OAR 836-029-0050
Additional Deposit Requirement

(1)

Whenever the Director of the Department of Consumer and Business Services determines that the financial condition of a captive insurer warrants additional security, the director may require the captive insurer to deposit with the director, in trust for the captive insurer, cash, securities approved by the director, or an irrevocable letter of credit issued by a bank chartered by the State of Oregon or a member bank of the Federal Reserve System with the director.

(2)

The director shall return the deposit or letter of credit of a captive insurer if the captive insurer ceases to do any business only after being satisfied that all obligations of the captive insurer have been discharged.

(3)

With the approval of the director a captive insurer may receive interest or dividends from the deposit or exchange the deposits for others of equal value.

Source: Rule 836-029-0050 — Additional Deposit Requirement, https://secure.sos.state.or.us/oard/view.action?ruleNumber=836-029-0050.

836‑029‑0000
Authority 836‑029‑0005
Purpose and Scope 836‑029‑0010
Definitions 836‑029‑0015
Annual Reporting Requirements 836‑029‑0020
Risk Limitation 836‑029‑0025
Annual Audit 836‑029‑0030
Management’s Report of Internal Control over Financial Reporting 836‑029‑0035
Communication of Internal Control Related Matters Noted in an Audit 836‑029‑0040
Designation of Service Providers 836‑029‑0045
Notification of Material Misstatement of Financial Condition 836‑029‑0050
Additional Deposit Requirement 836‑029‑0055
Availability and Maintenance of Working Papers of the Independent Certified Public Accountant 836‑029‑0060
Documentation Required to be Held in Oregon by Licensed Captives 836‑029‑0065
Reinsurance 836‑029‑0070
Service Providers 836‑029‑0075
Directors 836‑029‑0080
Conflict of Interest 836‑029‑0085
Acquisition of Control of or Merger with Domestic Captive insurer 836‑029‑0090
Suspension or Revocation 836‑029‑0095
Standards 836‑029‑0100
Director’s Authority 836‑029‑0105
Change of Information in Initial Application 836‑029‑0110
Application 836‑029‑0115
Fees 836‑029‑0120
Authorized Forms

Last Updated

Jun. 8, 2021

Rule 836-029-0050’s source at or.us

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Location: https://oregon.public.law/rules/oar_836-029-0050

Original Source: Rule 836-029-0050 — Additional Deposit Requirement, https://secure.sos.state.or.us/oard/view.action?ruleNumber=836-029-0050 (last accessed Jun. 8, 2021).