Oregon Administrative Code

836-024-0190 Exemption from ORS 732.435 of Certain Transactions Involving the Conversion of Equity Securities (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, eith…

836-024-0200 Exemption from ORS 732.435 of Certain Transactions Involving the Sale of Subscription Rights (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 …

836-024-0205 Exemption of Certain Securities from ORS 732.440 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. Statutory/Othe…

836-024-0210 Exemption from ORS 732.440 of Certain Transactions Effected in Connection with a Distribution 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 wi…

836-024-0215 Exemption from ORS 732.440 of Sales of Securities to be Acquired (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 t…

836-024-0220 Arbitrage Transactions under ORS 732.450 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 7…

836-027-0001 Statutory Authority and Purpose of OAR 836-027-0005 to 836-027-0180 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 de…

836-027-0005 Definitions (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 perf…

836-027-0010 Registration of Insurers — Statement Filing (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…

836-027-0012 Summary of Registration — Statement Filing. 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 an…

836-027-0020 Alternative and Consolidated Registrations (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 requir…

836-027-0025 Disclaimers and Termination of Registration (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…

836-027-0030 Forms; General Requirements (1) Forms A, B, C, D, E and F are intended to be guides in the preparation of the statements required by ORS 732.517 to 732.592, including but not limited to the registration provisions thereof. The forms are not intended to be blank forms…

836-027-0035 Forms; Incorporation by Reference, Summaries, and Omissions (1) Information required by any item of Form A, B, D, E or F may be incorporated by reference in answer or partial answer to any other item. Information contained in any financial statement, annual report, p…

836-027-0040 Forms; Information Unknown or Unavailable and Extension of Time to Furnish (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 availab…

836-027-0045 Forms; Additional Information and Exhibits In addition to the information expressly required to be included in Forms A, B, C, D, E and F there shall be included further material information, if any, as may be necessary to make the information contained in the form no…

836-027-0050 Instructions; Amendments A change to Form A, B, C, D, E and F 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. Statutory/Other Authority: ORS 731 & 732.705 …

836-027-0070 Subsidiaries of Domestic Insurers 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. Statutory/Other Authority: ORS 732.705 Statutes/O…

836-027-0100 Acquisition of Control — Statement Filing 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 …

836-027-0110 Amendments to Form A 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 prio…

836-027-0120 Acquisition of Certain Persons Considered to Be Insurers (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 indic…

836-027-0125 Pre-Acquisition Notification (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 …

836-027-0130 Information to Be Included in Statement Required by ORS 732.517 to 732.592 The statement to be filed with the Director pursuant to ORS 732.517 to 732.592 shall include the following information, to be set forth in Form A: (1) If any acquiring party required to file a…

836-027-0140 Enterprise Risk Report 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 …

836-027-0150 Group Capital Calculation (1) Where an insurance holding company system has previously filed the annual group capital calculation at least once, the chief insurance regulatory official, as described in ORS 732.569(1), has the discretion to exempt the ultimate control…

836-027-0160 Transactions Subject to Prior Notice — Notice Filing (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 Busine…

836-027-0170 Extraordinary Dividends and Other Distributions (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 …

836-027-0180 Adequacy of Surplus 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 reason…

836-027-0200 Custodial Arrangements (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…

836-027-0300 Statutory Authority; Purpose (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 securit…

836-027-0310 Definitions 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 b…

836-027-0320 Authorization by Board of Directors 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…

836-027-0330 Agreement with Borrower 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 provi…

836-027-0340 Agreement with Agent as Alternative to Written Agreement 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 …

836-027-0350 Limitation 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;…

836-027-0360 Type of Borrower, Investment of Collateral, Valuation and Reporting 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 …

836-028-0005 Statutory Authority, Purpose OAR 836-028-0005 to 836-028-0045 are adopted pursuant to ORS 731.244 and 735.360 in order to carry out the Oregon Liability Risk Retention Law and to protect the insurance-buying public. Statutory/Other Authority: ORS 731, 735 & 746 Statu…

836-028-0008 Unfair Trade Practice Failure of a purchasing group to comply with OAR 836-028-0013 or 836-028-0020 is an unfair trade practice under ORS 746.240. Statutory/Other Authority: ORS 731, 731 & 746 Statutes/Other Implemented: ORS 746.240 History: ID 19-1988, f. & cert. ef…

836-028-0010 Registration of Purchasing Groups; Forms Before doing business in this state, a purchasing group shall notify and register with the Director by completing and submitting to the Director the following documents: (1) A registration. The registration must be made on the…

836-028-0013 Permitted Insurers A purchasing group may not purchase insurance from a risk retention group or an insurer for members of the purchasing group in this state: (1) Unless the risk retention group is registered in this state. (2) Unless the insurer is authorized to tran…

836-028-0016 Amendments to Registration by Purchasing Group (1) A purchasing group shall amend its registration in this state when the purchasing group changes any of the following. (a) The principal place of business of the purchasing group; (b) The insurer or risk retention gro…

836-028-0020 Use of Insurance Producers by Purchasing Groups A purchasing group shall employ an insurance producer to procure insurance for its members in Oregon. Such an insurance producer: (1) Must hold a current insurance producer’s license issued by the Division of Financial …

836-028-0035 Registration of Foreign Risk Retention Groups; Forms Before doing business in this state, a risk retention group chartered in a state other than this state shall submit to the Director the following documents: (1) A registration. The registration must be made on the …

836-028-0040 Amendments to Registration by Foreign Retention Groups When a foreign risk retention group changes its principal place of business, the group shall amend its registration in this state to show, with respect to the new principal place of business: (1) The street addre…

836-028-0045 Financial Statement of Foreign Risk Retention Group; Audit (1) Not later than the date on which the financial statement of a foreign risk retention group doing business in this state is due in its state of domicile, the group shall submit a copy of that financial sta…

836-029-0000 Authority OAR 836-029-0000 to 836-029-0120 are adopted under the general rulemaking authority of the Director of the Department of Consumer and Business Services under ORS 731.244 and the specific authority granted by Section 4, chapter 84, Oregon Laws 2012.. Statuto…

836-029-0005 Purpose and Scope The purpose of these rules is to set forth the financial, reporting, record-keeping and other requirements the Director of the Department of Consumer and Business Services considers necessary for the regulation of captive insurers, under sections 2 …

836-029-0010 Definitions As used in OAR 836-029-0000 to 836-029-0120: (1) “GAAP” means generally accepted accounting principles. (2) "Work Papers" or "working papers" include but are not limited to schedules, analyses, reconciliations, abstracts, memoranda, narratives, flow chart…

836-029-0015 Annual Reporting Requirements (1) Not later than March 1, a captive insurer authorized in this state shall file an annual report of its financial condition as of the immediately preceding December 31 with the director of the Department of Consumer and Business Servic…

836-029-0020 Risk Limitation The Director of the Department of Consumer and Business Services may: (1) Limit the net amount of risk a captive insurer retains for a single risk after considering the impact of the retention on the captive insurer's capital and surplus; or (2) Presc…