OAR 836-051-0580
Annual Report; Notice to Policy Owners

(1)

In the case of a policy designated as one for which illustrations will be used, the insurer shall provide each policy owner with an annual report on the status of the policy that shall contain at least the following information:

(a)

For universal life policies, the report shall include the following:

(A)

The beginning and end date of the current report period;

(B)

The policy value at the end of the previous report period and at the end of the current report period;

(C)

The total amounts that have been credited or debited to the policy value during the current report period, identifying each by type (e.g., interest, mortality, expense and riders);

(D)

The current death benefit at the end of the current report period on each life covered by the policy;

(E)

The net cash surrender value of the policy as of the end of the current report period;

(F)

The amount of outstanding loans, if any, as of the end of the current report period; and

(G)

For fixed premium policies: If, assuming guaranteed interest, mortality and expense loads and continued scheduled premium payments, the policy’s net cash surrender value is such that it would not maintain insurance in force until the end of the next reporting period, a notice to this effect shall be included in the report; or

(H)

For flexible premium policies: If, assuming guaranteed interest, mortality and expense loads, the policy’s net cash surrender value will not maintain insurance in force until the end of the next reporting period unless further premium payments are made, a notice to this effect shall be included in the report.

(b)

For all other policies, when applicable:

(A)

Current death benefit;

(B)

Annual contract premium;

(C)

Current cash surrender value;

(D)

Current dividend;

(E)

Application of current dividend; and

(F)

Amount of outstanding loan.

(c)

Insurers writing life insurance policies that do not build nonforfeiture values shall be required to provide only an annual report with respect to these policies for those years when a change has been made to nonguaranteed policy elements by the insurer.

(2)

If the annual report does not include an in force illustration, it shall contain the following notice displayed prominently:
“IMPORTANT POLICY OWNER NOTICE: You should consider requesting more detailed information about your policy to understand how it may perform in the future. You should not consider replacement of your policy or make changes in your coverage without requesting a current illustration. You may annually request, without charge, such an illustration by calling [insurer’s phone number], writing to [insurer’s name] at [insurer’s address] or contacting your agent. If you do not receive a current illustration of your policy within 30 days from your request, you should contact your state insurance department.”
The insurer may vary the sequential order of the methods for obtaining an in force illustration.

(3)

Upon the request of the policy owner, the insurer shall furnish an in force illustration of current and future benefits and values based on the insurer’s present illustrated scale. This illustration shall comply with the requirements of OAR 836-051-0540 (General Rules and Prohibitions)(1) and (2), and 836-051-0550 (Standards for Basic Illustrations)(1) and (5). No signature or other acknowledgment of receipt of this illustration shall be required.

(4)

If an adverse change in non-guaranteed elements that could affect the policy has been made by the insurer since the last annual report, the annual report shall contain a notice of that fact and the nature of that change shall be prominently displayed.

Source: Rule 836-051-0580 — Annual Report; Notice to Policy Owners, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=836-051-0580.

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 836-051-0580’s source at or​.us