Oregon Statutes - Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Rental Company Limited Licenses - Section 744.319 - Definitions.

As used in ORS 744.319 to 744.358:

(1) “Licensee” means either a life settlement provider or life settlement broker.

(2) “Life settlement broker” means a person who, for another person and for a fee, commission or other consideration:

(a) Offers or advertises the availability of life settlement contracts; or

(b) Introduces holders of life insurance policies or certificates insuring the lives of persons with a terminal illness or condition to life settlement providers or offers or attempts to negotiate life settlement contracts between such policyholders or certificate holders and one or more life settlement providers.

(3) “Life settlement contract” means an agreement between a life settlement provider and the holder of a group or individual life insurance policy insuring the life of a person with a terminal illness or condition, or between a life settlement provider and the certificate holder of such a policy, in which:

(a) The terms establish that the life settlement provider pays something of value in return for the policyholder’s or certificate holder’s assignment, transfer, sale, devise or bequest of the death benefit or ownership of the insurance policy or certificate to the life settlement provider; and

(b) The policyholder or certificate holder holds an irrevocable right under the policy or certificate to name the beneficiary.

(4) “Life settlement provider” means a person who solicits, enters or negotiates life settlement contracts or offers to enter or negotiate life settlement contracts. [1995 c.342 §2]

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Last modified: August 7, 2008