Oregon Department of Consumer and Business Services, Insurance Regulation

Rule Rule 836-051-0750
Purpose; Authority; Applicability; and Effective Date


(1)

OAR 836-051-0750 (Purpose; Authority; Applicability; and Effective Date) to 836-051-0775 (Transition Rules) are adopted pursuant to the general rulemaking authority of the Director in ORS 731.244 (Rules), and specific authority of ORS 733.306 (Computation of minimum standards for life insurance, industrial insurance, annuities and pure endowment contracts) and 743.215 (Calculation of adjusted premiums) for approving mortality tables adopted by the National Association of Insurance Commissioners for use in determining minimum valuation and nonforfeiture standards.

(2)

OAR 836-051-0750 (Purpose; Authority; Applicability; and Effective Date) to 836-051-0775 (Transition Rules) apply to preneed insurance and to similar policies and certificates used to fund funeral services and expenses as determined by the Director, issued on or after January 1, 2009.

(3)

The purpose of OAR 836-051-0750 (Purpose; Authority; Applicability; and Effective Date) to 836-051-0775 (Transition Rules) is to establish for preneed insurance products minimum mortality standards for reserves and nonforfeiture values, and to require the use of the 1980 Commissioners Standard Ordinary (CSO) Life Valuation Mortality Table for use in determining the minimum standard of valuation of reserves and the minimum standard nonforfeiture values for preneed insurance products.
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Last accessed
Jun. 8, 2021