OAR 836-011-0110
Definitions

As used in OAR 836-011-0100 (Authority; Purpose; Scope) to 836-011-0230 (Canadian and British Companies):
(1) “Accountant” or “independent certified public accountant” means an independent certified public accountant or accounting firm in good standing with the American Institute of Certified Public Accountants and in each state in which the accountant or accounting firm is licensed to practice. For a Canadian or British insurer, the term means a Canadian-chartered or a British-chartered accountant.
(2) An “affiliate” of, or a person “affiliated” with, a specific person, is a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified.
(3) “Audit committee” means a committee or equivalent body established by the board of directors of an entity for the purpose of overseeing the accounting and financial reporting processes of an insurer or group of insurers, the Internal audit function of an insurer or group of insurers (if applicable), and external audits of financial statements of the insurer or group of insurers. The audit committee of an entity that controls a group of insurers may be considered to be the audit committee for one or more of the controlled insurers solely for the purposes of OAR 836-011-0100 (Authority; Purpose; Scope) to 836-011-0230 (Canadian and British Companies) at the election of the controlling person. 836-011-0223 (Requirements for Audit Committee)(6) governs the exercise of this election. If an audit committee is not designated by the insurer, the insurer’s entire board of directors constitutes the audit committee.
(4) “Audited financial report” means a report that includes the items specified in OAR 836-011-0140 (Contents of Annual Audited Financial Report).
(5) “Group of insurers” means those authorized insurers included in the reporting requirements of ORS 732.517 (Purpose of ORS 732.517 to 732.546) to 732.592 (Recovery from parent corporation or holding company if domestic insurer ordered into liquidation or rehabilitation), or a set of insurers as identified by management, for the purpose of assessing the effectiveness of internal control over the financial reporting.
(6) “Internal audit function” means a person or persons that provide independent, objective and reasonable assurance designed to add value and improve an organization’s operations and accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
(7) “Indemnification” means an agreement of indemnity or a release from liability when the intent or effect is to shift or limit in any manner the potential liability of the person or firm for failure to adhere to applicable auditing or professional standards, whether or not resulting in part from knowing of other misrepresentations made by the insurer or its representatives.
(8) “Independent board member” has the same meaning given the term in OAR 836-011-0223 (Requirements for Audit Committee)(4).
(9) “Internal control over financial reporting” means a process effected by an entity’s board of directors, management and other personnel designed to provide reasonable assurance regarding the reliability of the financial statements, i.e., those items specified in OAR 836-011-0140 (Contents of Annual Audited Financial Report)(2) and (3), except for 836-011-0140 (Contents of Annual Audited Financial Report)(2)(a), and includes those policies and procedures that:
(a) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets;
(b) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements, i.e., those items specified in OAR 836-011-0140 (Contents of Annual Audited Financial Report)(2) and (3), except for 836-011-0140 (Contents of Annual Audited Financial Report)(2)(a), and that receipts and expenditures are being made only in accordance with authorizations of management and directors; and
(c) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements, i.e., those items specified in OAR 836-011-0140 (Contents of Annual Audited Financial Report)(2) and (3), except for 836-011-0140 (Contents of Annual Audited Financial Report)(2)(a).
(10) SEC” means the United States Securities and Exchange Commission.
(11) “Section 404” means Section 404 of the Sarbanes-Oxley Act of 2002 and the SEC’s rules and regulations promulgated thereunder.
(12) “Section 404 Report” means management’s report on “internal control over financial reporting” as defined by the SEC and the related attestation report of the independent certified public accountant as described in section (1) of this rule.
(13) “SOX Compliant Entity” means an entity that either is required to be compliant with, or voluntarily is compliant with, all of the following provisions of the Sarbanes-Oxley Act of 2002: (i) the preapproval requirements of Section 201 (Section 10A(i) of the Securities Exchange Act of 1934); (ii) the Audit committee independent requirements of Section 301 (Section 10A(m)(3) of the Securities Exchange Act of 1934); and (iii) the Internal control over financial reporting requirements of Section 404 (Item 308 of SEC Regulation S-K).

Source: Rule 836-011-0110 — Definitions, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=836-011-0110.

836–011–0000
Annual Statement Blank and Instructions 836–011–0015
Property and Casualty Actuarial Opinion of Reserves and Supporting Documentation 836–011–0020
Definitions 836–011–0022
Filing Procedures 836–011–0024
Contents of Corporate Governance Annual Disclosure 836–011–0030
Own Risk and Solvency Assessment 836–011–0050
Requirements for Segregation of Premium Received for Coverage Not Eligible for Federal Subsidies 836–011–0100
Authority 836–011–0110
Definitions 836–011–0120
Filing and Extensions for Filing of Annual Audited Financial Reports 836–011–0130
Exemptions 836–011–0140
Contents of Annual Audited Financial Report 836–011–0150
Designation of Independent Certified Public Accountant 836–011–0160
Qualifications of Independent Certified Public Accountant 836–011–0170
Consolidated or Combined Audits 836–011–0180
Scope of Audit and Report of Independent Certified Public Accountant 836–011–0190
Notification of Adverse Financial Condition 836–011–0200
Communication of Internal Control Related Matters Noted in an Audit 836–011–0210
Accountant’s Letter of Qualifications 836–011–0220
Definition, Availability and Maintenance of Independent Certified Public Accountants Workpapers 836–011–0223
Requirements for Audit Committee 836–011–0224
Internal Audit Function Requirements 836–011–0225
Conduct of Insurer in Connection with the Preparation of Required Reports and Documents 836–011–0227
Management’s Report of Internal Control over Financial Reporting 836–011–0230
Canadian and British Companies 836–011–0235
Effective Dates 836–011–0250
Authority 836–011–0253
Definitions 836–011–0255
Reserve Adequacy 836–011–0258
Unallocated Reserve Account 836–011–0260
Distribution of Annual Financial Statement 836–011–0300
Statutory Authority 836–011–0305
Definitions 836–011–0310
RBC Reports 836–011–0320
Company Action Level Event 836–011–0330
Regulatory Action Level Event 836–011–0340
Authorized Control Level Event 836–011–0350
Mandatory Control Level Event 836–011–0360
Hearings 836–011–0380
Supplemental Provisions 836–011–0390
Foreign Insurers 836–011–0430
Scope and Authority 836–011–0440
Report 836–011–0450
Acquisitions and Dispositions of Assets 836–011–0460
Nonrenewals, Cancellations or Revisions of Ceded Reinsurance Agreements 836–011–0500
Application 836–011–0505
Definitions 836–011–0510
RBC Reports 836–011–0515
Company Action Level Event 836–011–0520
Regulatory Action Level Event 836–011–0525
Authorized Control Level Event 836–011–0530
Mandatory Control Level Event 836–011–0535
Hearings 836–011–0540
Supplemental Provisions 836–011–0545
Foreign Health Care Service Contractors 836–011–0600
Report on Services Provided by Expanded Practice Dental Hygienists
Last Updated

Jun. 8, 2021

Rule 836-011-0110’s source at or​.us