Organization and Corporate Procedures of Domestic Insurers

ORS 732.571
Supervisory college for domestic insurer

  • purpose
  • director’s powers
  • payment of expenses

(1)

(a) The Director of the Department of Consumer and Business Services may establish or participate in a temporary or a permanent supervisory college for any domestic insurer that is:

(A)

Registered under ORS 732.551 (Registration of insurer members of holding company systems); and

(B)

Part of an insurance holding company system that has international operations.

(b)

The director may establish or participate in a supervisory college in order to:

(A)

Ensure that the insurer complies with the Insurance Code;

(B)

Assess the insurer’s:

(i)

Financial, legal and regulatory position;

(ii)

Risk exposure and risk management; or
(iii) Governance processes; or

(C)

Examine an individual insurer under ORS 732.584 (Examinations).

(c)

The director may participate in a supervisory college with state, federal, international or other regulatory agencies that supervise the insurer or the insurer’s affiliates.

(2)

(a) As part of the director’s establishment of or participation in a supervisory college, the director may:

(A)

Specify criteria under which other regulatory agencies may become members of and participate in the supervisory college;

(B)

Specify the functions of the supervisory college and the roles that other regulatory agencies will undertake in the supervisory college;

(C)

Establish a leader among the regulatory agencies that participate in the supervisory college;

(D)

Plan meetings and supervisory actions, specify processes for sharing information and otherwise coordinate the activities of the supervisory college;

(E)

Draft a crisis management plan;

(F)

Determine how long the director will participate in any supervisory college; and

(G)

Take other actions that are necessary to participate in or facilitate a supervisory college’s operations.

(b)

The director may enter into agreements with other regulatory agencies under ORS 705.137 (Information that is confidential or not subject to disclosure) for any of the purposes identified in paragraph (a) of this subsection.

(3)

An insurer that is registered under ORS 732.517 (Purpose of ORS 732.517 to 732.546) to 732.596 (Request by insurance holding company system for determination or acknowledgement of group-wide supervisor) is liable to and shall pay to the director a reasonable amount that is equal to the expenses, including reasonable travel expenses, that the director incurs as a result of the director’s participation in a supervisory college under this section. The director may assess the insurer regularly in order to pay the expenses.

(4)

This section does not delegate to a supervisory college the director’s authority within this state to regulate or supervise an insurer or the insurer’s affiliates. [2013 c.370 §11]
Source

Last accessed
Jun. 26, 2021

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