OAR 836-012-0100
Reinsurance Contract

Credit shall not be granted, nor an asset or reduction from liability allowed, to a ceding insurer for reinsurance effected with assuming insurers meeting the requirements of OAR 836-012-0011 (Credit for Reinsurance — Reinsurer Authorized in this State), 836-012-0021 (Credit for Reinsurance — Accredited Reinsurers), 836-012-0031 (Credit for Reinsurance — Reinsurer Domiciled and Licensed in Another State), 836-012-0041 (Credit for Reinsurance — Reinsurers Maintaining Trust Funds) or 836-012-0060 (Asset or Reduction from Liability for Reinsurance Ceded to an Unauthorized Assuming Insurer Not Meeting the Requirements of OAR 836-012-0011 to 836-012-0051) or otherwise in compliance with ORS 731.509 (Legislative intent) after the adoption of OAR 836-012-0000 (Director’s Authority) to 836-012-0110 (Contracts Affected), unless the reinsurance agreement:
(1) Includes a proper insolvency clause, which stipulates that reinsurance is payable directly to the liquidator or successor without diminution regardless of the status of the ceding company pursuant to ORS 731.508 (Approved reinsurance);
(2) Includes a provision pursuant to ORS 731.509 (Legislative intent)(10), whereby the assuming insurer, if an unauthorized assuming insurer, has submitted to the jurisdiction of an alternative dispute resolution panel or court of competent jurisdiction within the United States, has agreed to comply with all requirements necessary to give such court or panel jurisdiction, has designated an agent upon whom service of process may be effected and has agreed to abide by the final decision of the court or panel; and
(3) Includes a proper reinsurance intermediary clause, if applicable, which stipulates that the credit risk for the intermediary is carried by the assuming insurer.

Source: Rule 836-012-0100 — Reinsurance Contract, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=836-012-0100.

Last Updated

Jun. 8, 2021

Rule 836-012-0100’s source at or​.us