Section 731.616 – Valuation of deposits; deficiencies.
(1) For the purpose of determining the sufficiency of its deposit in this state the assets of the insurer on deposit shall be valued at current market value. (2) If assets deposited by an insurer are subject to material fluctuations in market value, the Director of the Department of Consumer and Business Services, in the […]
Section 731.752 – Confidentiality of report used for determination of required amount of capital or surplus; confidentiality of financial plan of action and report of examination connected with plan.
(1) A report filed with the Director of the Department of Consumer and Business Services according to requirements established by rule for the purpose of determining the amount of capital or surplus, or any combination thereof, that should be possessed and maintained by an insurer under ORS 731.554 or by a health care service contractor […]
Section 731.620 – Assignment of deposited securities.
(1) The insurer shall assign in trust to the Director of the Department of Consumer and Business Services and successors in office all securities being deposited through the director under the Insurance Code that are not negotiable by delivery; or, in lieu of such assignment, the insurer may give the director an irrevocable power of […]
Section 731.624 – Special deposits; foreign and alien insurers.
Every insurer, before transacting insurance in this state, shall make the following deposits with the Department of Consumer and Business Services: (1) Foreign or alien insurers transacting surety insurance in this state, $250,000. (2) Foreign or alien insurers transacting title insurance in this state, $100,000. (3) Foreign or alien insurers transacting home protection insurance in […]
Section 731.628 – Deposit required of workers’ compensation insurers.
(1) In addition to any other requirement therefor under the Insurance Code, each insurer other than the State Accident Insurance Fund Corporation that issues workers’ compensation insurance policies to employers under ORS chapter 656 shall deposit with the Department of Consumer and Business Services an amount that is the greater of the following amounts: (a) […]
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 […]