Oregon Statutes - Chapter 744 - Insurance Producers; Life Settlement Providers, Brokers and Contracts; Adjusters; Consultants; Third Party Administrators; Reinsurance Intermediaries; Rental Company Limited Licenses - Section 744.358 - Rules; standards; bond.

The Director of the Department of Consumer and Business Services may adopt rules for the purpose of carrying out ORS 744.319 to 744.358. In addition:

(1) The director may establish standards for evaluating reasonableness of payments under life settlement contracts. The authority includes but is not limited to regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise or bequest of a benefit under a life insurance policy. For the purpose of the standards, the director shall consider payments made in regional and national life settlement markets, to the extent such information is available, as well as model standards developed by the National Association of Insurance Commissioners.

(2) The director may require a bond or an errors and omissions insurance policy of either or both kinds of licensees.

(3) The director may establish trade practice standards by rule for the purpose of regulating advertising and solicitation of life settlement contracts. [1995 c.342 §18]

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Last modified: August 7, 2008