As used in ORS 732.517 to 732.546:
(1) “Acquiring party” means each person by whom or on whose behalf an acquisition of control referred to in ORS 732.521 (1)(a), a merger or other acquisition of control referred to in ORS 732.521 (1)(b) or an activity referred to in ORS 732.521 (1)(c) is to be effected. The term includes any intermediary or subsidiary corporation or insurer who acquires or holds, directly or indirectly, the assets or voting securities or assumes the liabilities of an insurer or other corporation.
(2) A “domestic insurer” includes any person controlling a domestic insurer.
(3) “Person” does not include any securities broker holding, in the usual and customary broker’s function, less than 20 percent of the voting securities of an insurer or of any person that controls an insurer.
(4) “A significant portion” means, when acquired in one transaction or in a related or integrated series of transactions, within any 12 consecutive month period, 10 percent or more of the following:
(a) The assets of the insurer; or
(b) The insurance or a major class of insurance in force of the insurer. [1993 c.447 §26]Section: Previous 732.470 732.475 732.480 732.505 732.510 732.515 732.517 732.518 732.520 732.521 732.522 732.523 732.525 732.526 732.528 Next
Last modified: August 7, 2008