Section 731.632 – Deposit required of domestic reciprocal insurers; exception.
Every domestic reciprocal insurer shall deposit with the Department of Consumer and Business Services $50,000, except such an insurer which exchanges policies of insurance covering only wet marine hull insurance for persons whose earned income, in whole or in part, is derived from taking and selling food resources living in an ocean, bay or river. […]
Section 731.636 – Deposit or trusteed assets of alien insurer required.
(1) Except as provided in subsection (3) of this section, every alien insurer, before transacting insurance in this state as an authorized insurer, shall deposit with the Department of Consumer and Business Services the sum of the following amounts: (a) The amount of its outstanding liabilities arising out of its insurance transactions in the United […]
Section 731.640 – Eligible deposits; rules.
(1) Deposits which are required or permitted under the Insurance Code shall consist only of the following: (a) Cash. (b) Amply secured obligations of the United States, a state or a political subdivision thereof. (c) Certificates of deposit or other investments described in ORS 733.650 (4). The Director of the Department of Consumer and Business […]
Section 731.642 – Contracts for security deposits.
The Director of the Department of Consumer and Business Services, in performing duties under ORS 731.604 to 731.652 and after consultation with the State Treasurer, may enter into contracts with banks qualified to act as trust companies and as depositories of state funds to hold and service securities deposited by insurers with the Department of […]
Section 731.644 – Payment of losses out of deposits, generally.
(1) Except as otherwise provided in the Insurance Code, no judgment creditor or other claimant of an insurer shall have the right to levy upon any of the assets or securities of the insurer held on deposit in this state. (2) As to deposits made in this state pursuant to ORS 731.854, levy thereupon shall […]
Section 731.648 – Duration and release of deposit.
(1) Every deposit made in this state by an insurer pursuant to the Insurance Code shall be so held as long as there is outstanding any liability of the insurer as to which the deposit was required, except as follows: (a) If the deposit was required under ORS 731.854, the deposit shall be held for […]
Section 731.652 – Proofs for release of deposit to insurers; director’s responsibility.
(1) Before releasing any deposit or portion thereof to the insurer, as provided in ORS 731.648, the Director of the Department of Consumer and Business Services shall require the insurer to file with the director a written statement in such form and with such verification as the director deems advisable setting forth the facts upon […]
Section 731.604 – Acceptance of deposits of insurers.
The following deposits of insurers shall be accepted and held by the Department of Consumer and Business Services for the purposes for which such deposits are made and are subject to the applicable provisions of the Insurance Code: (1) Deposits required or permitted under the Insurance Code. (2) Deposits of domestic insurers made pursuant to […]
Section 731.608 – Purpose of deposit.
(1) Except as provided in subsection (2) of this section, deposits made in this state under ORS 731.624 shall be held for the faithful performance by the insurer of all insurance obligations, including claims for unearned premiums, with respect to domestic risks pertaining to the particular class of insurance for which the deposit was made. […]
Section 731.612 – Rights of insurer regarding deposits.
While the insurer remains unimpaired and is in compliance with the Insurance Code it may: (1) Demand, receive, sue for and recover the income from the assets deposited; (2) Exchange and substitute for the deposited assets, or any part thereof, other eligible assets of equivalent or greater value; and (3) At any reasonable time inspect […]