reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 24 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-024-0165 - Exemption from ORS 732.435 of Acquisitions of Shares of Stock and Stock Options under Certain Stock Bonus, Stock Option or Similar plans

Current through Register Vol. 63, No. 7, July 1, 2024
When a director or officer of an insurer issuing stock or a stock option acquires shares of the insurer's stock pursuant to a stock bonus, profit sharing, retirement, incentive, thrift, savings or similar plan, other than stock acquired upon the exercise of an option, warrant or right, or acquires a qualified or restricted stock option through an employee stock purchase plan, the acquisition is exempt from ORS 732.435 if the plan meets the following conditions:
(1) The plan has been approved, directly or indirectly, by the affirmative votes of the holders of a majority of the securities of the insurer present, or represented, and entitled to vote at a meeting held according to Oregon law or by the written consent of the holders of a majority of the securities of the insurer entitled to vote. For the purpose of this section, "insurer" includes a predecessor corporation if the plan or obligations to participate in the plan were assumed by the insurer in connection with the succession. If, however, the vote or written consent was not solicited substantially in accordance with OAR 836-024-0003  to 836-024-0055  at the time of the vote or written consent, the following shall apply:
(a) The insurer shall furnish in writing to the holders of record of the securities entitled to vote for the plan substantially the same information concerning the plan that would be required by OAR 836-024-0003  to 836-024-0055  at the time the information is furnished, if proxies to be voted with respect to the approval or disapproval of the plan were being solicited, on or prior to the date of the first annual meeting of security holders held subsequent to the later of the date on which ORS 732.420 to 732.455 first applies to the insurer, or the date of the acquisition of an equity security for which an exemption is claimed.
(b) The written information required in subsection (a) of this section may be furnished by mail to the last known address of the security holders of record within 30 days prior to the date of mailing. Four copies of the written information must be filed with or mailed for filing to the Director of the Department of Consumer and Business Services not later than the date on which it is first sent or given to security holders of the insurer.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 24 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-024-0170 - Exemption from ORS 732.435 of Certain Transactions in Which Securities are Received by Redeeming other Securities

Current through Register Vol. 63, No. 7, July 1, 2024
An acquisition of an equity security, other than a convertible
				security or right to purchase a security, by a director or officer of the
				insurer issuing the security, is exempt from ORS
				732.435 if all of the following
				conditions are met:
(1) The equity
			 security is acquired by way of redemption of another security of an insurer,
			 substantially all of whose assets other than cash or government bonds consist
			 of securities of the insurer issuing the equity security, and the equity
			 security:
(a) Represented substantially and in
			 practical effect a stated or readily ascertainable amount of equity
			 security;
(b) Had a value that was
			 substantially determined by the value of the equity security; and
(c) Conferred upon the holder the right to
			 receive the equity security without the payment of any consideration other than
			 the security redeemed.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 24 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-024-0175 - Exemption of long Term Profits Incident to Sales Within Six Months of the Exercise of an Option

Current through Register Vol. 63, No. 7, July 1, 2024
(1) As provided in section (2) of this rule, the Director exempts as not comprehended within the purposes of ORS 732.435 any transaction or transactions involving the purchase and sale, or sale and purchase, of any equity security in which the purchase is made pursuant to the exercise of an option or similar right that was:
(a) Acquired more than six months before its exercise; or
(b) Acquired pursuant to the terms of an employment contract entered into more than six months before its exercise.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 24 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-024-0180 - Exemption from ORS 732.435 of Certain Acquisitions and Dispositions of Securities Pursuant to Merger or Consolidation

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Director exempts as not comprehended
			 within the purposes of ORS
			 732.435 the following
			 transactions:
(a) The acquisition of a
			 security of an insurer pursuant to a merger or consolidation in exchange for a
			 security of a company that, prior to the merger or consolidation:
(A) Owned 85 percent or more of the equity
			 securities of all other companies involved in the merger or consolidation
			 except, in the case of consolidation, the resulting company; or
(B) Held more than 85 percent of the combined
			 assets of the companies undergoing merger or consolidation, computed according
			 to their book values prior to the merger or consolidation as determined by
			 reference to their most available financial statements for a 12-month period
			 prior to the merger or consolidation.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 24 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-024-0185 - Exemption from ORS 732.435 of Transactions Involving the Deposit or Withdrawal of Equity Securities Under a Voting Trust or Deposit Agreement

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If
			 substantially all of the assets held under a voting trust or deposit agreement
			 immediately after the deposit of a security under the voting trust or deposit
			 agreement or immediately prior to the withdrawal of a security under the voting
			 trust or deposit agreement consisted of equity securities of the same class as
			 the security deposited or withdrawn, the following transactions are exempt from
			 ORS 732.435:
(a) The acquisition or disposition of an
			 equity security involved in the deposit of the security under the voting trust
			 or deposit agreement, and the acquisition or disposition of the certificate
			 representing the equity security; and
(b) The acquisition or disposition of an
			 equity security involved in the withdrawal of an equity security from the
			 voting trust or deposit agreement, and the acquisition or disposition of the
			 certificate representing the equity security.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 24 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-024-0190 - Exemption from ORS 732.435 of Certain Transactions Involving the Conversion of Equity Securities

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An
			 acquisition or disposition of an equity security involved in the conversion of
			 an equity security is exempt from ORS
			 732.435 if the converted equity
			 security, either immediately or after a stated period of time, is convertible
			 by its terms or pursuant to the terms of the insurer's articles of
			 incorporation or other governing instrument into another equity security of the
			 same insurer.
(2) Unless an
			 acquisition or disposition described in section (1) of this rule is included in
			 a transaction involved in the conversion or in a transaction exempted by any
			 other provision of OAR 836-024-0100  to 836-024-0220  that implements ORS
			 732.435, the exemption
			 established in subsection (1) of this rule does not apply if either of the
			 following has occurred within a period of less than six months before or after
			 the conversion, including the date of the conversion. This section applies to
			 the following:
(a) A purchase of any equity
			 security of the class convertible, including any acquisition of or change in a
			 conversion privilege and a sale of any equity security of the class issuable
			 upon conversion; or
(b) A sale of
			 any equity security of the class convertible and any purchase of any equity
			 security issuable upon conversion.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 24 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-024-0200 - Exemption from ORS 732.435 of Certain Transactions Involving the Sale of Subscription Rights

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Any sale of
			 a subscription right to acquire any subject security of the same insurer is
			 exempt from ORS 732.435, as provided in this
			 rule, as not comprehended within the purpose of that statute, if:
(a) The subscription right is acquired,
			 directly or indirectly, from the insurer without the payment of
			 consideration;
(b) The subscription
			 right by its terms expires within 45 days after issuance of the
			 subscription;
(c) The subscription
			 right by its terms is issued on a pro rata basis to all holders of the
			 beneficiary security of the insurer; and
(d) A registration statement under the
			 securities Act of 1933 is in effect as to each subject security, or the
			 applicable terms of any exemption from registration have been met with respect
			 to each subject security.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 24 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-024-0205 - Exemption of Certain Securities from ORS 732.440

Current through Register Vol. 63, No. 7, July 1, 2024
A security is exempt from ORS
				732.440 to the extent necessary
				to render lawful under that statute the broker's execution of an order for an
				account in which the broker has no direct or indirect
				interest.
Stat. Auth: ORS
				  731.244,
				  732.420,
				  732.430,
				  732.435,
				  732.445,
				  732.450,
				  732.455
Stats. Implemented: ORS
				  732.420 -
				  732.455
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 24 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-024-0210 - Exemption from ORS 732.440 of Certain Transactions Effected in Connection with a Distribution

Current through Register Vol. 63, No. 7, July 1, 2024
A security is exempt from the operation of ORS
				732.440 to the extent necessary
				to render lawful under that section any sale made by or on behalf of a dealer
				in connection with a distribution of a substantial block of securities, if the
				following conditions are met:
(1) The
			 sale is represented by an over-allotment in which the dealer is participating
			 as a member of an underwriting group, or the dealer or a person acting on the
			 dealer's behalf intends in good faith to offset the sale with a security to be
			 acquired by or on behalf of the dealer as a participant in an underwriting,
			 selling or soliciting dealer group of which the dealer is a member at the time
			 of the sale, whether or not the security to be so acquired is subject to a
			 prior offering to existing security holders or some other class of persons;
			 and
(2) Other persons to whom ORS
			 732.440 does not apply
			 participate in the distribution of the block of securities on terms at least as
			 favorable as those under which the dealer is participating and to an extent at
			 least equal to the aggregate participation of persons exempted from
			 732.440 by this rule. The
			 performance of the functions of manager of a distributing group and the receipt
			 of a bona fide payment for performing the functions does not preclude an
			 exemption that would otherwise be available under this rule.
Stat. Auth: ORS
				  731.244,
				  732.420,
				  732.430,
				  732.435,
				  732.445,
				  732.450,
				  732.455
Stats. Implemented: ORS
				  732.420 -
				  732.455
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 24 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-024-0215 - Exemption from ORS 732.440 of Sales of Securities to be Acquired

Current through Register Vol. 63, No. 7, July 1, 2024
(1) When a person
			 is entitled, as an incident to ownership of an issued security and without the
			 payment of consideration, to receive another security "when issued" or "when
			 distributed," the security to be acquired is exempt from ORS
			 732.440 if:
(a) The sale is made subject to the same
			 conditions as those attaching to the right of acquisition;
(b) The person exercises reasonable diligence
			 to deliver the security to the purchaser promptly after the person's right of
			 acquisition matures; and
(c) The
			 person reports the sale on the appropriate form for reporting transactions by
			 persons subject to ORS
			 732.430.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 24 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-024-0220 - Arbitrage Transactions under ORS 732.450

Current through Register Vol. 63, No. 7, July 1, 2024
A director or officer of an insurer may not effect any foreign
				or domestic arbitrage transaction in any equity security of the insurer unless
				the director or officer includes the transaction in the statements required by
				ORS 732.430 and accounts to the
				insurer for the profits arising from the transaction as provided by ORS
				732.435. ORS
				732.440 does not apply to such
				an arbitrage transaction. ORS
				732.420 to 743.455 do not apply
				to any bona fide foreign or domestic arbitrage transaction insofar as it is
				effected by any person other than a director or officer of the
				insurer.
Stat. Auth: ORS
				  731.244,
				  732.420,
				  732.430,
				  732.435,
				  732.445,
				  732.450,
				  732.455
Stats. Implemented: ORS
				  732.420 -
				  732.455
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0001 - Statutory Authority and Purpose of OAR 836-027-0005 to 836-027-0180

Current through Register Vol. 63, No. 7, July 1, 2024
OAR 836-027-0005  to 836-027-0180  are adopted pursuant to
				authority in ORS 732.572. They are adopted to
				carry out 732.517 to
				732.592. The information
				required by OAR 836-027-0005  to 836-027-0180  is declared to be necessary and
				appropriate in the public interest and for the protection of the policyholders
				in this state.
Stat. Auth.: ORS
				  732.572
Stats. Implemented: ORS
				  732.517 - ORS
				  732.592
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0005 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Unless the
			 context otherwise requires, as used in OAR 836-027-0005  to 836-027-0180:
(a) "Executive officer" means chief executive
			 officer, chief operating officer, chief financial officer, treasurer,
			 secretary, controller and any other individual performing functions
			 corresponding to those performed by the foregoing officers under whatever
			 title.
(b) "Foreign insurer"
			 includes an alien insurer except where specifically noted otherwise.
(c) "Form A" means the form prescribed by OAR
			 836-027-0100.
(d) "Form B" means
			 the form prescribed by OAR 836-027-0010.
(e) "Form C" means the form prescribed by OAR
			 836-027-0012.
(f) "Form D" means
			 the form prescribed by OAR 836-027-0160.
(g) "Form E" means the form prescribed by OAR
			 836-027-0125.
(h) "Form F" means
			 the form prescribed by OAR 836-027-0140.
(i) "Ultimate controlling person" means the
			 person who is not controlled by any other person.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0010 - Registration of Insurers - Statement Filing

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An insurer required to file an annual
			 registration statement pursuant to ORS
			 732.517 to
			 732.592 shall:
(a) Furnish the required information on
			 Form B. Form B is set forth on the website of the Department of Consumer and
			 Business Services at dfr.oregon.gov; and
(b) Include a statement that the insurer's
			 board of directors oversees corporate governance and internal
			 controls.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0012 - Summary of Registration - Statement Filing

Current through Register Vol. 63, No. 7, July 1, 2024
An insurer required to file an annual registration statement
				pursuant to ORS 732.517 to
				732.592 is also required to
				furnish information required on Form C. Form C is set forth on the website of
				the Department of Consumer and Business Services at dfr.oregon.gov. An insurer
				shall file a copy of Form C in each state in which the insurer is authorized to
				do business, if requested by the Insurance Commissioner of that
				state.
Statutory/Other Authority: ORS
				  732.572
Statutes/Other Implemented: ORS
				  732.517 -
				  732.592
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0020 - Alternative and Consolidated Registrations

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An authorized insurer may file a
			 registration statement, Form B, on behalf of an affiliated insurer or insurers
			 that are required to register under ORS
			 732.551. A registration
			 statement may include information not required by
			 732.517 to
			 732.592 regarding any insurer in
			 the insurance holding company system even if the insurer is not an authorized
			 insurer. In lieu of filing a registration statement on Form B, the authorized
			 insurer may file a copy of the registration statement or similar report that it
			 is required to file in its state of domicile, if:
(a) The statement or report contains
			 information substantially similar to that required to be furnished on Form B;
			 and
(b) The filing insurer is the
			 principal insurer in the insurance holding company system.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0025 - Disclaimers and Termination of Registration

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A disclaimer of affiliation or a request
			 for termination of registration claiming that a person does not, or will not
			 upon the taking of some proposed action, control another person (referred to as
			 the "subject" in this section) shall contain:
(a) The number of authorized, issued and
			 outstanding voting securities of the subject;
(b) With respect to the person whose control
			 is denied and all affiliates of such person, the number and percentage of
			 shares of the subject's voting securities that are held of record or known to
			 be beneficially owned, and the number of such shares concerning which there is
			 a right to acquire, directly or indirectly;
(c) All material relationships and bases for
			 affiliation between the subject and the person whose control is denied and all
			 affiliates of such person; and
(d)
			 A statement explaining why such person should not be considered to control the
			 subject.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0035 - Forms; Incorporation by Reference, Summaries, and Omissions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Information
			 required by any item of Form A, B or D may be incorporated by reference in
			 answer or partial answer to any other item. Information contained in any
			 financial statement, annual report, proxy statement, statement filed with a
			 governmental authority or any other document may be incorporated by reference
			 in answer or partial answer to any item of Form A, B or D if the document or
			 paper is filed as an exhibit to the statement. Excerpts of documents may be
			 attached as exhibits if the documents are extensive. Documents currently on
			 file with the Director that were filed within three years need not be filed as
			 exhibits. References to information contained in exhibits or in documents
			 already on file shall clearly identify the material and shall specifically
			 indicate that such material is to be incorporated by reference in answer to the
			 item. Matter shall not be incorporated by reference in any case in which the
			 incorporation would render the statement incomplete, unclear, or
			 confusing.
(2) If an item requires
			 a summary or outline of the provisions of any document, only a brief statement
			 of the pertinent provisions of the document shall be made. The summary or
			 outline may in addition incorporate by reference particular parts of any
			 exhibit or document currently on file with the Director that was filed within
			 three years and may be qualified in its entirety by such reference. If two or
			 more documents required to be filed as exhibits are substantially identical in
			 all material respects except as to the parties thereto, the dates of execution
			 or other details, a copy of only one of such documents need be filed, but it
			 shall have attached a schedule identifying the omitted documents and setting
			 forth the material details in which such documents differ from the documents of
			 which a copy is filed.
Stat. Auth.: ORS 731 & ORS
				  732.705
Stats. Implemented: ORS
				  732.523, ORS
				  732.552 & ORS
				  732.574
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0040 - Forms; Information Unknown or Unavailable and Extension of Time to Furnish

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Required
			 information need be given only insofar as it is known or reasonably available
			 to the person filing the statement. If any required information is unknown and
			 not reasonably available to the person filing, either because obtaining it
			 would involve unreasonable effort or expense, or because it rests peculiarly
			 within the knowledge of another person not affiliated with the person filing,
			 the information may be omitted. However, the person filing shall:
(a) Give such information on the subject as
			 the person possesses or can acquire without unreasonable effort or expense,
			 together with the sources thereof; and
(b) Include a statement either showing that
			 unreasonable effort or expense would be involved or indicating the absence of
			 any affiliation with the person within whose knowledge the information rests
			 and stating the result of a request made to such person for the
			 information.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0045 - Forms; Additional Information and Exhibits

Current through Register Vol. 63, No. 7, July 1, 2024
In addition to the information expressly required to be
				included in Forms A, B, C and D there shall be included further material
				information, if any, as may be necessary to make the information contained in
				the form not misleading. The person filing may also file exhibits in addition
				to those expressly required by the statement. Such exhibits shall be marked to
				indicate clearly the subject matters to which they refer.
Stat. Auth.: ORS 731 & ORS
				  732.705
Stats. Implemented: ORS
				  732.523, ORS
				  732.552, ORS
				  732.553 & ORS
				  732.574
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0050 - Instructions; Amendments

Current through Register Vol. 63, No. 7, July 1, 2024
A change to Form A, B, C, or D shall include on the top of the
				cover page the phrase: "
Change No. _____ to
" and shall indicate
				the date of the change and not the date of the original
				filing.
Stat. Auth.: ORS 731 & ORS
				  732.705
Stats. Implemented: ORS
				  732.523, ORS
				  732.552, ORS
				  732.554 & ORS
				  732.574
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0070 - Subsidiaries of Domestic Insurers

Current through Register Vol. 63, No. 7, July 1, 2024
The authority to invest in subsidiaries under ORS
				733.630 is in addition to any
				authority to invest in subsidiaries that may be contained in any other
				provision of the Insurance Code.
Stat. Auth.: ORS
				  732.705
Stats. Implemented: ORS
				  733.510 & ORS
				  733.630
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0100 - Acquisition of Control - Statement Filing

Current through Register Vol. 63, No. 7, July 1, 2024
A person required to file a statement pursuant to ORS
				732.517 to
				732.592 shall furnish the
				required information on Form A, which is incorporated in and made a part of
				this rule as Exhibit 1. The person also shall furnish the required information
				on Form E, which is described in OAR 836-027-0125. Form E is set forth on the
				website of the Department of Consumer and Business Services at
				dfr.oregon.gov.
Statutory/Other Authority: ORS
				  732.705
Statutes/Other Implemented: ORS
				  732.517 -
				  732.592
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0110 - Amendments to Form A

Current through Register Vol. 63, No. 7, July 1, 2024
An applicant who has filed a statement pursuant to ORS
				732.517 to
				732.592 shall promptly advise
				the Director of any changes in the information so furnished on Form A arising
				subsequent to the date upon which the information was furnished but prior to
				disposition of the application by the Director.
Stat. Auth.: ORS
				  732.705
Stats. Implemented: ORS
				  732.517 - ORS
				  732.592
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0120 - Acquisition of Certain Persons Considered to Be Insurers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If the person being acquired is
			 considered to be a "domestic insurer" solely because of the definition of
			 "domestic insurer" in ORS
			 732.518, the name of the
			 domestic insurer on the cover page shall be indicated as follows: "ABC
			 Insurance Company, a subsidiary of XYZ Holding Company."
(2) When a person who is considered to be a
			 "domestic insurer" solely because of the definition of "domestic insurer" in
			 ORS 732.518, is being acquired,
			 references to "the insurer" contained in Form A shall refer to both the
			 domestic subsidiary insurer and the person being acquired.
Stat. Auth.: ORS
				  732.705
Stats. Implemented: ORS
				  732.517 - ORS
				  732.592
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0125 - Pre-Acquisition Notification

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If a
			 domestic insurer, including any person controlling a domestic insurer, is
			 proposing a merger or acquisition under ORS
			 732.523, the person must file a
			 pre-acquisition notification form, Form E, as required under ORS
			 732.589. Form E is set forth on
			 the website of the Department of Consumer and Business Services at
			 dfr.oregon.gov.
(2) If a
			 non-domiciliary insurer licensed to do business in this state is proposing a
			 merger or acquisition pursuant to ORS
			 732.527,
			 732.587,
			 732.589,
			 732.542 and
			 732.544, that person shall file
			 a pre-acquisition notification form, Form E. A pre-acquisition notification
			 form need not be filed if the acquisition is beyond the scope of ORS
			 732.587,
			 732.589,
			 732.542 and
			 732.544.
(3) In addition to the information required
			 by Form E, the director may require an opinion from an economist as to the
			 competitive impact of the proposed acquisition.
Statutory/Other Authority: ORS
				  732.705
Statutes/Other Implemented: ORS
				  732.517 -
				  732.592
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0140 - Enterprise Risk Report

Current through Register Vol. 63, No. 7, July 1, 2024
The ultimate controlling person of an insurer required to file
				an enterprise risk report under ORS
				732.569 shall furnish the
				required information on Form F. Form F is set forth on the website of the
				Department of Consumer and Business Services at
				dfr.oregon.gov.
Statutory/Other Authority: ORS
				  732.705
Statutes/Other Implemented: ORS
				  732.517 -
				  732.592
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0160 - Transactions Subject to Prior Notice - Notice Filing

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An insurer required to give notice of a
			 proposed transaction pursuant to ORS
			 732.574 shall furnish the required information on Form D. Form D is set forth on the
			 website of the Department of Consumer and Business Services at
			 dfr.oregon.gov.
(2) Agreements for
			 cost sharing services and management services shall at a minimum and as
			 applicable:
(a) Identify the person providing
			 services and the nature of such services;
(b) Set forth the methods to allocate
			 costs;
(c) Require timely
			 settlement, not less frequently than on a quarterly basis, and compliance with
			 the requirements in the Accounting Practices and Procedures Manual;
(d) Prohibit advancement of funds by the
			 insurer to the affiliate except to pay for services defined in the
			 agreement;
(e) State that the
			 insurer will maintain oversight for functions provided to the insurer by the
			 affiliate and that the insurer will monitor services annually for quality
			 assurance;
(f) Define books and
			 records of the insurer to include all books and records developed or maintained
			 under or related to the agreement;
(g) Specify that all books and records of the
			 insurer are and remain the property of the insurer and are subject to the
			 control of the insurer;
(h) State
			 that all funds and invested assets of the insurer are the exclusive property of
			 the insurer, held for the benefit of the insurer and are subject to the control
			 of the insurer;
(i) Include
			 standards for termination of the agreement with and without cause;
(j) Include provisions for indemnification of
			 the insurer in the event of gross negligence or willful misconduct on the part
			 of the affiliate providing the services;
(k) Specify that, if the insurer is placed in
			 receivership or seized by the director under ORS chapter 734:
(A) All of the rights of the insurer under
			 the agreement extend to the receiver or the director, and,
(B) All books and records will immediately be
			 made available to the receiver or the director, and shall be turned over to the
			 receiver or the director immediately upon the receiver or the director's
			 request;
(l) Specify
			 that the affiliate has no automatic right to terminate the agreement if the
			 insurer is placed in receivership pursuant to ORS chapter 734; and
(m) Specify that the affiliate will continue
			 to maintain any systems, programs, or other infrastructure notwithstanding a
			 seizure by the director under ORS chapter 734, and will make them available to
			 the receiver, for so long as the affiliate continues to receive timely payment
			 for services rendered.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0170 - Extraordinary Dividends and Other Distributions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Requests for approval of extraordinary
			 dividends or any other extraordinary distribution to shareholders shall include
			 the following:
(a) The amount of the proposed
			 dividend;
(b) The date established
			 for payment of the dividend;
(c) A
			 statement as to whether the dividend is to be in cash or other property and, if
			 in property, a description thereof, its cost, and its fair market value
			 together with an explanation of the basis for valuation;
(d) A copy of the calculations determining
			 that the proposed dividend is extraordinary. The work paper must include the
			 following information:
(A) The amounts, dates
			 and form of payment of all dividends or distributions, including regular
			 dividends but excluding distributions of the insurer's own securities, paid
			 within the period of 12 consecutive months ending on the date fixed for payment
			 of the proposed dividend for which approval is sought and commencing on the day
			 after the same day of the same month in the last preceding year;
(B) Total capital and surplus as of the 31st
			 day of December immediately preceding;
(C) If the insurer transacts life insurance,
			 the net gain from operations of the insurer after dividends to policyholders
			 and federal income taxes and before realized capital gains or losses, for the
			 12-month period ending the 31st day of December immediately
			 preceding;
(D) If the insurer does
			 not transact life insurance, the net income for the 12-month period ending the
			 31st day of December immediately preceding and the two preceding 12-months
			 periods; and
(E) If the insurer
			 does not transact life insurance, the dividends paid to stockholders excluding
			 distributions of the insurer's own securities in the preceding two calendar
			 years.
(e) A balance
			 sheet and statement of income for the period intervening from the last annual
			 statement filed with the Director and the end of the month preceding the month
			 in which the request for dividend approval is submitted; and
(f) A brief statement as to the effect of the
			 proposed dividend upon the insurer's capital and surplus and the reasonableness
			 of combined capital and surplus in relation to the insurer's outstanding
			 liabilities and the adequacy of surplus relative to the insurer's financial
			 needs.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0180 - Adequacy of Surplus

Current through Register Vol. 63, No. 7, July 1, 2024
The factors set forth in ORS
				731.554, as referred to in
				732.582, for the purpose of
				determining the reasonableness and adequacy of the insurer's capital and
				surplus, are not intended to be an exhaustive list. In determining the adequacy
				and reasonableness of an insurer's capital and surplus, no single factor is
				necessarily controlling. Instead, the Director shall consider the net effect of
				all of such factors and also other factors bearing on the financial condition
				of the insurer. In comparing the capital and surplus maintained by other
				insurers, the Director shall consider the extent to which each of such factors
				varies from insurer to insurer. In determining the quality and liquidity of
				investments in subsidiaries, the Director shall consider the individual
				subsidiary and may discount or disallow its valuation to the extent that the
				individual investments so warrant.
Stat. Auth.: ORS
				  732.572
Stats. Implemented: ORS
				  731.554,
				  732.517 -
				  732.592
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0200 - Custodial Arrangements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) This
			 rule is adopted pursuant to the rulemaking authority in ORS
			 731.244 and
			 732.245 for the purpose of implementing 732.245.
(2) As used in this rule:
(a) "Agent" means:
(A) A national bank;
(B) A state bank; or
(C) A trust company with an account in a
			 clearing corporation or a member of the Federal Reserve System.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0300 - Statutory Authority; Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 OAR 836-027-0300  to 836-027-0360  are adopted pursuant to the authority of ORS
			 731.244 and
			 733.510 for the purpose of
			 implementing 733.510.
(2) OAR 836-027-0300  to 836-027-0360  establish requirements and limitations relating to securities lending
			 transactions by domestic insurers.
Stat. Auth.: ORS
				  731.244 & ORS
				  733.510
Stats. Implemented: ORS
				  733.510
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0310 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
As used in OAR 836-027-0300  to 836-027-0360:
(1) "Acceptable collateral" means, as to
			 securities lending transactions, cash, cash equivalents, letters of credit,
			 direct obligations of, or securities that are fully guaranteed as to principal
			 and interest by the government of the United States or any agency of the United
			 States, or by the Federal National Mortgage Association or the Federal Home
			 Loan Mortgage Corporation. "Acceptable collateral" also means, with respect to
			 lending foreign securities, sovereign debt rated 1 by the Securities Valuation
			 Office of the National Association of Insurance Commissioners or any successor
			 office established by the National Association of Insurance
			 Commissioners.
(2) "Equivalent
			 securities" means, in a securities lending transaction, securities that are
			 identical to the loaned securities in all features including the amount of the
			 loaned securities, except as to certificate number if held in physical form. In
			 addition, for purposes of this definition, when a different security is
			 exchanged for a loaned security by recapitalization, merger, consolidation or
			 other corporate action, the different security is considered to be the loaned
			 security.
(3) "Securities lending
			 transaction" means a transaction in which securities are loaned by an insurer
			 to a business entity that is obligated to return the loaned securities or
			 equivalent securities to the insurer, either within a specified period of time
			 or upon demand.
Stat. Auth.: ORS
				  731.244 & ORS
				  733.510
Stats. Implemented: ORS
				  733.510
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0320 - Authorization by Board of Directors

Current through Register Vol. 63, No. 7, July 1, 2024
Before a domestic insurer enters into a securities lending
				transaction, the board of directors of the domestic insurer must adopt a
				written plan that specifies the guidelines and objectives to be followed with
				respect to securities lending transactions, including the following:
(1) An assessment that securities lending
			 transactions, including the guidelines relating thereto, are appropriate for
			 the business conducted by the insurer and are consistent with ORS
			 733.510(4).
(2) An assessment of the insurer's technical
			 investment and administrative capabilities and expertise to engage in
			 securities lending transactions.
(3) A description of how cash received will
			 be invested or used for general corporate purposes of the insurer.
(4) Operational procedures to manage
			 securities lending transactions and borrower default risk and the use of
			 acceptable collateral in a manner that reflects the liquidity needs of
			 securities lending transactions.
(5) The extent to which the domestic insurer
			 may engage in securities lending transactions.
Stat. Auth.: ORS
				  731.244 & ORS
				  733.510
Stats. Implemented: ORS
				  733.510
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0330 - Agreement with Borrower

Current through Register Vol. 63, No. 7, July 1, 2024
Except as provided in OAR 836-027-0340, a domestic insurer
				shall enter into a written agreement with each borrower in a securities lending
				transaction. The written agreement between the insurer and the borrower must
				contain the following provisions:
(1)
			 All loans must terminate not more than one year from the date of origination or
			 upon the earlier demand of the insurer. The insurer must have the right to
			 terminate the loan in a maximum of the normal settlement time for the loaned
			 security.
(2) At the termination of
			 the loan, the borrower must be obligated to return equivalent
			 securities.
(3) The insurer must be
			 entitled to receive from the borrower all distributions made by the issuer of
			 the loaned securities during the duration of the loan, including cash
			 dividends, stock dividends, stock splits and interest distributions of any kind
			 declared, granted or made by the issuer, or any affiliate thereof, and rights
			 to purchase or subscribe for additional securities.
(4) At the inception of the loan, the
			 borrower must provide acceptable collateral. If the acceptable collateral is in
			 the form of cash or cash equivalents, it must be in an amount specified in this
			 section. If the acceptable collateral is in the form of a letter of credit, it
			 must be an irrevocable letter of credit drawn on a bank acceptable to the
			 insurer and in an amount specified in this section. If the acceptable
			 collateral is in the form of direct obligations of, or securities that are
			 fully guaranteed as to principal and interest by, the government of the United
			 States or any agency of the United States, or by the Federal National Mortgage
			 Association or the Federal Home Loan Mortgage Corporation or in the form of
			 sovereign debt rated 1 by the Securities Valuation Office of the National
			 Association of Insurance Commissioners or any successor office established by
			 the National Association of Insurance Commissioners, such securities must have
			 a market value in an amount specified in this section. For purposes of this
			 section:
(a) Except as provided in subsection
			 (b) of this section, the amount or market value of the collateral must be
			 determined as of the transaction date and must be at least equal to 102 percent
			 of the market value of the loaned securities at that date; and
(b) In the event that foreign securities are
			 loaned and the denomination of the currency of the collateral is other than the
			 denomination of the currency of the loaned foreign securities, the amount or
			 market value of the collateral must be at least equal to 105 percent of the
			 market value of the loaned securities at that date.
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0340 - Agreement with Agent as Alternative to Written Agreement

Current through Register Vol. 63, No. 7, July 1, 2024
As an alternative to a written agreement between a domestic
				insurer and the borrower described in OAR 836-027-0330, the insurer may enter
				into an agreement with an agent acting on behalf of the insurer, if the agent
				is a qualified business entity and if the agreement:
(1) Requires the agent to enter into separate
			 agreements with each borrower that are consistent with the requirements of OAR
			 836-027-0330; and
(2) Prohibits
			 securities lending transactions pursuant to the agreement with the agent or its
			 affiliates.
Stat. Auth.: ORS
				  731.244 & ORS
				  733.510
Stats. Implemented: ORS
				  733.510
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0350 - Limitation

Current through Register Vol. 63, No. 7, July 1, 2024
A domestic insurer shall not enter into a securities lending
				transaction if, as a result of and after giving effect to the
				transaction:
(1) The aggregate amount
			 of securities then loaned to any one borrower would exceed five percent of its
			 admitted assets; or
(2) The
			 aggregate amount of all securities then loaned to all borrowers would exceed 40
			 percent of its admitted assets.
Stat. Auth.: ORS
				  731.244 & ORS
				  733.510
Stats. Implemented: ORS
				  733.510
Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES › Section 836-027-0360 - Type of Borrower, Investment of Collateral, Valuation and Reporting

Current through Register Vol. 63, No. 7, July 1, 2024
In a securities lending transaction, a domestic insurer shall
				comply with the following requirements:
(1) The borrower must be a registered
			 securities broker or a bank or trust company or registered as a primary dealer
			 of government securities with the Federal Reserve System. For purposes of this
			 rule:
(a) "Bank or trust company" means any
			 bank or trust company that is organized under the laws of the United States or
			 any state thereof and is regularly examined pursuant to such laws;
			 and
(b) "Registered securities
			 broker" means a securities broker registered under the federal Securities
			 Exchange Act of 1934 (  15 U.S.C. 78  a et seq.).