ORS 733.302 - Reserve valuation method for life insurance policies and annuity and pure endowment contracts

ORS 733.302
Reserve valuation method for life insurance policies and annuity and pure endowment contracts

(1)

The Director of the Department of Consumer and Business Services shall annually value, or cause to be valued, the reserve liabilities for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurer doing business in this state, and may certify the amount of any such reserves, specifying the mortality table or tables, rate or rates of interest, and methods, net level premium method or other, used in the calculations of such reserves. For purposes of ORS 733.300 (Short title) to 733.340 (Exemptions) and sections 14 to 17, chapter 547, Oregon Laws 2015, reserve liabilities shall be referred to as reserves.

(2)

In calculating reserves, the director may use group methods and approximate averages for fractions of a year or otherwise.

(3)

In lieu of the valuation of the reserves required of any foreign or alien insurer under the Standard Valuation Law, the director may accept any valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided under the Standard Valuation Law and if the official of the state or jurisdiction accepts as sufficient and for all valid legal purposes the certificate of valuation of the director when the certificate states the valuation to have been made in a specified manner according to which the aggregate reserves would be at least as large as if they had been computed in the manner prescribed by the law of that state or jurisdiction. [1991 c.401 §18; 2015 c.547 §22]

Note: The amendments to 733.302 (Reserve valuation method for life insurance policies and annuity and pure endowment contracts) by section 22, chapter 547, Oregon Laws 2015, apply for a limited period. See section 28, chapter 547, Oregon Laws 2015 (first note below). The text that is applicable for the limited period is set forth for the user’s convenience.

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Accounting and Investments

ORS 733.302
Reserve valuation method for life insurance policies and annuity and pure endowment contracts

(1)

(2)

(3)

Source

Accounting and Investments

ORS 733.302 Reserve valuation method for life insurance policies and annuity and pure endowment contracts

(1)

(2)

(3)

Source

ORS 733.302
Reserve valuation method for life insurance policies and annuity and pure endowment contracts