OAR 836-014-0240
Filing Requirements, Life Settlement Contracts and Disclosure Statement Forms; Promotional, Advertising and Marketing Materials

(1)

An applicant for a license as a life settlement provider or life settlement broker must file with the Director a copy of each life settlement contract form and disclosure statement form that the applicant intends to use in business under the license.

(2)

A life settlement provider or life settlement broker must file with the Director, prior to use in this state, any amendment to a previously-filed life settlement contract form or disclosure statement form and any new life settlement contract form or disclosure statement form.

(3)

Contract forms and amendments thereto and disclosure statement forms and amendments thereto are subject to approval prior to use in this state, as provided in ORS 744.341 (Terms of contract).

(4)

Each form of life settlement contract filed with the Director must contain all of the following:

(a)

A life settlement contract, completed in John Doe fashion;

(b)

A copy of a policyholder’s or certificate holder’s application, completed in John Doe fashion; and

(c)

A copy of the disclosure statement form that will be provided to a policyholder or certificate holder as required by section 11, chapter 711, Oregon Laws 2009 (Enrolled Senate Bill 973) and 836-014-0280 (Disclosure Required).

(5)

A life settlement contract form or a disclosure statement form is subject to disapproval by the Director:

(a)

If the Director finds it does not comply with the law;

(b)

If the Director finds it contains any provision or has any description of its contents, title, heading or other indication of its provisions, that is unintelligible, uncertain, ambiguous or abstruse, or likely to mislead a person to whom the contract is offered or with whom the contract is made;

(c)

If, in the Director’s judgment, its use would be prejudicial to the interest of the persons with whom the life settlement provider contracts; or

(d)

If the Director finds it contains provisions that are unjust, unfair or inequitable.

(6)

A life settlement provider must file with the Director, prior to use in this state, any promotional, advertising and marketing materials related to a life settlement contract used in this state.

Source: Rule 836-014-0240 — Filing Requirements, Life Settlement Contracts and Disclosure Statement Forms; Promotional, Advertising and Marketing Materials, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=836-014-0240.

836‑014‑0001
Purpose, Authority and Effective Date 836‑014‑0005
Applicability and Scope 836‑014‑0010
Required Capitalization 836‑014‑0015
Annual Financial Statement 836‑014‑0020
Deposits 836‑014‑0025
Bond 836‑014‑0030
Sales Representatives 836‑014‑0035
Registration of Legal Expense Organization 836‑014‑0040
Amendments to Registration 836‑014‑0042
Renewal of Legal Expense Organization Registration 836‑014‑0045
Unfair Trade Practice 836‑014‑0100
Actuarial Certification 836‑014‑0200
Statutory Authority and Implementation 836‑014‑0205
Definitions 836‑014‑0210
License Fees 836‑014‑0220
Life Settlement Provider License Requirements 836‑014‑0226
Life Settlement Investment Agent Licensing Requirements 836‑014‑0230
Renewal Requirements 836‑014‑0240
Filing Requirements, Life Settlement Contracts and Disclosure Statement Forms 836‑014‑0250
Contents of Life Settlement Contracts 836‑014‑0260
Rights and Duties of Parties to Life Settlement Contract 836‑014‑0263
Request to Insurer for Verification of Coverage 836‑014‑0265
Response by Insurer 836‑014‑0270
Standards for Evaluation of Reasonable Payments 836‑014‑0280
Disclosure Required 836‑014‑0285
Disclosures to Insurer 836‑014‑0290
Contacts by Life Settlement Provider or Broker 836‑014‑0300
Advertising Standards 836‑014‑0310
Reporting Requirements 836‑014‑0320
Requirements for Brokers 836‑014‑0325
Disclosures Required by Life Insurers 836‑014‑0330
Unfair Trade Practices
Last Updated

Jun. 8, 2021

Rule 836-014-0240’s source at or​.us