Oregon Statutes - Chapter 733 - Accounting and Investments - Section 733.322 - Calculation of reserves for plans for which minimum reserves cannot be determined under ORS 733.312, 733.314 or 733.320; rules.

(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  Next

Last modified: August 7, 2008