(1) An insurer shall not make investments:
(a) Which at the time of purchase or acquisition are not interest-bearing or dividend or income-paying, or are in default in any respect; or
(b) From which the insurer is not entitled to receive for its exclusive account and benefit the interest, dividends or income.
(2) Subsection (1)(a) of this section shall not apply to property acquired under ORS 733.610, 733.670 or 733.680 if the property is acquired with the intent and expectation that it will be income-producing.
(3) An insurer shall not invest its funds in any investment or security found by the Director of the Department of Consumer and Business Services to be designed to evade any prohibition of the Insurance Code. [Formerly 738.385]
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Section: Previous 733.660 733.670 733.680 733.685 733.690 733.695 733.700 733.710 733.720 733.730 733.740 733.750 733.760 733.770 733.780Last modified: August 7, 2008