ORS 733.340
Exemptions
(1)
Specific product forms or product lines of a domestic insurer that is licensed in and does business only in this state are exempt from the requirements of section 15, chapter 547, Oregon Laws 2015, if:(a)
The Director of the Department of Consumer and Business Services issues the exemption to the insurer in writing and does not subsequently revoke the exemption in writing;(b)
The director identifies the specific product form or product line in the written exemption; and(c)
The insurer computes reserves using assumptions and methods the insurer used before the operative date of the valuation manual and otherwise complies with any requirements the director specifies by rule.(2)
ORS 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) and 733.331 (Opinion of appointed actuary) and section 14, chapter 547, Oregon Laws 2015, apply to an insurer that has an exemption under this section. [2015 c.547 §20]
Source:
Section 733.340 — Exemptions, https://www.oregonlegislature.gov/bills_laws/ors/ors733.html.
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