(1) For any plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurer based on then estimates of future experience, or in the case of any plan of life insurance or annuity that is of such a nature that the minimum reserves cannot be determined by the methods described in ORS 733.312, 733.314 and 733.320, the reserves held under any such plan must:
(a) Be appropriate in relation to the benefits and the pattern of premiums for that plan; and
(b) Be computed by a method that is consistent with the principles of ORS 733.300 to 733.322, as determined by rules adopted by the Director of the Department of Consumer and Business Services.
(2) Any policy, contract or certificate providing life insurance under a plan referred to in subsection (1) of this section must be reviewed and specifically approved by the director before it can be marketed, issued, delivered or used in this state. [1991 c.401 §28]
Section: Previous 733.308 733.310 733.312 733.314 733.316 733.318 733.320 733.322 733.510 733.520 733.530 733.540 733.550 733.560 733.570 NextLast modified: August 7, 2008