Oregon Statutes - Chapter 732 - Organization and Corporate Procedures of Domestic Insurers; Regulation of Insurers Generally - Section 732.608 - Waiver of requirements of ORS 732.606.

The Director of the Department of Consumer and Business Services may waive the requirements of ORS 732.606 if:

(1) The director determines that a domestic mutual insurer is in hazardous financial condition according to standards established under ORS 731.385 or if a rehabilitation or liquidation proceeding or an administrative supervision proceeding has been instituted against the insurer; and

(2) The director determines that the transfer of the policies is in the best interests of the policyholders. [1997 c.771 §16]

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Last modified: August 7, 2008