Chapter 733 — Chapter 733

ORS 733.010 Assets allowed. In any determination of the financial condition of an insurer, there shall be allowed as assets only such assets as are owned by the insurer and which consist of

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ORS 733.020 Assets not allowed. In addition to assets impliedly excluded by ORS 733.010, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer

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ORS 733.030 Liabilities in general. In any determination of the financial condition of an insurer, liabilities to be charged against its assets shall be calculated in accordance with the Insurance Code and shall include

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ORS 733.040 Reinsurance credit. The Director of the Department of Consumer and Business Services shall disallow reinsurance as credit against the liabilities of a ceding insurer if credit against the liabilities of the ceding insurer is not allowed as a credit to the ceding insurer under ORS 731.509 or 731.510. [1967 c.359 §211; 1993 c.447 §70]

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ORS 733.050 Increase of inadequate reserves. If the Director of the Department of Consumer and Business Services determines that an insurer’s reserves, however calculated or estimated, are inadequate, the director shall require the insurer to maintain reserves in such additional amount as is needed to make them adequate. [1967 c.359 §212]

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ORS 733.060 Unearned premium reserve. (1) Every insurer shall maintain an unearned premium reserve on all policies in force

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ORS 733.070 Unearned premium reserve for marine and transportation insurance trip risks. As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be deemed unearned. The Director of the Department of Consumer and Business Services may require the insurer to carry a reserve equal to 100 percent of premiums on trip risks written during the month ended as of the date of statement. [1967 c.359 §214]

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ORS 733.080 Reserves for health insurance. For all health insurance policies the insurer shall maintain reserves which place a sound value on its liabilities under such policies and which are not less than the reserves according to appropriate standards set forth in rules issued by the Director of the Department of Consumer and Business Services. Except for policies of credit health insurance, such reserves for nondisabled lives shall not be less in the aggregate than the pro rata gross unearned premiums for such policies calculated in accordance with ORS 733.060. [1967 c.359 §215; 1971 c.231 §18]

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ORS 733.090 Unearned premium reserve and fund for title insurance. (1) Each title insurer shall maintain a reserve for unearned premiums on its policies in force, which shall be charged as a liability in any determination of its financial condition. Such unearned premium liability shall be separate from and in addition to the insurer’s liability for incurred but unpaid losses and loss expenses

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ORS 733.095 Unearned premium reserve for home protection insurance. A home protection insurer shall maintain a reserve for unearned premiums, unpaid losses and claims incurred whether reported or unreported to the insurer and the expenses of adjustment or settlement of such losses and claims, in an aggregate amount of not less than 40 percent of the aggregate of premiums charged on the insurer’s policies currently in force. [1981 c.247 §11]

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ORS 733.100 Contingency reserve liability for mortgage insurance. A mortgage insurer shall establish a contingency reserve liability for the protection of policyholders against the effect of adverse economic cycles according to accounting procedures approved or required by the Director of the Department of Consumer and Business Services. [1967 c.359 §217; 1969 c.692 §7; 2001 c.318 §10]

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ORS 733.110 [1967 c.359 §218; 1977 c.320 §9; 1981 c.609 §3; repealed by 1991 c.401 §30]

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ORS 733.115 Establishing reserves for variable life insurance and annuity policies. Reserves for variable life insurance and annuity policies shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided, any mortality guarantees, and the valuation requirements of the Standard Valuation Law. [1973 c.435 §24; 1981 c.609 §4]

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ORS 733.120 [Formerly 739.030; 1977 c.320 §10; 1981 c.609 §5; repealed by 1991 c.401 §30]

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ORS 733.123 [Formerly 733.130; repealed by 1991 c.401 §30]

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ORS 733.125 [1981 c.609 §2; repealed by 1991 c.401 §30]

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ORS 733.127 [1981 c.609 §7; repealed by 1991 c.401 §30]

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ORS 733.129 [1981 c.609 §9; repealed by 1991 c.401 §30]

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ORS 733.130 [Formerly 739.035; 1969 c.431 §1; 1973 c.636 §1; 1977 c.320 §11; 1981 c.609 §6; renumbered 733.123]

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ORS 733.132 [1973 c.636 §3; 1977 c.320 §12; 1981 c.609 §8; repealed by 1991 c.401 §30]

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ORS 733.134 [1973 c.636 §4; 1981 c.609 §10; repealed by 1991 c.401 §30]

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ORS 733.136 [1973 c.636 §5; 1981 c.609 §11; repealed by 1991 c.401 §30]

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ORS 733.140 Disallowance of “wash” transactions. (1) The Director of the Department of Consumer and Business Services shall disallow as an asset or as a credit against liabilities any reinsurance found by the director after a hearing thereon to have been arranged for the purpose principally of deception as to the ceding insurer’s financial condition as of the date of any financial statement of the insurer. Without limiting the general purport of the foregoing provision, reinsurance of any substantial part of the insurer’s outstanding risks contracted for in fact within four months prior to the date of any such financial statement and canceled in fact within four months after the date of such statement, or reinsurance under which the reinsurer bears no substantial insurance risk or substantial risk of net loss to itself, shall prima facie be deemed to have been arranged for the purpose principally of deception

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ORS 733.150 Alternative accounting for assets and liabilities. Assets may be allowed as deductions from corresponding liabilities, liabilities may be charged as deductions from assets, deductions from assets may be charged as liabilities, and deductions from liabilities may be allowed as assets, in accordance with the form of annual statement prescribed by the Director of the Department of Consumer and Business Services, or otherwise in the discretion of the director. [1967 c.359 §222]

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ORS 733.160 Valuation of assets other than securities. (1) Each bond or other evidence of debt having a fixed term and rate of interest may be valued as follows, if amply secured and not in default as to principal or interest

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ORS 733.165 Valuation of securities. (1) Securities held by an insurer, other than bonds or other evidences of debt to which ORS 733.160 applies, must be valued in the discretion of the Director of the Department of Consumer and Business Services at their market value, at their appraised value or at prices determined by the director as representing their fair market value

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ORS 733.170 Accounts and records. An insurer shall keep its books, records, accounts and transaction source data in such manner that the Director of the Department of Consumer and Business Services may readily verify its statements of financial condition and ascertain whether the insurer is unimpaired, has given proper treatment to policyholders and has complied with the Insurance Code. [Formerly 738.430]

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ORS 733.180 [Formerly 739.075; repealed by 1973 c.435 §27]

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ORS 733.190 [Formerly 739.080; repealed by 1973 c.435 §27]

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ORS 733.200 [Formerly 739.085; repealed by 1973 c.435 §27]

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ORS 733.210 Director’s determinations. (1) In making any determination or prescribing rules relating to items such as are reported in the form of annual statement and any supplement thereto required to be filed by an insurer, the Director of the Department of Consumer and Business Services shall give consideration to recommendations made from time to time by the National Association of Insurance Commissioners, and to customary and general practice in insurance accounting

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ORS 733.220 Establishment and regulation of separate accounts to fund life insurance or annuities. (1) A domestic insurer authorized to transact life insurance may establish one or more separate accounts and may allocate thereto amounts, including but not limited to proceeds applied under optional modes of settlement or under dividend options, to provide for life insurance or annuities or benefits incidental thereto, payable in fixed or variable amounts or both

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ORS 733.230 Transactions of separate accounts registered with Securities and Exchange Commission; application of laws and rules to members of separate account management committee. (1) Notwithstanding any other provisions of law a domestic insurer may

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ORS 733.300 Short title. ORS 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, may be cited as the Standard Valuation Law. [1991 c.401 §17]

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ORS 733.302 Reserve valuation method for life insurance policies and annuity and pure endowment contracts. (1) The Director of the Department of Consumer and Business Services shall annually value, or cause to be valued, the reserve liabilities for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurer doing business in this state, and may certify the amount of any such reserves, specifying the mortality table or tables, rate or rates of interest, and methods, net level premium method or other, used in the calculations of such reserves. For purposes of ORS 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, reserve liabilities shall be referred to as reserves

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ORS 733.304 Opinion of actuary; rules. (1) Each insurer transacting life insurance in this state shall submit annually to the Director of the Department of Consumer and Business Services the opinion of a qualified actuary as provided in this section. The following provisions apply with respect to opinions required under this subsection

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ORS 733.306 Computation of minimum standards for life insurance, industrial insurance, annuities and pure endowment contracts; rules. Except as otherwise provided in ORS 733.308 and 733.310, the minimum standard for the valuation of all outstanding life insurance policies and annuity and pure endowment contracts issued prior to the operative date stated in ORS 743.204 for the Standard Nonforfeiture Law for Life Insurance shall be that provided by the laws of this state in effect immediately prior to that operative date. Except as otherwise provided in ORS 733.308 and 733.310, the minimum standard for the valuation of all such policies and contracts issued on or after the operative date stated in ORS 743.204 for the Standard Nonforfeiture Law for Life Insurance shall be the commissioners reserve valuation methods defined in ORS 733.312, 733.314 and 733.320, three and one-half percent interest, or in the case of life insurance policies and contracts, other than annuity and pure endowment contracts, issued on or after January 1, 1974, four percent interest for such policies issued prior to January 1, 1978, five and one-half percent interest for single premium life insurance policies and four and one-half percent interest for all other such policies issued on and after January 1, 1978, and the following tables

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ORS 733.308 Computation of minimum standard for annuities and pure endowment contracts; rules. Except as provided in ORS 733.310, the minimum standard for the valuation of all individual annuity and pure endowment contracts issued on or after January 1, 1979, and for all annuities and pure endowments purchased on or after January 1, 1979, under group annuity and pure endowment contracts, shall be the commissioner’s reserve valuation methods defined in ORS 733.312 and 733.314 and the following tables and interest rates

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ORS 733.310 Interest rates for determining minimum standard for valuation. (1) The interest rates used in determining the minimum standard for the valuation of the following shall be the calendar year statutory valuation interest rates as defined in this section

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ORS 733.312 Amount of required reserves for life insurance policies. (1) Except as otherwise provided in ORS 733.314 and 733.320, reserves according to the commissioners reserve valuation method for the life insurance and endowment benefits of policies providing for a uniform amount of insurance and requiring the payment of uniform premiums shall be the excess, if any, of the present value, at the date of valuation, of the future guaranteed benefits provided for by the policies, over the then present value of any future modified net premiums therefor. The modified net premiums for any such policy shall be the uniform percentage of the respective contract premiums for such benefits that the present value, at the date of issue of the policy, of all such modified net premiums shall be equal to the sum of the then present value of such benefits provided for by the policy and the excess of A over B, as follows

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ORS 733.314 Amount of required reserves for certain annuity and pure endowment contracts. (1) This section applies to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended

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ORS 733.316 Aggregate reserves. (1) The aggregate reserves of an insurer for all life insurance policies, excluding disability and accidental death benefits, issued on or after the operative date stated in ORS 743.204 for the Standard Nonforfeiture Law for Life Insurance, shall not be less than the aggregate reserves calculated in accordance with the methods set forth in ORS 733.312, 733.314, 733.320 and 733.322 and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for such policies

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ORS 733.318 Alternative standards of valuation. (1) Reserves for all policies and contracts issued prior to the operative date stated in ORS 743.204 for the Standard Nonforfeiture Law for Life Insurance may be calculated, at the option of the insurer, according to any standards that produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by the laws in effect immediately prior to the operative date

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ORS 733.320 Minimum required reserve for certain policies. (1) Except as provided in subsection (2) of this section, if in any contract year the gross premium charged by an insurer on any life insurance policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve thereon but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for the policy or contract shall be the greater of either the reserve calculated according to the mortality table, rate of interest, and method actually used for the policy or contract, or the reserve calculated by the method actually used for the policy or contract but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium by the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium. The minimum valuation standards of mortality and rate of interest referred to in this subsection are the standards stated in ORS 733.306 and 733.310

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ORS 733.322 Calculation of reserves for plans for which minimum reserves cannot be determined under ORS 733.312, 733.314 or 733.320; rules. (1) For any plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurer based on then estimates of future experience, or in the case of any plan of life insurance or annuity that is of such a nature that the minimum reserves cannot be determined by the methods described in ORS 733.312, 733.314 and 733.320, the reserves held under any such plan must

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ORS 733.325 Definitions. As used in ORS 733.325 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015

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ORS 733.328 Annual valuation of reserve liabilities. (1) The Director of the Department of Consumer and Business Services each year shall value, or cause to be valued, the reserve liabilities for all outstanding accident and health contracts, annuity and pure endowment contracts, deposit-type contracts and life insurance contracts that every insurer issues on or after the operative date of the valuation manual

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ORS 733.331 Opinion of appointed actuary; liabilities of appointed actuary; rules. (1)(a) Every insurer that has outstanding accident and health insurance contracts, deposit-type contracts or life insurance contracts in this state and is subject to regulation by the Director of the Department of Consumer and Business Services shall annually submit to the director the opinion of an appointed actuary as to whether the reserves and related actuarial items the insurer holds in support of the policies and contracts are computed appropriately, are based on assumptions that satisfy contractual provisions, are consistent with prior reported amounts and comply with applicable laws of this state. The opinion must comply with the specific standards and scope set forth in the valuation manual and must

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ORS 733.334 Data submission in accordance with valuation manual. An insurer shall submit mortality, morbidity, policyholder behavior or expense experience and other data to the appropriate entity as prescribed in the valuation manual. As used in this section, “policyholder behavior” means any action that a policyholder, a contract holder or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract that is subject to ORS 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, including but not limited to lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization or benefit elections that the policy or contract prescribes but excluding events of mortality or morbidity that result in benefits the essential aspects of which the terms of the policy or contract prescribe. [2015 c.547 §18]

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ORS 733.337 Confidentiality; permissible disclosures. (1) As used in this section, “confidential information” means

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