OAR 836-080-0170
Statutory Authority; Purpose
(1)
OAR 836-080-0170 (Statutory Authority; Purpose) to 836-080-0190 (Annuity Sales; Disclosure Not a Defense) are issued under the general rulemaking authority of the director in ORS 731.244 (Rules) to aid in the effectuation of ORS Chapter 746 (Trade Practices), especially the provisions of ORS 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).(2)
The purpose of this rule is to require insurers to establish a system to supervise recommendations and to set forth standards and procedures for recommendations to consumers that result in transactions involving annuity products so that the insurance needs and financial objectives of consumers at the time of the transaction are appropriately addressed.(3)
Nothing in OAR 836-080-0170 (Statutory Authority; Purpose) to 836-080-0190 (Annuity Sales; Disclosure Not a Defense) shall be construed to create or imply a private cause of action for a violation of OAR 836-080-0170 (Statutory Authority; Purpose) to 836-080-0190 (Annuity Sales; Disclosure Not a Defense).
Source:
Rule 836-080-0170 — Statutory Authority; Purpose, https://secure.sos.state.or.us/oard/view.action?ruleNumber=836-080-0170
.