(1) Funds of a domestic insurer shall be invested, reinvested and used in the manner and subject to the conditions, restrictions and limitations set forth in ORS 733.510 to 733.780. (2) Investments of a foreign or alien insurer which would be authorized for a like domestic insurer shall be allowed as assets in any determination […]
Funds of an insurer necessary to satisfy normal current operating requirements are not subject to ORS 733.510 to 733.780. Normal current operating requirements include, but are not limited to, the acquisition of personal property necessary or convenient in the operation of the insurer’s business. [1967 c.359 §230]
As used in ORS 733.510 to 733.780: (1) “Corporation” means a corporation, joint stock association or business trust organized and existing under the laws of a sovereign. (2) “Sovereign” means the United States, or a state, or Canada or a province thereof. (3) “Political subdivision” means an incorporated county, city, town, village, municipality, or subdivision […]
As used in ORS 733.510 to 733.780, “obligation” means a bond, debenture, note, warrant, certificate or other evidence of indebtedness. [1967 c.359 §232]
As used in ORS 733.510 to 733.780, “amply secured obligation” means an obligation which is not in default and as to which no default is imminent, and which satisfies the requirements of one or more of the following subsections: (1) An obligation of a sovereign or political subdivision thereof, if it is issued, assumed or […]
As used in ORS 733.510 to 733.780, “unencumbered” means the nonexistence of any lien, burden or charge having priority over the lien securing the insurer’s investment. The following shall not be considered encumbrances on real property or leasehold interests therein: (1) Reservations of mineral, oil or timber rights, easements, rights of way, sewer rights or […]
As used in ORS 733.510 to 733.780, “improved real property” means: (1) Farmland used for tillage, crop or pasture; (2) Real estate on which permanent improvements, or improvements under construction or in process of construction, suitable for residence, institutional, commercial or industrial use, are situated; and (3) Real estate to be developed for the use […]
Except as provided in ORS 733.578, funds of an insurer shall not be used as compensating balances for loans to other persons, or otherwise pledged for the benefit of other persons. [1975 c.232 §2]
Investments of an insurer of the kind described in ORS 733.650 (4) that are made for the purpose of providing compensating balances for other persons will not be prohibited by ORS 733.575 or 733.780 while the following conditions are met: (1) The investment is made in the name of and remains the sole property of […]
(1) Funds of an insurer at least equal to its required capitalization shall be invested and kept invested as follows: (a) In amply secured obligations of the United States, a state or a political subdivision of this state. (b) In loans secured by first liens upon improved, unencumbered real property (other than leaseholds) in this […]
Funds of an insurer may be invested in amply secured obligations of a sovereign, political subdivision thereof or corporation. Expressly included, but not by way of limitation, are obligations of the following federal agencies and authorities: Federal Home Loan Banks, Federal Land Banks, Home Owners Loan Corporation, Public Housing Authorities (to the extent that such […]
(1) Funds of an insurer may be invested in: (a) Loans secured by first liens upon improved, unencumbered real property (other than leaseholds) in the manner and subject to the same terms and conditions set forth in ORS 733.580 (1)(b), except that the property may be located within the boundaries of any sovereign; for loans […]
(1) Except as otherwise provided in ORS 733.580 and 733.600, an insurer may invest in real property only if used for the purposes or acquired in the manner and within the limits as follows: (a) The insurer may invest in the land and the buildings thereon in which it has its principal office, and in […]
(1) Funds of an insurer may be invested in stocks (including trust certificates) of solvent corporations organized and carrying on a business under the laws of a sovereign as follows: (a) Preferred or guaranteed stocks if the corporation is not in default or arrears as to any preferred or guaranteed dividend and has continuously and […]
(1) Except as provided in this section, funds of an insurer may be invested in common stock, preferred stock, debt obligations and other securities of one or more corporations without regard to the provisions and limitations of ORS 733.590, 733.620, 733.770 and 733.780 (1)(a) if the corporation is engaged, or will be engaged, in the […]
Investments authorized by ORS 733.630 may be made in corporations engaged, or which will be engaged, in one or more of the following insurance or ancillary businesses: (1) Any kind of insurance business authorized by the jurisdiction in which it is incorporated. (2) Any kind of business primarily related to the insurance business carried on […]
(1) Funds of an insurer may be invested in loans secured by pledges of obligations and stocks eligible for investment under ORS 733.510 to 733.780. As of the date the loan is made, it shall not exceed in amount 80 percent of the market value of the collateral pledged. No such loan shall be made […]
Funds of an insurer may be invested in the following: (1) Obligations secured by a mortgage or deed of trust payment of which is guaranteed by a policy of mortgage insurance. (2) Obligations issued, assumed or guaranteed by the International Bank for Reconstruction and Development. (3) Bank and bankers’ acceptances and other bills of exchange […]
Except as may be prescribed by the Director of the Department of Consumer and Business Services under ORS 733.220 (3) for reserves for guaranteed benefits and funds: (1) Amounts allocated to a separate account and accumulations thereon may be invested and reinvested without regard to the requirements and limitations prescribed by ORS 733.510 to 733.780, […]
An insurer shall not invest the funds of a separate account so as to have more than 10 percent of the market value of the assets of the account invested in or secured by the stocks, obligations or property of any one person or political subdivision, or invested in a single parcel of real property […]
