Organization and Corporate Procedures of Domestic Insurers

ORS 732.586
Confidentiality of information

  • permitted disclosures

(1)

All information, documents and copies of information or documents obtained by or disclosed to the Director of the Department of Consumer and Business Services or any other person in the course of an examination or investigation under ORS 732.584 (Examinations) are subject to the provisions of ORS 731.312 (Report of examination).

(2)

All information reported in accordance with ORS 732.552 (Registration statement), 732.554 (Changes in registration information), 732.574 (Standards for transactions within holding company) and 732.576 (Dividends and distributions) is confidential and may not be made public except as provided in this subsection. The director may disclose reported information only as provided in ORS 705.137 (Information that is confidential or not subject to disclosure) or only if:

(a)

The director obtains the prior written consent of the insurer to which the reported information pertains; or

(b)

The director, after giving the insurer and the insurer’s affiliates that would be affected by the disclosure notice and opportunity to be heard, determines that disclosing the information will serve the interest of policyholders, shareholders or the public. If the director determines that disclosing the information will serve one or more of such interests, the director may publish all or any part of the information in any manner that the director determines is appropriate.

(3)

The director’s sharing of information 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) does not delegate regulatory or rulemaking authority. The director is solely responsible for administering, executing and enforcing 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). [1993 c.447 §52; 2001 c.377 §11; 2013 c.370 §30; 2015 c.547 §21]
Note: The amendments to 732.586 (Confidentiality of information) by section 21, chapter 547, Oregon Laws 2015, apply for a limited period. See section 28, chapter 547, Oregon Laws 2015 (note below). The text that is applicable for the limited period is set forth for the user’s convenience.
732.586 (Confidentiality of information). (1) All information, documents and copies of information or documents obtained by or disclosed to the Director of the Department of Consumer and Business Services or any other person in the course of an examination or investigation under ORS 732.584 (Examinations) are subject to the provisions of ORS 731.312 (Report of examination).

(2)

All information reported in accordance with ORS 732.552 (Registration statement), 732.554 (Changes in registration information), 732.569 (Annual enterprise risk report), 732.574 (Standards for transactions within holding company), 732.576 (Dividends and distributions) and 732.662 (Own risk and solvency summary report) is confidential and may not be made public except as provided in this subsection. The director may disclose reported information only as provided in ORS 705.137 (Information that is confidential or not subject to disclosure) or only if:

(a)

The director obtains the prior written consent of the insurer to which the reported information pertains; or

(b)

The director, after giving the insurer and the insurer’s affiliates that would be affected by the disclosure notice and opportunity to be heard, determines that disclosing the information will serve the interest of policyholders, shareholders or the public. If the director determines that disclosing the information will serve one or more of such interests, the director may publish all or any part of the information in any manner that the director determines is appropriate.

(3)

The director’s sharing of information under ORS 732.517 (Purpose of ORS 732.517 to 732.546) to 732.592 (Recovery from parent corporation or holding company if domestic insurer ordered into liquidation or rehabilitation) [series became 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)] does not delegate regulatory or rulemaking authority. The director is solely responsible for administering, executing and enforcing ORS 732.517 (Purpose of ORS 732.517 to 732.546) to 732.592 (Recovery from parent corporation or holding company if domestic insurer ordered into liquidation or rehabilitation).
Note: Section 28 (1), chapter 547, Oregon Laws 2015, provides:
Sec. 28. (1) Section 14 of this 2015 Act and the amendments to ORS 732.586 (Confidentiality of information), 733.302 (Reserve valuation method for life insurance policies and annuity and pure endowment contracts), 733.304 (Opinion of actuary), 733.316 (Aggregate reserves), 733.318 (Alternative standards of valuation), 743.204 (Standard Nonforfeiture Law for Life Insurance) and 743.215 (Calculation of adjusted premiums) by sections 21 to 27 of this 2015 Act apply to all policies and contracts, as appropriate, that are issued on or after the operative date for the Standard Nonforfeiture Law for Life Insurance under ORS 743.204 (Standard Nonforfeiture Law for Life Insurance) and before the operative date of the valuation manual. [2015 c.547 §28(1)]
Source

Last accessed
Jun. 26, 2021

REMOVE ADS