ORS 733.322
Calculation of reserves for plans for which minimum reserves cannot be determined under ORS 733.312, 733.314 or 733.320

  • rules

(1)

For any plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurer based on then estimates of future experience, or in the case of any plan of life insurance or annuity that is of such a nature that the minimum reserves cannot be determined by the methods described in ORS 733.312 (Amount of required reserves for life insurance policies), 733.314 (Amount of required reserves for certain annuity and pure endowment contracts) and 733.320 (Minimum required reserve for certain policies), the reserves held under any such plan must:

(a)

Be appropriate in relation to the benefits and the pattern of premiums for that plan; and

(b)

Be computed by a method that is consistent with the principles of ORS 733.300 (Short title) to 733.340 (Exemptions) and sections 14 to 17, chapter 547, Oregon Laws 2015, as determined by rules adopted by the Director of the Department of Consumer and Business Services.

(2)

Any policy, contract or certificate providing life insurance under a plan referred to in subsection (1) of this section must be reviewed and specifically approved by the director before it can be marketed, issued, delivered or used in this state. [1991 c.401 §28]

Source: Section 733.322 — Calculation of reserves for plans for which minimum reserves cannot be determined under ORS 733.312, 733.314 or 733.320; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors733.­html.

733.010
Assets allowed 733.020
Assets not allowed 733.030
Liabilities in general 733.040
Reinsurance credit 733.050
Increase of inadequate reserves 733.060
Unearned premium reserve 733.070
Unearned premium reserve for marine and transportation insurance trip risks 733.080
Reserves for health insurance 733.090
Unearned premium reserve and fund for title insurance 733.095
Unearned premium reserve for home protection insurance 733.100
Contingency reserve liability for mortgage insurance 733.115
Establishing reserves for variable life insurance and annuity policies 733.140
Disallowance of “wash” transactions 733.150
Alternative accounting for assets and liabilities 733.160
Valuation of assets other than securities 733.165
Valuation of securities 733.170
Accounts and records 733.210
Director’s determinations 733.220
Establishment and regulation of separate accounts to fund life insurance or annuities 733.230
Transactions of separate accounts registered with Securities and Exchange Commission 733.300
Short title 733.302
Reserve valuation method for life insurance policies and annuity and pure endowment contracts 733.304
Opinion of actuary 733.306
Computation of minimum standards for life insurance, industrial insurance, annuities and pure endowment contracts 733.308
Computation of minimum standard for annuities and pure endowment contracts 733.310
Interest rates for determining minimum standard for valuation 733.312
Amount of required reserves for life insurance policies 733.314
Amount of required reserves for certain annuity and pure endowment contracts 733.316
Aggregate reserves 733.318
Alternative standards of valuation 733.320
Minimum required reserve for certain policies 733.322
Calculation of reserves for plans for which minimum reserves cannot be determined under ORS 733.312, 733.314 or 733.320 733.325
Definitions 733.328
Annual valuation of reserve liabilities 733.331
Opinion of appointed actuary 733.334
Data submission in accordance with valuation manual 733.337
Confidentiality 733.340
Exemptions 733.510
Investments of insurers 733.520
Current operating requirements exempted 733.530
“Corporation,” “sovereign,” “political subdivision” defined 733.540
“Obligation” defined 733.550
“Amply secured obligation” defined 733.560
“Unencumbered” defined 733.570
“Improved real property” defined 733.575
Prohibited use of funds as compensating balances 733.578
Conditions necessary for investments used to provide compensating balances 733.580
Investment of required capitalization 733.590
Investment in obligations of sovereign, political subdivision thereof or corporation 733.600
Investment in mortgage loans 733.610
Investment in real property 733.620
Investment in stocks of corporation 733.630
Investment in securities or obligations of certain corporations 733.635
Approved activities of corporations in which investments authorized 733.640
Lending funds 733.650
Investment of funds in certain obligations and other specified items 733.652
Investment of funds of separate accounts 733.654
Limitation on amount of separate account investments 733.656
Limitation on securities owned or controlled by separate account investments 733.658
Applicability of separate account investment limitations 733.670
Investment of funds under “prudent investor” standard 733.680
Acquisition and retention of personal property generally 733.685
Investment of funds by home protection insurer 733.690
Investment of funds in title plant 733.695
Investment of funds in obligations that are not investment quality 733.700
Investment of funds in health care service facilities 733.710
Investments authorized by prior law 733.720
Investments subject to additional limitations and requirements 733.730
Approval by board of directors of investments and deposits 733.740
Record of investments required 733.750
Disposal of investments on order of director 733.760
Insurance required on buildings on property which is security for loan 733.770
Limitations on investments in property of any one person or single parcel of real estate 733.780
Prohibited investments
Green check means up to date. Up to date

Current through early 2024

§ 733.322’s source at oregon​.gov