Chapter 732 — Chapter 732

ORS 732.625 [1971 c.373 §4; 1993 c.447 §38; renumbered 732.552 in 1993]

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ORS 732.626 Plan review and approval; general provisions. (1) The Director of the Department of Consumer and Business Services shall review a plan of conversion, reorganization or restructuring that is submitted to the director. Upon review, the director shall approve or conditionally approve the plan if the director finds all of the following

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ORS 732.628 Limitations on ownership of shares in companies resulting from conversion, reorganization or restructuring. (1) For a period of three years following the effective date of a conversion, reorganization or restructuring, unless authorized by the Director of the Department of Consumer and Business Services, the directors, officers and employees of the converted stock insurer, any stock holding company, any mutual holding company or any subsidiary of a stock holding company or mutual holding company collectively shall not own, whether directly or indirectly, more than 25 percent of all outstanding shares issued by the converted stock insurer, any stock holding company or any subsidiary of a stock holding company or mutual holding company

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ORS 732.630 Dissenters’ rights; action challenging validity of conversion, reorganization or restructuring. (1) Dissenters’ rights provided in ORS 60.551 to 60.594 are not available to any member, whether or not eligible, of a converting mutual insurer or a restructuring mutual holding company

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ORS 732.635 [1971 c.373 §5; 1993 c.447 §39; renumbered 732.553 in 1993]

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ORS 732.645 [1971 c.373 §6; 1993 c.447 §40; renumbered 732.554 in 1993]

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ORS 732.650 Definitions. As used in ORS 732.650 to 732.689

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ORS 732.653 Scope; requirements and guidance. (1) ORS 732.650 to 732.689 provide

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ORS 732.655 [1971 c.373 §7; renumbered 732.558 in 1993]

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ORS 732.656 Risk management framework. An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on the insurer’s material and relevant risks. The insurer satisfies this requirement if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer. [2015 c.547 §4]

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ORS 732.659 Own risk and solvency assessment in accordance with manual. (1) Subject to the provisions of ORS 732.666, an insurer, or the insurance group of which the insurer is a member, shall use a process that is comparable to the process described in the Own Risk and Solvency Assessment Guidance Manual to regularly conduct an own risk and solvency assessment. The insurer, or the insurance group of which the insurer is a member, shall conduct the assessment at least annually but also at any time when significant changes occur in the risk profile of the insurer or insurance group

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ORS 732.662 Own risk and solvency summary report; attestation. (1) At the request of the Director of the Department of Consumer and Business Services, and not more than once each year, an insurer shall submit to the director an own risk and solvency assessment summary report, or any combination of reports that together contain the information described in the Own Risk and Solvency Assessment Guidance Manual, for the insurer or the insurance group of which the insurer is a member. If the insurer is a member of an insurance group and the director is the lead state director for the insurance group, the insurer shall submit the own risk and solvency assessment summary report or combination of reports without waiting for a request from the director

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ORS 732.665 [1971 c.373 §8; 1993 c.447 §42; renumbered 732.562 in 1993]

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ORS 732.666 Exemptions; director’s requirements. (1) An insurer is exempt from the requirements of ORS 732.650 to 732.689 if

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ORS 732.669 Documentation and supporting information; director’s review. (1) Each insurer that must prepare an own risk and solvency assessment summary report shall prepare the report consistent with the current version of the Own Risk and Solvency Assessment Guidance Manual, subject to the requirements of subsection (2) of this section. The insurer shall maintain documentation and supporting information and make the documentation and supporting information available when the Director of the Department of Consumer and Business Services examines the insurer or at the director’s request

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ORS 732.672 Confidentiality; permissible disclosures; agreement with National Association of Insurance Commissioners. (1) All documents, materials or other information, including any own risk and solvency assessment summary report, that the Department of Consumer and Business Services possesses or controls, that the Director of the Department of Consumer and Business Services obtained or created or that were otherwise disclosed to the director or any other person in the course of implementing ORS 732.650 to 732.689 are confidential, are subject to the provisions of ORS 705.137, 705.138, 705.139 and 731.312 and are not subject to disclosure under ORS 192.311 to 192.478

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ORS 732.675 [1971 c.373 §9; 1993 c.447 §43; renumbered 732.564 in 1993]

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ORS 732.680 Submission of corporate governance annual disclosure; determination of lead state; signature and attestation; level of disclosure permitted; review; rules. (1) An insurer, or the insurance group of which an insurer is a member, each year in accordance with a schedule the Director of the Department of Consumer and Business Services establishes in consultation with the insurer or insurance group, shall submit to the director or to the chief insurance regulatory official in the state that the director determines is the lead state for the insurance group, a corporate governance annual disclosure that has the information described in ORS 732.683. The director shall determine the lead state in accordance with procedures that the director adopts by rule after considering procedures that are set forth in a financial analysis handbook that the National Association of Insurance Commissioners has adopted. An insurer or a member of an insurance group that is not subject to the requirement under this subsection to submit a disclosure shall nevertheless submit the disclosure at the director’s request

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ORS 732.683 Discretion as to form and content of responses to inquiries in corporate governance annual disclosure; documentation and supporting information. (1) An insurer or insurance group has discretion as to the form and content of the insurer’s or insurance group’s responses to inquiries in a corporate governance annual disclosure so long as the responses provide information the Director of the Department of Consumer and Business Services requires to understand the insurer’s or insurance group’s corporate governance structure, policies and practices. The director may request additional information the director deems material and necessary to enable a clear understanding of the corporate governance policies and the reporting, information systems or controls that implement the policies

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ORS 732.685 [1971 c.373 §10; 1993 c.447 §44; renumbered 732.566 in 1993]

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ORS 732.686 Maintenance of confidentiality and privilege; permitted disclosures; waivers. (1)(a) Documents, materials or other information, including a corporate governance annual disclosure, that the Director of the Department of Consumer and Business Services discloses to, or receives in a submission or disclosure from, another person or otherwise possesses, controls, obtains or creates in accordance with ORS 732.680 or 732.683 contains trade secrets, is proprietary, confidential and privileged and is not subject to

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ORS 732.689 Retention of consultant to assist director’s review of corporate governance annual disclosure; consultant’s qualifications and duties; agreement with consultant. (1)(a) The Director of the Department of Consumer and Business Services, at the expense of the insurer or insurance group from which the director receives a corporate governance annual disclosure, may retain a consultant, including an attorney, actuary, accountant or other expert, whenever the director reasonably requires assistance to review the corporate governance annual disclosure or related information and to evaluate the insurer’s or insurance group’s compliance with this section and ORS 732.680, 732.683 and 732.686

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ORS 732.695 [1971 c.373 §11; 1993 c.447 §45; renumbered 732.568 in 1993]

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ORS 732.705 [1971 c.373 §12; 1993 c.447 §46; renumbered 732.572 in 1993]

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ORS 732.810 Definitions for ORS 732.810 to 732.814. As used in ORS 732.810 to 732.814

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ORS 732.811 Application of ORS 732.810 to 732.814. (1) ORS 732.810 to 732.814 apply to an insurer who is authorized in this state to transact property insurance or casualty insurance, or both, and is

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ORS 732.812 Filing of financial statements; contract requirements; audit; reports to director. (1) A controlled insurer shall file quarterly financial statements with the Director of the Department of Consumer and Business Services

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ORS 732.813 Notice to prospective insured. A controlling producer, prior to the effective date of a policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer. If the insurance is placed through a subproducer who is not a controlling producer, the controlling producer must retain in the records of the controlling producer a signed commitment from the subproducer that the subproducer is aware of the relationship between the insurer and the producer and that the subproducer has or will notify the insured of the relationship. [1993 c.447 §61]

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ORS 732.814 Authority of director over controlling producer and controlled insurer. (1) If the Director of the Department of Consumer and Business Services believes that the controlling producer or any other person has not complied with ORS 732.810 to 732.814 or any rule adopted or order issued thereunder, the director may order the controlling producer to cease placing insurance with the controlled insurer

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ORS 732.820 Interstate Insurance Product Regulation Compact. The Interstate Insurance Product Regulation Compact is enacted into law and entered into on behalf of this state with all other jurisdictions legally joining therein in the form substantially as follows

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ORS 732.825 State member of Interstate Insurance Product Regulation Commission. The Director of the Department of Consumer and Business Services or a designee of the director shall serve as this state’s member of the Interstate Insurance Product Regulation Commission established under the Interstate Insurance Product Regulation Compact set forth in ORS 732.820. [2011 c.520 §3]

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ORS 732.990 [Repealed by 1967 c.359 §704]

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