Oregon Statutes - Chapter 733 - Accounting and Investments

733.010 Assets allowed.
In any determination of the financial condition of an insurer, there shall be allowed as assets only such assets as are owned by the insurer...
733.020 Assets not allowed.
In addition to assets impliedly excluded by ORS 733.010, the following expressly shall not be allowed as assets in any determination of the financial condition...
733.030 Liabilities in general.
In any determination of the financial condition of an insurer, liabilities to be charged against its assets shall be calculated in accordance with the Insurance...
733.040 Reinsurance credit.
The Director of the Department of Consumer and Business Services shall disallow reinsurance as credit against the liabilities of a ceding insurer if credit against...
733.050 Increase of inadequate reserves.
If the Director of the Department of Consumer and Business Services determines that an insurer�s reserves, however calculated or estimated, are inadequate, the director shall...
733.060 Unearned premium reserve.
(1) Every insurer shall maintain an unearned premium reserve on all policies in force. (2) The Director of the Department of Consumer and Business Services...
733.070 Unearned premium reserve for marine and transportation insurance trip risks.
As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be deemed unearned. The Director of the Department...
733.080 Reserves for health insurance.
For all health insurance policies the insurer shall maintain reserves which place a sound value on its liabilities under such policies and which are not...
733.090 Unearned premium reserve and fund for title insurance.
(1) Each title insurer shall maintain a reserve for unearned premiums on its policies in force, which shall be charged as a liability in any...
733.095 Unearned premium reserve for home protection insurance.
A home protection insurer shall maintain a reserve for unearned premiums, unpaid losses and claims incurred whether reported or unreported to the insurer and the...
733.100 Contingency reserve liability for mortgage insurance.
A mortgage insurer shall establish a contingency reserve liability for the protection of policyholders against the effect of adverse economic cycles according to accounting procedures...
733.110 [1967 c.359 §218; 1977 c.320 §9; 1981 c.609 §3; repealed by 1991 c.401 §30]
733.115 Establishing reserves for variable life insurance and annuity policies.
Reserves for variable life insurance and annuity policies shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided,...
733.120 [Formerly 739.030; 1977 c.320 §10; 1981 c.609 §5; repealed by 1991 c.401 §30]
733.123 [Formerly 733.130; repealed by 1991 c.401 §30]
733.125 [1981 c.609 §2; repealed by 1991 c.401 §30]
733.127 [1981 c.609 §7; repealed by 1991 c.401 §30]
733.129 [1981 c.609 §9; repealed by 1991 c.401 §30]
733.130 [Formerly 739.035; 1969 c.431 §1; 1973 c.636 §1; 1977 c.320 §11; 1981 c.609 §6; renumbered 733.123]
733.132 [1973 c.636 §3; 1977 c.320 §12; 1981 c.609 §8; repealed by 1991 c.401 §30]
733.134 [1973 c.636 §4; 1981 c.609 §10; repealed by 1991 c.401 §30]
733.136 [1973 c.636 §5; 1981 c.609 §11; repealed by 1991 c.401 §30]
733.140 Disallowance of �wash� transactions.
(1) The Director of the Department of Consumer and Business Services shall disallow as an asset or as a credit against liabilities any reinsurance found...
733.150 Alternative accounting for assets and liabilities.
Assets may be allowed as deductions from corresponding liabilities, liabilities may be charged as deductions from assets, deductions from assets may be charged as liabilities,...
733.160 Valuation of assets other than securities.
(1) Each bond or other evidence of debt having a fixed term and rate of interest may be valued as follows, if amply secured and...
733.165 Valuation of securities.
(1) Securities held by an insurer, other than bonds or other evidences of debt to which ORS 733.160 applies, must be valued in the discretion...
733.170 Accounts and records.
An insurer shall keep its books, records, accounts and transaction source data in such manner that the Director of the Department of Consumer and Business...
733.180 [Formerly 739.075; repealed by 1973 c.435 §27]
733.190 [Formerly 739.080; repealed by 1973 c.435 §27]
733.200 [Formerly 739.085; repealed by 1973 c.435 §27]
733.210 Director�s determinations.
(1) In making any determination or prescribing rules relating to items such as are reported in the form of annual statement and any supplement thereto...
733.220 Establishment and regulation of separate accounts to fund life insurance or annuities.
(1) A domestic insurer authorized to transact life insurance may establish one or more separate accounts and may allocate thereto amounts, including but not limited...
733.230 Transactions of separate accounts registered with Securities and Exchange Commission; application of laws and rules to members of separate account management committee.
(1) Notwithstanding any other provisions of law a domestic insurer may: (a) With respect to a separate account registered with the federal Securities and Exchange...
733.300 Short title.
ORS 733.300 to 733.322 may be cited as the Standard Valuation Law. [1991 c.401 §17]
733.302 Reserve valuation method for life insurance policies and annuity and pure endowment contracts.
(1) The Director of the Department of Consumer and Business Services shall annually value, or cause to be valued, the reserve liabilities for all outstanding...
733.304 Opinion of actuary; rules.
(1) Each insurer transacting life insurance in this state shall submit annually to the Director of the Department of Consumer and Business Services the opinion...
733.306 Computation of minimum standards for life insurance, industrial insurance, annuities and pure endowment contracts; rules.
Except as otherwise provided in ORS 733.308 and 733.310, the minimum standard for the valuation of all outstanding life insurance policies and annuity and pure...
733.308 Computation of minimum standard for annuities and pure endowment contracts; rules.
Except as provided in ORS 733.310, the minimum standard for the valuation of all individual annuity and pure endowment contracts issued on or after January...
733.310 Interest rates for determining minimum standard for valuation.
(1) The interest rates used in determining the minimum standard for the valuation of the following shall be the calendar year statutory valuation interest rates...
733.312 Amount of required reserves for life insurance policies.
(1) Except as otherwise provided in ORS 733.314 and 733.320, reserves according to the commissioners reserve valuation method for the life insurance and endowment benefits...
733.314 Amount of required reserves for certain annuity and pure endowment contracts.
(1) This section applies to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or...
733.316 Aggregate reserves.
(1) The aggregate reserves of an insurer for all life insurance policies, excluding disability and accidental death benefits, issued on or after the operative date...
733.318 Alternative standards of valuation.
(1) Reserves for all policies and contracts issued prior to the operative date stated in ORS 743.204 for the Standard Nonforfeiture Law for Life Insurance...
733.320 Minimum required reserve for certain policies.
(1) Except as provided in subsection (2) of this section, if in any contract year the gross premium charged by an insurer on any life...
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...
733.510 Investments of insurers; rules.
(1) Funds of a domestic insurer shall be invested, reinvested and used in the manner and subject to the conditions, restrictions and limitations set forth...
733.520 Current operating requirements exempted.
Funds of an insurer necessary to satisfy normal current operating requirements are not subject to ORS 733.510 to 733.780. Normal current operating requirements include, but...
733.530 �Corporation,� �sovereign,� �political subdivision� defined.
As used in ORS 733.510 to 733.780: (1) �Corporation� means a corporation, joint stock association or business trust organized and existing under the laws of...
733.540 �Obligation� defined.
As used in ORS 733.510 to 733.780, �obligation� means a bond, debenture, note, warrant, certificate or other evidence of indebtedness. [1967 c.359 §232]
733.550 �Amply secured obligation� defined.
As used in ORS 733.510 to 733.780, �amply secured obligation� means an obligation which is not in default and as to which no default is...
733.560 �Unencumbered� defined.
As used in ORS 733.510 to 733.780, �unencumbered� means the nonexistence of any lien, burden or charge having priority over the lien securing the insurer�s...
733.570 �Improved real property� defined.
As used in ORS 733.510 to 733.780, �improved real property� means: (1) Farmland used for tillage, crop or pasture; (2) Real estate on which permanent...
733.575 Prohibited use of funds as compensating balances.
Except as provided in ORS 733.578, funds of an insurer shall not be used as compensating balances for loans to other persons, or otherwise pledged...
733.578 Conditions necessary for investments used to provide compensating balances.
Investments of an insurer of the kind described in ORS 733.650 (4) that are made for the purpose of providing compensating balances for other persons...
733.580 Investment of required capitalization.
(1) Funds of an insurer at least equal to its required capitalization shall be invested and kept invested as follows: (a) In amply secured obligations...
733.590 Investment in obligations of sovereign, political subdivision thereof or corporation.
Funds of an insurer may be invested in amply secured obligations of a sovereign, political subdivision thereof or corporation. Expressly included, but not by way...
733.600 Investment in mortgage loans.
(1) Funds of an insurer may be invested in: (a) Loans secured by first liens upon improved, unencumbered real property (other than leaseholds) in the...
733.610 Investment in real property.
(1) Except as otherwise provided in ORS 733.580 and 733.600, an insurer may invest in real property only if used for the purposes or acquired...
733.620 Investment in stocks of corporation.
(1) Funds of an insurer may be invested in stocks (including trust certificates) of solvent corporations organized and carrying on a business under the laws...
733.630 Investment in securities or obligations of certain corporations.
(1) Except as provided in this section, funds of an insurer may be invested in common stock, preferred stock, debt obligations and other securities of...
733.635 Approved activities of corporations in which investments authorized.
Investments authorized by ORS 733.630 may be made in corporations engaged, or which will be engaged, in one or more of the following insurance or...
733.640 Lending funds; limitations on loans.
(1) Funds of an insurer may be invested in loans secured by pledges of obligations and stocks eligible for investment under ORS 733.510 to 733.780....
733.650 Investment of funds in certain obligations and other specified items.
Funds of an insurer may be invested in the following: (1) Obligations secured by a mortgage or deed of trust payment of which is guaranteed...
733.652 Investment of funds of separate accounts.
Except as may be prescribed by the Director of the Department of Consumer and Business Services under ORS 733.220 (3) for reserves for guaranteed benefits...
733.654 Limitation on amount of separate account investments; exceptions.
An insurer shall not invest the funds of a separate account so as to have more than 10 percent of the market value of the...
733.656 Limitation on securities owned or controlled by separate account investments.
An insurer shall not invest the funds of a separate account so as to own or control, under the insurer�s general and separate accounts in...
733.658 Applicability of separate account investment limitations.
The limitations provided in ORS 733.654 and 733.656 do not apply to the investment of separate account funds in the securities of an investment company...
733.660 [1967 c.359 §244; repealed by 2001 c.318 §13]
733.670 Investment of funds under �prudent investor� standard.
(1) Funds of an insurer may be invested in a manner not expressly prohibited under ORS 732.325 and 733.780, provided such investments are made in...
733.680 Acquisition and retention of personal property generally; purchases or loans for protection of investment property.
(1) An insurer may acquire and retain personal property received as a dividend, gift or devise, or pursuant to a lawful plan of merger, consolidation...
733.685 Investment of funds by home protection insurer; rules.
Funds of a home protection insurer may be invested in tangible personal property held by the insurer for the purpose of performing or providing repairs...
733.690 Investment of funds in title plant.
Funds of a title insurer may be invested in its title plant. [1967 c.359 §247]
733.695 Investment of funds in obligations that are not investment quality; rules.
Funds of an insurer may be invested in obligations that are not investment grade as established by the Director of the Department of Consumer and...
733.700 Investment of funds in health care service facilities.
Funds of a health care service contractor may be invested in all real and personal property used exclusively by the contractor to provide authorized health...
733.710 Investments authorized by prior law; date of eligibility of investment.
(1) An investment which was legal and proper immediately before June 8, 1967, shall be considered a proper investment and shall be subject to extension...
733.720 Investments subject to additional limitations and requirements.
Except as may be expressly provided to the contrary in ORS 733.510 to 733.780, all investments shall be subject to the qualifications, restrictions and limitations...
733.730 Approval by board of directors of investments and deposits.
(1) Investments and sales or exchanges thereof, except for policy loans of an insurer issuing life insurance policies, shall be approved by the board of...
733.740 Record of investments required.
As to each investment, an insurer shall make a written record in permanent form, signed by a person authorized by the board of directors or...
733.750 Disposal of investments on order of director.
After a hearing, the Director of the Department of Consumer and Business Services may by written order require the disposal of an investment which the...
733.760 Insurance required on buildings on property which is security for loan.
On loans secured by liens upon real property or leasehold interests therein, the buildings and other improvements located on the premises shall be kept insured...
733.770 Limitations on investments in property of any one person or single parcel of real estate.
(1) An insurer shall not have any combination of investments in or secured by the stocks, obligations, and property of one person, corporation or political...
733.780 Prohibited investments.
(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...

Last modified: August 7, 2008