Oregon Administrative Code

836-012-0332 Existing Agreements For purposes of an insurer’s statutory financial statement filings, each insurer subject to OAR 836-012-0300 to 836-012-331 shall reduce to zero any reserve credits or assets established with respect to reinsurance agreements entered into prior to…

836-013-0100 Authority (1) OAR 836-013-0100 to 836-013-0120 are adopted pursuant to ORS 731.244, 731.296 and 731.385. (2) OAR 836-013-0100 to 836-013-0120 set forth the standards that the Director may use for identifying insurers who are in such condition as to render the continu…

836-013-0110 Standards The Director may consider the following standards, either singly or in combination of two or more, to determine whether the continued operation of any insurer transacting insurance in this state might be determined to be hazardous to the policyholders, its …

836-013-0120 Director’s Authority (1) For the purposes of making a determination of the financial condition of an insurer under OAR 836-013-0100 to 836-013-0120, the Director may do one or more of the following: (a) Disregard any credit or amount receivable resulting from transac…

836-014-0001 Purpose, Authority and Effective Date (1) OAR 836-014-0001 to 836-014-0045 are adopted to carry out the purpose of ORS 750.505 to 750.715, that of regulating the operation of legal expense organizations in this state. (2) OAR 836-014-0001 to 836-014-0045 are adopted …

836-014-0005 Applicability and Scope (1) Except as otherwise specifically provided in section (2) of this rule, OAR 836-014-0001 to 836-014-0045 apply to: (a) All legal expense organizations doing business in this state; (b) All legal expense plans and membership agreements of le…

836-014-0010 Required Capitalization A legal expense organization shall possess and thereafter maintain capital or surplus, or any combination thereof, of not less than $25,000 or an amount equal to 25 percent of the gross written prepaid fees collected from plan members in the p…

836-014-0015 Annual Financial Statement A legal expense organization shall file with the Director an annual financial statement, using the form prescribed by the Director, not later than March 1 following the calendar year to which the statement applies. The statement shall be: (…

836-014-0020 Deposits (1) A deposit under ORS 750.685 shall be with a bank qualified under 731.642 to act as a trust company and as a depository of state funds to hold and service securities by insurers with the state, or with any other depository bank as defined in 295.005. (2) …

836-014-0025 Bond A legal expense organization posting a bond under ORS 750.685 shall use the form prescribed by the Director. [ED. NOTE: Forms referenced are available from the agency.] Statutory/Other Authority: ORS 731 & 750 Statutes/Other Implemented: ORS 750.685(2) - 750.685…

836-014-0030 Sales Representatives Every legal expense organization shall submit to the Director, on the form prescribed by the Director, the names and addresses of its sales and marketing representatives transacting business in this state. The notification must be submitted not …

836-014-0035 Registration of Legal Expense Organization A legal expense organization may not transact business in this state unless the organization holds a valid certificate of registration. An organization may apply for registration with the Director by submitting to the Direct…

836-014-0040 Amendments to Registration (1) A legal service organization shall amend its registration in this state when any of the following events occur: (a) The organization changes its principal place of business; (b) The insurance or surety bond required for compliance with …

836-014-0042 Renewal of Legal Expense Organization Registration In order for an organization to renew its certificate of registration, the organization must apply for renewal by submitting a completed renewal application. The renewal application must be on the form prescribed by …

836-014-0045 Unfair Trade Practice Failure of a legal service organization to comply with OAR 836-014-0001 to 836-014-0045 is an unfair trade practice under ORS 746.240. Statutory/Other Authority: ORS 731 & 750 Statutes/Other Implemented: ORS 750.240 & 750.325(3) History: ID 4-19…

836-014-0100 Actuarial Certification; Guidelines (1) The actuarial opinion required by ORS 750.315 and 750.325 to be submitted annually must meet the requirements of this rule. The annual statement of a multiple employer welfare arrangement must include a certification prepared a…

836-014-0200 Statutory Authority and Implementation (1) OAR 836-014-0200 to 836-014-0330 are adopted under the authority of ORS 731.244, 731.804, 744.331, 744.358 and 746.240 and section 20, chapter 711, Oregon Laws 2009 (Enrolled Senate Bill 973) for the purpose of implementing …

836-014-0205 Definitions (1) In addition to the definitions set forth in section 2, chapter 711, Oregon Laws 2009 (Enrolled Senate Bill 973), as used in OAR 835-014-0200 to 836-014-0330: (2) “Terminally ill” means having an illness or sickness that can reasonably be expected to r…

836-014-0210 License Fees (1) The fee for filing an application for a license to transact business as a life settlement provider is $400. (2) The fee for annual renewal of a license to transact business as a life settlement provider is $200. (3) The fee for filing an application …

836-014-0220 Life Settlement Provider License Requirements (1) Any person, other than the owner of a life insurance policy, that enters into or effectuates a life settlement contract with an owner who is a resident of Oregon must obtain a life settlement provider license from the…

836-014-0226 Life Settlement Investment Agent Licensing Requirements (1) In order for an applicant to qualify to transact business as a life settlement investment agent, the person must pay the appropriate application fee under OAR 836-014-0210 and either: (a) Demonstrate that th…

836-014-0230 Renewal Requirements (1) A licensee applying for renewal must do the following, as applicable: (a) Submit a completed renewal application, on a form provided by the Director; and (b) Submit the renewal fee. (2) If a renewal application is submitted by mail, the renew…

836-014-0240 Filing Requirements, Life Settlement Contracts and Disclosure Statement Forms; Promotional, Advertising and Marketing Materials (1) An applicant for a license as a life settlement provider or life settlement broker must file with the Director a copy of each life sett…

836-014-0250 Contents of Life Settlement Contracts (1) In addition to the requirements of ORS 744.341, each life settlement contract must be in writing, in a type size of not less than 12 points, and written in clear, understandable and straightforward wording. (2) A life settlem…

836-014-0260 Rights and Duties of Parties to Life Settlement Contract (1) A policyholder or certificate holder who has entered a life settlement contract has the right to retain additional benefits or optional riders that were part of the life insurance policy, including but not …

836-014-0263 Request to Insurer for Verification of Coverage (1) The life settlement provider or broker shall submit in writing a request for verification of coverage from the insurer on the status of the life insurance policy or certificate of a policyholder. The request shall b…

836-014-0265 Response by Insurer (1) An insurer shall provide information requested by a life settlement provider or life settlement broker on the status of the life insurance policy or certificate of a policyholder or certificate holder within 30 calendar days after the insurer …

836-014-0270 Standards for Evaluation of Reasonable Payments; Definition of “Terminal Illness or Condition” (1) If the insured is terminally ill or chronically ill, payments under life settlement contracts must be fair and equitable and may not in any event be less than the follo…

836-014-0280 Disclosure Required (1) With an application for a life settlement, a life settlement provider or life settlement broker shall disclose the information specified in section 11, chapter 711, 2009 Oregon Laws (Enrolled Senate Bill 973) in a disclosure statement in a for…

836-014-0285 Disclosures to Insurer Before initiating a plan, transaction or series of transactions, a life settlement broker or life settlement provider shall fully disclose to an insurer the plan, transaction or series of transactions to which the life settlement broker or life…

836-014-0290 Contacts by Life Settlement Provider or Broker (1) After a life settlement provider has entered into a life settlement contract, neither the life settlement provider nor the life settlement broker may make contact with the insured: (a) More frequently than once every…

836-014-0300 Advertising Standards (1) Advertising related to life settlement contracts, life settlement purchase agreements or related products or services must be truthful and not misleading by fact or implication. (2) If a life settlement provider or broker mentions the speed …

836-014-0310 Reporting Requirements (1) On or before March 1 of each year, a life settlement provider shall file an annual statement with the director. The information provided in the statement shall be limited to those transactions for which the owner is a resident of Oregon. Th…

836-014-0320 Requirements for Brokers (1) A life settlement broker may not seek or obtain any compensation from the policyholder or certificate holder without the written agreement of the policyholder or certificate holder obtained before the broker performs any services in conne…

836-014-0325 Disclosures Required by Life Insurers (1) With respect to each policy issued by an insurance company, the insurance company shall provide notice to the owner of an individual life insurance policy when the insured person under such a policy is 60 years of age or olde…

836-014-0330 Unfair Trade Practices (1) Violation of any provision of OAR 836-014-0270, 836-014-0280, 836-014-0290, 836-014-0300 or 836-014-0310 is an unfair trade practice for purposes of ORS 746.240. (2) The provisions of OAR 836-014-0200 to 836-014-0330 are in addition to appl…

836-020-0200 Purpose and Authority The purpose of this rule is to assure truthful and adequate disclosure of all material and relevant information in the advertising of health insurance. This purpose is intended to be accomplished by the establishment of minimum standards and gui…

836-020-0205 Applicability (1) This rule applies to all health insurance advertisements intended for presentation, distribution, or dissemination in this state. (2) Every insurer shall establish and maintain a system of control over the content, form, and method of presentation, …

836-020-0210 Definitions (1) Definitions given in the Insurance Code and in this rule govern the construction of this rule. (2) "Advertisement" includes: (a) Written, oral, and pictorial material used in direct mail, newspapers, magazines, radio scripts, TV scripts, billboards, a…

836-020-0215 Method of Disclosure of Required Information All information required to be disclosed by this rule shall be set out conspicuously, and in close conjunction with the statements to which the information relates or under appropriate captions of sufficient prominence tha…

836-020-0220 Form and Content of Advertisements (1) The form and content of an advertisement shall be sufficiently complete and clear to avoid deception or the capacity or tendency to mislead or deceive. Whether an advertisement has a capacity or tendency to mislead or deceive wi…

836-020-0225 Advertisements of Benefits Payable, Losses Covered, or Premiums Payable (1) Deceptive Words, Phrases, or Illustrations Prohibited: (a) No advertisement shall omit particular information or use particular words, phrases, statements, references, or illustrations if the…

836-020-0230 Necessity for Disclosing Policy Provisions Relating to Renewal, Cancellation, and Termination When an advertisement refers to a dollar amount of a benefit, a period of time for which a benefit is payable, the cost of the policy or of a specific policy benefit, or the…

836-020-0235 Testimonials or Endorsements by Third Parties (1) Testimonials used in advertisements must be genuine, represent the current opinion of the author, be applicable to the policy advertised and be accurately reproduced. The insurer in using a testimonial makes as its ow…

836-020-0240 Use of Statistics (1) An advertisement stating the dollar amount of claims paid, the number of persons insured or similar statistical information relating to an insurer or policy shall not use irrelevant facts, and must accurately reflect all of the relevant facts. S…

836-020-0245 Identification of Plan or Number of Policies (1) When a choice of the amount of benefits is referred to, an advertisement shall disclose that the amount of benefits depends on the plan selected and that the premium will vary with the amount of benefits selected. (2) …

836-020-0250 Disparaging Comparisons and Statements An advertisement shall not directly or indirectly make unfair or incomplete comparisons of policies or benefits, or comparisons of non-comparable policies, of other insurers, shall not disparage other insurers or their policies,…

836-020-0255 Licensed Jurisdictions and Status of Insurer (1) An advertisement which is intended to be seen or heard beyond the limits of the jurisdictions in which the insurer is licensed shall not imply licensing beyond those limits. (2) An advertisement shall not create the im…

836-020-0260 Identity of Insurer and Policy (1) The name of the actual insurer and, except for general invitations to inquire about details of individual policies, the form number or numbers of the policy advertised shall be clearly identified in all advertisements. (2) No advert…

836-020-0265 Group or Quasi-Group Implication An advertisement of a particular policy shall not state or imply that prospective insureds become group or quasi-group members covered under a group policy and as such enjoy special rates or underwriting privileges, unless such is the…