Oregon Department of Consumer and Business Services, Insurance Regulation

Rule Rule 836-051-0500
Purpose; Authority


(1)

The purpose of OAR 836-051-0500 (Purpose; Authority) to 836-051-0600 (Trade Practice Regulation) is to provide rules for life insurance policy illustrations that will protect consumers and foster consumer education. OAR 836-051-0500 (Purpose; Authority) to 836-051-0600 (Trade Practice Regulation) provide illustration formats, prescribe standards to be followed when illustrations are used and specify the disclosures that are required in connection with illustrations. The goals of 836-051-0500 (Purpose; Authority) to 836-051-0600 (Trade Practice Regulation) are to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable.

(2)

Insurers shall, as far as possible, eliminate the use of footnotes and caveats and define terms used in the illustration in language that would be understood by a typical person within the segment of the public to which the illustration is directed.

(3)

OAR 836-051-0500 (Purpose; Authority) to 836-051-0600 (Trade Practice Regulation) are adopted pursuant to ORS 731.244 (Rules) and 746.240 (Undefined trade practices injurious to public prohibited) for the purpose of implementing 746.075 (Misrepresentation generally), 746.085 (Regulating replacement of life insurance), 746.100 (Misrepresentation in insurance applications or transactions), 746.110 (False, deceptive or misleading statements), and 746.240 (Undefined trade practices injurious to public prohibited).
Source

Last accessed
Jun. 8, 2021