Chapter 744 — Chapter 744
296 sections in this chapter.
ORS 744.343 Annual report and statement by provider; restrictions on disclosure of information; rules. (1) Each life settlement provider shall file a report for the preceding calendar year with the Director of the Department of Consumer and Business Services on or before March 1 of each year, or within such extension of time therefor as the director may grant. The report shall be in the form and contain such information as the director prescribes and shall be verified as follows
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(a) If the life settlement provider is a corporation, by at least two principal officers of the life settlement provider. (b) If the life settlement provider is a partnership, by two partners. (c) If the life settlement provider is neither a corporation nor a partnership, by its …
ORS 744.345 [Formerly 750.040; repealed by 1987 c.774 §154]
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[Repealed or reserved.]
ORS 744.346 Examination of business and practices of licensee or applicant; records. (1) The Director of the Department of Consumer and Business Services may examine the business and practices of any licensee or applicant for a license when the director determines an examination to be necessary. The director may order a licensee or applicant to produce any records, books, files or other information reasonably necessary to ascertain whether or not the licensee or applicant is acting or has acted in violation of the law or otherwise contrary to the interests of the public. The expenses incurred in conducting any examination shall be paid by the licensee or applicant
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(2)(a) A person required to be licensed under ORS 744.321 and 744.323 shall for five years retain copies of all: (A) Proposed, offered or executed contracts, purchase agreements, underwriting documents, policy forms and applications from the date of the proposal, offer or executi…
ORS 744.348 [1995 c.342 §14; repealed by 2009 c.711 §23]
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[Repealed or reserved.]
ORS 744.350 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.351 [1995 c.342 §15; repealed by 2009 c.711 §23]
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[Repealed or reserved.]
ORS 744.353 [1995 c.342 §16; 2007 c.100 §31; renumbered 744.382 in 2009]
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[Repealed or reserved.]
ORS 744.354 Disclosure by life settlement provider, broker or investment agent to policy owner. (1) With an application for a life settlement, a life settlement provider or life settlement broker shall provide the owner with at least the following disclosures no later than the time the application for the life settlement contract is signed by all parties. The disclosures must be provided in a separate document that is signed by the owner and the life settlement provider or life settlement broker, and must provide the following information
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(a) There are possible alternatives to life settlement contracts, including any accelerated death benefits or policy loans offered under the owner’s life insurance policy. (b) A life settlement broker represents exclusively the owner, and not the insurer or the life settlement pr…
ORS 744.355 [Formerly 750.050; repealed by 1987 c.774 §154]
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[Repealed or reserved.]
ORS 744.356 [1995 c.342 §17; repealed by 2009 c.711 §23]
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[Repealed or reserved.]
ORS 744.358 [1995 c.342 §18; 2009 c.711 §20; renumbered 744.384 in 2009]
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[Repealed or reserved.]
ORS 744.359 Disclosure by life settlement broker or provider to insurer. Prior to the initiation of 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 settlement provider is a party, to originate, renew, continue or finance a life insurance policy with the insurer for the purpose of engaging in the business of life settlements at anytime prior to, or during the first five years after, issuance of the policy. [2009 c.711 §12]
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[Repealed or reserved.]
ORS 744.360 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.362 Disclosure by insurance company to policy owner; rules. (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 older and
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(a) The life insurance company receives notice from such an owner of a request to surrender, in whole or in part, an individual policy; (b) The life insurance company receives notice from such an owner of a request to receive an accelerated death benefit under an individual polic…
ORS 744.364 Life settlement contract requirements. (1)(a) A life settlement provider entering into a life settlement contract shall first obtain
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(A) If the owner is the insured, a written statement from a licensed physician, a naturopathic physician licensed under ORS chapter 685, a physician associate licensed under ORS 677.505 to 677.525 or a nurse practitioner licensed under ORS 678.375 to 678.390 that the owner is of …
ORS 744.365 [1967 c.359 §554; repealed by 1987 c.774 §154]
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[Repealed or reserved.]
ORS 744.367 Limitations on ability to enter life settlement contract; exceptions. (1) A person may not enter into a life settlement contract at any time prior to the application or issuance of a policy that is the subject of a life settlement contract or within a five-year period commencing with the date of issuance of the insurance policy or certificate. However, this five-year restriction does not apply if the owner certifies to the life settlement provider that any one or more of the following conditions has been met within the five-year period
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(a) The policy was issued upon the owner’s exercise of conversion rights arising out of a group or individual policy if the total of the time covered under the conversion policy plus the time covered under the prior policy is at least 60 months. The time covered under a group pol…
ORS 744.369 Unlawful life settlement contract actions. (1) With respect to a life settlement contract or insurance policy, it is unlawful for a life settlement broker to knowingly solicit an offer from, effectuate a life settlement contract with or make a sale to a life settlement provider, financing entity or related provider trust that is controlling, controlled by or under common control with a life settlement broker, unless that relationship is disclosed to the owner
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(2) With respect to a life settlement contract or insurance policy, it is unlawful for a life settlement broker to knowingly enter into a life settlement contract with an owner if, in connection with the life settlement contract, anything of value will be paid to a life settlemen…
ORS 744.370 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.372 Advertising of life settlement contracts; rules. (1) This section applies to any advertising of life settlement contracts, life purchase agreements or related products or services intended for dissemination in this state, including Internet advertising viewed by persons located in this state. When disclosure requirements are established pursuant to federal regulation, this section is interpreted so as to minimize or eliminate conflict with federal regulation wherever possible
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(2) Every licensee must establish and at all times maintain a system of control over the content, form and method of dissemination of all advertisements of its contracts, products and services. All advertisements, regardless of by whom written, created, designed or presented, is …
ORS 744.374 Enforcement of life settlement contract provisions; reporting of violations; required antifraud initiatives. (1) A person may not knowingly or intentionally interfere with the enforcement of the provisions of ORS 744.318 to 744.384, 744.991 and 744.992 or investigations of suspected or actual violations of ORS 744.318 to 744.384, 744.991 and 744.992
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(2) A person in the business of life settlements may not knowingly or intentionally permit any person convicted of a felony involving dishonesty or breach of trust to participate in the business of life settlements. (3) Life settlements contracts and purchase agreement forms and …
ORS 744.375 [Formerly 750.060; repealed by 1987 c.774 §154]
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[Repealed or reserved.]
ORS 744.380 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.382 Prohibitions on finder’s fee, solicitations, discrimination. (1) A licensee may not pay or offer to pay a finder’s fee, commission or other compensation to a person described in this subsection, in connection with a policy insuring the life of an individual with a terminal illness or condition. The prohibition under this subsection applies with respect to payments or offers of payment to
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(a) The physician, naturopathic physician, attorney or accountant of the policyholder, of the certificate holder or of the insured individual when the individual is other than the policyholder or certificate holder. (b) Any person other than a physician, naturopathic physician, a…
ORS 744.384 Rules; standards. The Director of the Department of Consumer and Business Services may adopt rules for the purpose of carrying out ORS 744.318 to 744.384, 744.991 and 744.992. In addition
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(1) The director may establish standards for evaluating reasonableness of payments under life settlement contracts for persons who are terminally ill or chronically ill. The authority includes but is not limited to regulation of discount rates used to determine the amount paid in…
ORS 744.385 [Formerly 750.100; repealed by 1987 c.774 §154]
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[Repealed or reserved.]
ORS 744.390 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.395 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.396 [Formerly 750.080; repealed by 1987 c.774 §154]
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[Repealed or reserved.]
ORS 744.400 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.405 [Formerly 750.090; 1979 c.870 §7; repealed by 1987 c.774 §154]
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[Repealed or reserved.]
ORS 744.410 [Amended by 1963 c.463 §1; repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.420 [Amended by 1953 c.322 §2; 1963 c.463 §2; repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.430 [Amended by 1955 c.226 §2; 1963 c.463 §3; 1967 c.359 §503; renumbered 743.672]
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[Repealed or reserved.]
ORS 744.440 [Amended by 1967 c.359 §504; renumbered 743.675]
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[Repealed or reserved.]
ORS 744.450 [Amended by 1967 c.359 §505; renumbered 743.678]
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[Repealed or reserved.]
ORS 744.460 [Amended by 1967 c.359 §506; renumbered 743.681]
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[Repealed or reserved.]
ORS 744.470 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.480 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.490 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.500 [Repealed by 1967 c.359 §704]
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ADJUSTERS
ORS 744.502 Definitions. As used in ORS 744.502 to 744.584
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(1) “Adjuster” means a person that receives a fee, a commission or other compensation to investigate, negotiate or settle first party or third party losses that arise as claims under the terms of an insurance contract that insures a domestic risk. (2) “Business entity” means a co…
ORS 744.505 Adjuster license required. Except as provided in ORS 744.515, a person may not engage in business as an adjuster unless the person has obtained a license to engage in business as an adjuster under ORS 744.521. [Formerly 736.485; 1983 c.76 §10; 1987 c.774 §139; 1989 c.413 §14; 1989 c.701 §43; 1991 c.810 §12; 2019 c.151 §24]
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[Repealed or reserved.]
ORS 744.510 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.515 Exemptions from adjuster licensing requirement. (1) As used in this section
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(a) “Automated claims adjudication system” means a preprogrammed computer system that a licensee or licensed insurance producer, or a person under a licensee’s or licensed insurance producer’s supervision, uses to collect, enter data concerning, calculate and finally resolve a po…
ORS 744.518 License application; business entity as applicant; fees. (1) An applicant for a license to engage in business as an adjuster shall submit to the Director of the Department of Consumer and Business Services, on a form, in a format and in the manner that the director specifies by rule, an application that
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(a) Lists the applicant’s name, residence and business address, present occupation and occupation during the previous year and the names of the applicant’s employers for the previous five years; (b) Lists the street address of the applicant’s principal place of business and of al…
ORS 744.520 [Repealed by 1967 c.359 §704]
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[Repealed or reserved.]
ORS 744.521 Powers of director to issue, renew, amend, suspend and reinstate licenses; license expiration; fees. (1) The Director of the Department of Consumer and Business Services may issue a license for a person to engage in business as an adjuster in this state if the director finds that the person
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(a) Submitted a complete and accurate application in accordance with ORS 744.518; (b) Paid all required fees to the director and to any other provider or entity the director specifies by rule; (c) Met the qualifications set forth in ORS 744.525 or 744.528, as appropriate; (d) Met…
ORS 744.523 Conditions for licensing, renewing license for or amending license of business entity. (1) The Director of the Department of Consumer and Business Services may issue, renew or amend a business entity’s license to engage in business as an adjuster under ORS 744.521 only if the director finds that, for each category of insurance business or class of insurance in which the business entity engages or intends to engage, the business entity employs and acts through an individual who has obtained a license under ORS 744.521 that authorizes the individual to engage in the same category of insurance business or class of insurance
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(2) An individual licensee that a business entity employs or engages by means of a contract may engage in business as an adjuster only to the extent permitted under the individual licensee’s license. [2019 c.151 §7]
ORS 744.525 Resident adjuster qualifications; rules. (1) An individual who applies for a license to engage in business as a resident adjuster must
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(a) Establish a residence or place of business in which the applicant intends to transact insurance in this state before submitting an application; (b) Pass an examination that the Director of the Department of Consumer and Business Services by rule recognizes as adequately testi…