OAR 836-051-0020
General Requirements

(1)

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.

(2)

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.

(3)

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.

(4)

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

(5)

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.

(6)

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.

(7)

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.

(8)

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.

(9)

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.

Source: Rule 836-051-0020 — General Requirements, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=836-051-0020.

836‑051‑0005
Statutory Authority 836‑051‑0010
Definitions 836‑051‑0015
Disclosure Requirements 836‑051‑0020
General Requirements 836‑051‑0030
Purpose and Applicability 836‑051‑0032
Definition 836‑051‑0034
Exemptions 836‑051‑0036
Disclosure Requirements 836‑051‑0038
Insurer Duties 836‑051‑0040
Trade Practice Regulation 836‑051‑0101
Statutory Authority 836‑051‑0106
Life Insurance Valuation and Nonforfeiture Standards 836‑051‑0110
Life Insurance Nonforfeiture Standards for Men and Women 836‑051‑0115
Smoker/Nonsmoker Mortality Tables 836‑051‑0150
Individual Deferred Annuities Surrender Charge 836‑051‑0153
Limitations on Surrender Charge Scales 836‑051‑0156
Fair Surrender Charges 836‑051‑0200
Authority 836‑051‑0210
Purpose 836‑051‑0220
Definitions 836‑051‑0230
Individual Annuity or Pure Endowment Contracts 836‑051‑0235
Application of the 2012 IAR Mortality Table 836‑051‑0240
Group Annuity or Pure Endowment Contracts 836‑051‑0250
Application of the 1994 GAR Table 836‑051‑0300
Statutory Authority 836‑051‑0310
Acknowledgement of Concurrence for Payout from Assignee or Beneficiary 836‑051‑0320
Payment Options 836‑051‑0330
Disclosure 836‑051‑0340
Exercise of the Accelerated Benefit 836‑051‑0350
Waiver of Premium 836‑051‑0360
Discrimination 836‑051‑0370
Minimum Benefit Standards 836‑051‑0380
Actuarial Disclosure and Reserves 836‑051‑0500
Purpose 836‑051‑0510
Applicability and Scope 836‑051‑0520
Definitions 836‑051‑0530
Policies to Be Illustrated 836‑051‑0540
General Rules and Prohibitions 836‑051‑0550
Standards for Basic Illustrations 836‑051‑0560
Standards for Supplemental Illustrations 836‑051‑0570
Delivery of Illustration and Record Retention 836‑051‑0580
Annual Report 836‑051‑0590
Annual Certifications 836‑051‑0600
Trade Practice Regulation 836‑051‑0700
Authorization, Genetic Testing 836‑051‑0750
Purpose 836‑051‑0755
Definitions 836‑051‑0760
Minimum Valuation Mortality Standards 836‑051‑0765
Minimum Valuation Interest Rate Standards 836‑051‑0770
Minimum Valuation Method Standards 836‑051‑0775
Transition Rules 836‑051‑0900
Purpose 836‑051‑0905
Applicability and Scope 836‑051‑0910
Definitions 836‑051‑0915
Standards for the Disclosure Document and Buyer’s Guide 836‑051‑0920
Report to Contract Owners 836‑051‑0925
Trade Practice Regulation
Last Updated

Jun. 8, 2021

Rule 836-051-0020’s source at or​.us