OAR 836-014-0325
Disclosures Required by Life Insurers

(1)

With respect to each policy issued by an insurance company, the insurance company shall provide notice to the owner of an individual life insurance policy when the insured person under such a policy is 60 years of age or older, and:

(a)

The life insurance company receives notice from such an owner of a request to surrender, in whole or in part, an individual policy;

(b)

The life insurance company receives notice from such an owner of a request to receive an accelerated death benefit under an individual policy; or

(c)

The life insurance company sends to such an owner all notices of lapse of an individual policy, other than a term policy.

(2)

Intentionally left blank —Ed.

(a)

The notice must consist of the following statement in large, bold or otherwise conspicuous typeface calculated to draw the eye: “Life insurance is a critical part of a broader financial plan. There are many options available, and you have the right to shop suited to your needs.” The notice may include the contact information for the Department of Consumer and Business Services as suggested in Exhibit 1 to this rule or in a form similar to the notice in Exhibit 1 to this rule. The director may update the names, telephone numbers, website information and similar information in Exhibit 1 from time to time as necessary.

(b)

If the notice does not include the contact information for the department, the communication of the notice must also contain a statement advising the recipient that the recipient may contact the Insurance Division of the Department of Consumer and Business Services for more information. The insurer shall direct the recipient of the communication to either contact the Insurance Division Consumer Advocacy Unit at its toll free telephone number or visit the Division’s website at the website address currently provided by the Division as Exhibit 1 to this rule as may be updated from time to time on the Division website.

Source: Rule 836-014-0325 — Disclosures Required by Life Insurers, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=836-014-0325.

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 836-014-0325’s source at or​.us