Oregon Statutes - Chapter 722 - Savings Associations - Section 722.048 - Insurers of accounts; representations as to insurance.

(1) A savings association shall obtain and maintain insurance of its savings accounts from the Federal Deposit Insurance Corporation or other federal or state agency, or from another insurer approved by the Director of the Department of Consumer and Business Services.

(2) Upon receiving an application from an association for approval of an insurer, the director shall give reasonable notice to the insurer and the applicant and conduct a public hearing on the application. The director may issue a certificate approving an insurer if the director determines that the contract of insurance contemplated:

(a) Is written upon substantially the same basis as to form, amount, coverage, maturity, voluntary and involuntary termination and other provisions as the insurance contract provided by the Federal Deposit Insurance Corporation;

(b) Complies with any further requirements for protection of account holders that the director considers reasonably necessary; and

(c) Is underwritten by an insurer who has a net worth reasonably commensurate with the risks underwritten and is authorized to transact insurance in this state.

(3) Subsection (2) of this section applies to all revisions or modifications of such contracts of insurance.

(4) Insured associations may make representations as to insurance of savings accounts but all representations shall set forth the name of the insurer. An association or other person shall not advertise, represent, accept or offer to accept any savings accounts in this state, unless the accounts are insured as provided by this section. [1975 c.582 §48; 1999 c.107 §13]

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Last modified: August 7, 2008