Oregon Department of Consumer and Business Services, Insurance Regulation

Rule Rule 836-051-0020
General Requirements


An insurer shall maintain at its home office or principal office a complete file containing one copy of each document authorized by the insurer for use pursuant to OAR 836-051-0005 (Statutory Authority; Purpose; Applicability) to 836-051-0020 (General Requirements). Each such document shall be retained in the file for at least three years following the date of its last authorized use.


An insurance producer shall inform a prospective buyer, prior to the beginning a life insurance sales presentation, that the insurance producer is acting as a life insurance producer, and shall inform the prospective buyer of the full name of the insurer that the insurance producer is representing to the buyer. In sales situations in which an insurance producer is not involved, the insurer shall identify its full name.


Such terms as “financial planner,” “investment advisor,” “financial consultant,” or “financial counseling” shall not be used in such a way as to imply that the insurance producer is generally engaged in an advisory business in which compensation is unrelated to sales, unless such is actually the case.


Any reference to policy dividends must include a statement that dividends are not guaranteed.


A presentation that does not recognize through the use of appropriate interest adjustments the time value of money shall not be used for comparing the cost of two or more life insurance policies. Such a presentation may be used for the purpose of demonstrating the cash-flow pattern of a policy if it is accompanied by a statement disclosing that the presentation does not recognize that a dollar in the future has less value than a dollar today because of interest.


A presentation of benefits shall not display guaranteed and non-guaranteed benefits as a single sum unless they are also shown separately in close proximity to the single sum.


A statement regarding the use of the Life Insurance Net Cost and Surrender Cost Indexes shall include a explanation to the effect that the Indexes are useful only for the comparison of the relative costs of two or more similar policies.


A statement of a Life Insurance Net Cost or Surrender Cost Index that reflects dividends, and an Equivalent Level Annual Dividend, shall be accompanied by a statement that it is based on the insurer’s current dividend scale and is not guaranteed.


For the purposes of OAR 836-051-0005 (Statutory Authority; Purpose; Applicability) to 836-051-0020 (General Requirements), the annual premium for a basic policy or optional rider for which the insurer reserves the right to change the premium shall be the maximum annual premium.

Last accessed
Jun. 8, 2021