valuation interest rate and the 1980 CSO valuation
			 tables with or without ten-year select mortality factors, or any other table
			 adopted after January 1, 2000, by the NAIC and adopted by the Director of the
			 Department of Consumer and Business Services by rule for this purpose;
			 or
(C) A policy with any
			 combination of paragraphs (A) and (B) of this subsection.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0800 - Purpose, authority

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 purpose of OAR 836-031-0800  to 836-031-0815  is to recognize, permit and
			 prescribe the use of mortality tables that reflect differences in mortality
			 between preferred and standard lives in determining minimum reserve liabilities
			 in accordance with ORS
			 733.306 and OAR
			 836-031-0765.
(2) OAR 836-031-0800  to 836-031-0815  are adopted pursuant to the authority of ORS
			 731.244 and
			 733.306, for the purpose of
			 implementing 733.306.
Stat. Auth: ORS
				  731.244 &
				  733.306
Stats. Implemented: ORS
				  733.306
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0805 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) "2001 CSO
			 Mortality Table" means that mortality table, consisting of separate rates of
			 mortality for male and female lives, developed by the American Academy of
			 Actuaries CSO Task Force from the valuation Basic Mortality Table developed by
			 the Society of Actuaries Individual Life Insurance Valuation Mortality Task
			 Force, and adopted by the NAIC in December 2002. The 2001 CSO Mortality Table
			 is included in the Proceedings of the NAIC (2nd Quarter 2002) and supplemented
			 by the 2001 CSO Preferred Class Structure Mortality Table defined in section
			 (2) of this rule. Unless the context indicates otherwise, the "2001 CSO
			 Mortality Table" includes both the ultimate form of that table and the select
			 and ultimate form of that table and includes both the smoker and nonsmoker
			 mortality tables and the composite mortality tables. It also includes both the
			 age-nearest-birthday and age-last-birthday bases of the mortality tables.
			 Mortality tables in the 2001 CSO Mortality Table include the following:
(a) "2001 CSO Mortality Table (F)" means that
			 mortality table consisting of the rates of mortality for female lives from the
			 2001 CSO Mortality Table;
(b) "2001
			 CSO Mortality Table (M)" means that mortality table consisting of the rates of
			 mortality for male lives from the 2001 CSO Mortality Table;
(c) "Composite mortality tables" means
			 mortality tables with rates of mortality that do not distinguish between
			 smokers and nonsmokers;
(d) "Smoker
			 and nonsmoker mortality tables" means mortality tables with separate rates of
			 mortality for smokers and nonsmokers.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0810 - 2001 CSO Preferred Class Structure Table

Current through Register Vol. 63, No. 7, July 1, 2024
(1) At the election of the insurer, for each
			 calendar year of issue, for any one or more specified plans of insurance and
			 subject to satisfying the conditions stated in OAR 836-031-0800  to
			 836-031-0815, the 2001 CSO Preferred Class Structure Mortality Table may be
			 substituted in place of the 2001 CSO Smoker or Nonsmoker Mortality Table as the
			 minimum valuation standard for policies issued on or after January 1, 2007. For
			 policies issued on or after January 1, 2004 (the date of adoption of OAR
			 836-051-0106, Life Insurance Valuation and Nonforfeiture Standards), and prior
			 to January 1, 2007, the 2001 CSO Preferred Class Structure Mortality Tables may
			 be substituted with the consent of the director and subject to the conditions
			 of OAR 836-031-0815. In determining whether to consent to the substitution, the
			 director may rely on the consent of the Insurance Commissioner of the company's
			 state of domicile. No such election may be made until the insurer demonstrates
			 at least 20 percent of the business to be valued on this table is in one or
			 more of the preferred classes. A table from the 2001 CSO Preferred Class
			 Structure Mortality Table used in place of a 2001 CSO Mortality Table, pursuant
			 to the requirements of OAR 836-031-0800  to 836-031-0815, will be treated as
			 part of the 2001 CSO Mortality Table only for purposes of reserve valuation
			 pursuant to the requirements of the NAIC model regulation "Recognition of the
			 2001 CSO Mortality Table For Use in Determining Minimum Reserve Liabilities and
			 Nonforfeiture Benefits Model Regulation."
(2) Tables referenced in this rule are
			 available from the Insurance Division of the Department of Consumer and
			 Business Services.
Tables referenced are available from the
				  agency.
Stat. Auth: ORS
				  731.244 &
				  733.306
Stats. Implemented: ORS
				  733.306
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0815 - Conditions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For each plan
			 of insurance with separate rates for preferred and standard nonsmoker lives, an
			 insurer may use the super preferred nonsmoker, preferred nonsmoker, and
			 residual standard nonsmoker tables to substitute for the nonsmoker mortality
			 table found in the 2001 CSO Mortality Table to determine minimum reserves. At
			 the time of election and annually thereafter, except for business valued under
			 the residual standard nonsmoker table, the appointed actuary shall certify
			 that:
(a) The present value of death benefits
			 over the next ten years after the valuation date, using the anticipated
			 mortality experience without recognition of mortality improvement beyond the
			 valuation date for each class, is less than the present value of death benefits
			 using the valuation basic table corresponding to the valuation table being used
			 for that class;
(b) The present
			 value of death benefits over the future life of the contracts, using
			 anticipated mortality experience without recognition of mortality improvement
			 beyond the valuation date for each class, is less than the present value of
			 death benefits using the valuation basic table corresponding to the valuation
			 table being used for that class.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 31 - ACCOUNTING AND INVESTMENTS (ORS CHAPTER 733); REHABILITATION AND LIQUIDATION OF INSURERS (ORS CHAPTER 734) › Section 836-031-0855 - Recoupment of Assessments by Oregon Insurance Guaranty Association

Current through Register Vol. 63, No. 7, July 1, 2024
(1) This rule is
			 adopted under the authority of ORS
			 731.244 and
			 734.579, for the purpose of
			 implementing 734.579, relating to the
			 recoupment by insurers of assessments made by the Oregon Insurance Guaranty
			 Association under 734.570. For the purpose of this
			 rule:
(a) "OIGA assessment" means the
			 assessment imposed on an insurer by the Oregon Insurance Guaranty
			 Association.
(b) "Recoupment
			 assessment" means the assessment charged by the insurer to its
			 policyholders.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 33 - INVESTMENTS (ORS 733.510 TO 733.780) › Section 836-033-0105 - Statutory Authority; Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
OAR 836-033-0110  is adopted pursuant to ORS
				733.550(3),
				which grants the Commissioner authority to prescribe standards to be applied to
				determine if obligations invested in by an insurer are "amply secured
				obligations" under the statutes regulating investments of insurers. The purpose
				of the section is to prescribe such standards.
Stat. Auth.: ORS 733
Stats. Implemented: ORS
				  733.550(3)
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 33 - INVESTMENTS (ORS 733.510 TO 733.780) › Section 836-033-0110 - "Amply Secured Obligations" Defined

Current through Register Vol. 63, No. 7, July 1, 2024
In addition to those obligations referred to in ORS
				733.550(1) and
				(2), an "amply secured obligation" is one
				that is eligible for amortization within the requirements adopted by the
				Subcommittee on Valuation of Securities of the National Association of
				Insurance Commissioners and published in "
Valuations of Securities as of
				December 31, 1975"
. An obligation that meets the requirements adopted by
				the Subcommittee on Valuation of Securities and set out in its most recent
				publication on
"Valuation of Securities"
will be considered within
				the requirements of this section.
Publications: The publication(s) referred to or incorporated
				  by reference in this rule are available from the
				  agency.
Stat. Auth.: ORS 733
Stats. Implemented: ORS
				  733.550(3)
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 33 - INVESTMENTS (ORS 733.510 TO 733.780) › Section 836-033-0120 - Purpose and Authority; Definition

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR 836-033-0120  and 836-033-0130  implement ORS 733.695 by establishing which
			 obligations are not of investment grade and regulating the acts and practices
			 of insurers with respect to the concentration of such obligations.
(2) For purposes of this rule and OAR
			 836-033-0130, "obligation" has the meaning given that term in ORS
			 733.540.
Stat. Auth.: ORS
				  731.244, ORS
				  733.010 & ORS
				  733.695
Stats. Implemented: ORS
				  733.695
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 33 - INVESTMENTS (ORS 733.510 TO 733.780) › Section 836-033-0130 - Investments in Medium Grade and Lower Grade Obligations

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An insurer may acquire or hold
			 obligations that are not investment grade only as provided in this rule. For
			 purposes of this rule, an obligation is not investment grade if the obligation
			 is either of the following:
(a) A "medium
			 grade obligation", which means an obligation that is rated three by the
			 Securities Valuation Office of the National Association of Insurance
			 Commissioners;
(b) A "lower grade
			 obligation," which means an obligation that is rated four, five or six by the
			 Securities Valuation Office of the National Association of Insurance
			 Commissioners.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 42 - RATES AND RATEMAKING › Section 836-042-0001 - Statutory Authority; Purpose and Effective Date

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR 836-042-0001  to 836-042-0035  are
			 adopted pursuant to the general rulemaking authority of the Director in ORS
			 731.244.
(2) The purpose and applicability of OAR
			 836-042-0001  to 836-042-0035  is to effectuate orderly administration of the
			 1981 amendments to ORS
			 737.205,
			 737.225,
			 737.265 and
			 737.320 requiring insurers to
			 file their own workers' compensation insurance rates, rating plans, and rating
			 systems and prohibiting rating organizations from filing workers' compensation
			 insurance rating provisions for expenses, taxes, or profit.
Stat. Auth.: ORS 731
Stats. Implemented: ORS
				  737.205(1) -
				  (2), 737.225(1),
				  737.265,
				  737.310(1)
				  & 737.320(3)
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 42 - RATES AND RATEMAKING › Section 836-042-0005 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
As used in OAR 836-042-0001  to 836-042-0035, unless the context
				requires otherwise:
(1) "Anniversary
			 rating date" means the month and day that rates, rating plans and rating
			 systems are initially applied to a policy in effect and each annual anniversary
			 thereafter, unless a different date is established by the rating organization
			 of which the insurer is a member.
(2) "Classification" means a grouping of
			 insurance risks according to a classification system used by an
			 insurer.
(3) "Classification
			 System" means a schedule of classifications and a rule or set of rules used by
			 an insurer for determining the classifications applicable to an
			 insured.
(4) "Insurer" means any
			 insurer authorized to write workers' compensation insurance or the State
			 Accident Insurance Fund Corporation.
(5) "Loss Cost" means a provision for claim
			 payment
(6) "Premium" means the
			 contractual consideration charged to an insured for insurance for a specified
			 period of time regardless of the timing of actual charges.
(7) "Provision for Claim Payment" means an
			 estimate expressed per unit of exposure basis for the monetary amount
			 ultimately to be needed to pay workers' compensation insurance claims,
			 excluding all loss adjustment or claim management expenses, other operating
			 expenses, assessments, taxes, and profit or contingency allowances.
(8) "Rate" means a monetary amount applied to
			 the units of exposure basis assigned to a classification and used by an insurer
			 to determine the premium for an insured.
(9) "Rating Plan" means a rule or set of
			 rules used by an insurer to calculate premium for an insured, and the parameter
			 values used in such calculation, after application of classification premium
			 rates to units of exposure.
(10)
			 "Rating System" means a collection of rating plans to be used by an insurer,
			 rules for determining which rating plans are applicable to an insured, a
			 classification system, and other rules used by an insurer for determining
			 contractual consideration for an insured.
(11) "Standard Premium at Company Rates"
			 means Oregon premium determined on the basis of premium rates approved for an
			 insurer and any applicable experience rating modification but does not include
			 expense constants or additional premium charged to achieve minimum
			 premium
(12) "Workers' Compensation
			 Insurance" means insurance providing coverage for the obligations of an
			 employer arising from illness or injury to workers whether such obligation is
			 imposed by ORS Chapter 656, similar laws of the United States, or agreements
			 between states.
Stat. Auth.: ORS
				  731.244
Stats. Implemented: ORS
				  737.205(1) -
				  ORS 737.205(2), ORS
				  737.225(1), ORS
				  737.265 & ORS
				  737.320(3)
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 42 - RATES AND RATEMAKING › Section 836-042-0020 - Insurers Must Demonstrate Statistical Reporting Ability

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Any insurer filing a workers'
			 compensation insurance exposure base, classification or classification system,
			 must demonstrate how statistical experience data will be converted for purposes
			 of statistical reporting in accordance with the uniform statistical plan
			 prescribed by OAR 836-042-0045.
(2)
			 Any filing by an insurer of a workers' compensation insurance exposure base,
			 classification or classification system which does not meet the requirements of
			 section (1) of this rule shall be determined not to satisfy the requirements of
			 ORS Chapter 737 and shall be disapproved.
Stat. Auth.: ORS 731
Stats. Implemented: ORS
				  737.325(1) -
				  ORS 737.325(2), ORS
				  737.325(4)
				  & ORS 737.230
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 42 - RATES AND RATEMAKING › Section 836-042-0025 - Workers' Compensation Filings Standards for Unfair Discrimination

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Except for
			 revisions solely attributable to legislative enactments, changes in
			 administrative rules or orders, or approved by the Director to prevent an
			 impairment, or applying to state agencies, workers' compensation insurance
			 rates, rating plans, rating systems or provisions for claim payment are
			 unfairly discriminatory if either:
(a)
			 Revision of a rate, rating plan or rating system is filed to become effective
			 within six months of the effective date of a corresponding rate, rating plan or
			 rating system previously established pursuant to OAR 836-042-0015  by the filing
			 insurer; or
(b) The rating system
			 does not contain rules specifying that a revision of a rate, rating plan or
			 system shall not apply to an insured until an anniversary rating date at least
			 11 months and 16 days subsequent to the earlier of the preceding anniversary
			 rating date or the preceding policy effective date established for an insured
			 unless approved by the Director to apply to all policies in force on a common
			 date; or
(c) Premium rates are
			 based on provisions for claim payment filed by a licensed rating organization
			 which are not the provisions most recently approved or premium rates are
			 determined by multiplying superseded provisions by a factor; or
(d) Provisions for claim payment to be used
			 by an insurer as a basis for premium rates are revised to be effective on a
			 date other than the date of a revision approved for a licensed rating
			 organization.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 42 - RATES AND RATEMAKING › Section 836-042-0035 - Workers' Compensation Policy Forms Filings by Insurers

Current through Register Vol. 63, No. 7, July 1, 2024
Workers' compensation insurance must be written using policy
				forms filed by the rating organization of which the insurer is a member except
				that if the insurer files a rating plan or rating system requiring a policy
				provision or endorsement for which the rating organization has made no usable
				filing then the insurer may file its own policy forms needed to implement its
				rating plans or systems. Such policy form filings are subject to ORS Chapter
				743.
Statutory/Other Authority: ORS 731
Statutes/Other Implemented: ORS
				  737.265(2)
				  & 737.320(3)
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 42 - RATES AND RATEMAKING › Section 836-042-0040 - Statutory Authority; Purpose and Effective Date

Current through Register Vol. 63, No. 7, July 1, 2024
Statutory Authority; Purpose and Effective Date
(1) OAR 836-042-0040  through 836-042-0045  are
			 adopted by the director pursuant to the requirements of ORS
			 737.225(4).
(2) The purpose and applicability of these
			 rules is to prescribe a uniform statistical plan for workers' compensation
			 insurance statistics as required by ORS
			 737.225(4).
(3) OAR 836-042-0040  through 836-042-0045  apply to all reporting of workers' compensation insurance statistics, as
			 therein defined and prescribed provided that nothing contained herein shall
			 restrict the reporting of statistical, financial, or accounting data necessary
			 to fulfill the requirements of ORS Chapter 737.
Stat. Auth.: ORS
				  731.244 &
				  737.225
Stats. Implemented: ORS
				  737.225
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 42 - RATES AND RATEMAKING › Section 836-042-0043 - Definition

Current through Register Vol. 63, No. 7, July 1, 2024
As used in OAR 836-042-0040  through 836-042-0045, unless the
				context requires otherwise: "Workers' compensation insurance" means insurance
				providing coverage for the obligations of an employer arising from illness or
				injury to workers whether such obligation is imposed by ORS Chapter 656,
				similar laws of the United States, or agreements between
				states.
Stat. Auth.: ORS
				  731.244 &
				  737.225
Stats. Implemented: ORS
				  737.225
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 42 - RATES AND RATEMAKING › Section 836-042-0045 - Workers' Compensation Statistical Plan

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Statistical Plan for Workers'
			 Compensation and Employers' Liability Insurance, 2008 Edition, filed by the
			 National Council on Compensation Insurance and approved by the director to
			 become effective January 1, 2009, and revisions approved by the director to
			 become effective on or before November 1, 2023, is prescribed as the
			 statistical plan for workers' compensation and employers' liability
			 insurance.
(2) Manuals or guides
			 referenced within the statistical plan designated in section (1) of this rule
			 are not prescribed by this rule.
Publications: Publications referenced are available from the
				  agency.
Statutory/Other Authority: ORS
				  737.225(4)
Statutes/Other Implemented: ORS
				  737.265(2)
				  & 737.320
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 42 - RATES AND RATEMAKING › Section 836-042-0050 - Statutory Authority; Purpose and Applicability

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR 836-042-0050  to 836-042-0060  are
			 adopted pursuant to the general rulemaking authority of the Director in ORS
			 731.244 and the specific
			 authority of 737.310, which authorizes the
			 Director to prescribe by rule the conditions under which a division of payroll
			 between different classifications is permitted for purposes of calculating
			 workers' compensation insurance premiums.
(2) The purpose and applicability of OAR
			 836-042-0050  to 836-042-0060  is to improve parity in the workers' compensation
			 insurance market by prescribing a uniform set of rules for division of a single
			 employee's payroll between assigned classifications and a necessary
			 clarification of the definition of payroll to effectuate these rules.
(3) OAR 836-042-0050  to 836-042-0060  apply to
			 all workers' compensation insurance policies written by any insurer.
Stat. Auth.: ORS
				  731.244
Stats. Implemented: ORS
				  737.310
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 42 - RATES AND RATEMAKING › Section 836-042-0055 - Definitions, Payroll Inclusions and Exclusions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) As used in OAR 836-042-0050  to
			 836-042-0060, unless the context requires otherwise:
(a) "Classification" means a grouping of
			 insurance risks according to a classification system used by an
			 insurer.
(b) "Classification
			 System" means a schedule of classifications and a rule or set of rules used by
			 an insurer for determining the classification applicable to risks insured by
			 it.
(c) "Insurer" means any insurer
			 authorized to write workers' compensation insurance, and the State Accident
			 Insurance Fund Corporation.
(d)
			 "Interchange of labor" means an employee or employees who at different times
			 perform duties described by two or more classifications assigned to an employer
			 according to the classification system used by the insurer.
(e) "Overtime Work", unless more extensively
			 defined within the rating system used by the insurer, means work beyond the
			 time worked on a regular basis in a day or a week and work on days not worked
			 on a regular basis such as Sundays or holidays but does not include time or
			 days worked on a regular basis according to the contract of employment, whether
			 or not any increased rate of pay is applied.
(f) "Payroll" means money or substitutes for
			 money that are payable to workers for their services and that are specified or
			 defined by the rating system used by the insurer, except that payroll may not
			 include vacation pay, incremental pay recorded for overtime work, and payments
			 excluded as provided in section (2) of this rule.
(g) "Workers' compensation insurance" means
			 insurance providing coverage for the obligations of an employer arising from
			 illness or injury to workers whether such obligation is imposed by ORS Chapter
			 656, similar laws of the United States, or agreements between states.