ORS 748.506
Investigation of foreign or alien society

  • notice of deficiencies
  • revocation or suspension of authority

(1)

The Director of the Department of Consumer and Business Services shall notify the society of any deficiency or deficiencies, and state in writing the reasons for dissatisfaction, when the director, upon investigation, finds that a foreign or alien society transacting or applying to transact business in this state:

(a)

Has exceeded its powers;

(b)

Has failed to comply with any of the provisions of this chapter;

(c)

Is not fulfilling its contracts in good faith; or

(d)

Is conducting its business fraudulently or in a manner hazardous to its members, creditors or the public.

(2)

The director shall at once issue a written notice to the society requiring that the deficiency or deficiencies be corrected. After notice, the society shall have 30 days in which to comply with the director’s request for correction, and if the society fails to comply, the director shall notify the society of findings of noncompliance and require the society to show cause on a date named why its certificate of authority should not be suspended, revoked or refused. If on the named date the society does not present good and sufficient reason why its certificate of authority should not be suspended, revoked or refused, the director may suspend or refuse the certificate of authority until satisfactory evidence is furnished to the director that the suspension or refusal should be withdrawn or the director may revoke the certificate of authority of the society.

(3)

Nothing contained in this section shall be taken or construed as preventing any foreign or alien society from continuing in good faith all contracts made in this state during the time the foreign or alien society was legally authorized to transact business as provided in this chapter. [1987 c.490 §32; 1991 c.182 §15]

Source: Section 748.506 — Investigation of foreign or alien society; notice of deficiencies; revocation or suspension of authority, https://www.­oregonlegislature.­gov/bills_laws/ors/ors748.­html.

748.103
Definitions 748.106
Description of fraternal benefit society 748.109
Conditions constituting “operating on a lodge system.” 748.112
Conditions constituting “representative form of government.” 748.121
Purposes, operation and powers 748.123
Membership 748.130
Principal office 748.133
Formation 748.136
Officers, governors, directors 748.139
Waiver of provisions by subordinate body 748.142
Amendment of society laws 748.144
Creation and operation of other organizations and entities 748.148
Consolidation and merger 748.171
Certificate of authority 748.174
Certificate of authority for foreign or alien society 748.177
Authorization as mutual life insurance company 748.181
Insurance producers 748.184
Reinsurance 748.201
Benefits 748.204
Beneficiaries 748.207
Benefits exempt from execution 748.211
Benefit contract 748.306
Authority for group benefit certificates 748.309
Group membership 748.312
Membership in lodges organized under ORS 748.309 748.316
Payments for group benefits 748.319
Group certificates issued by foreign or alien society or by domestic society in foreign or alien jurisdiction 748.322
Continuation of membership in society after cancellation, discontinuance or nonrenewal of group certificate 748.401
Value of benefit and amount of options 748.403
Standards of valuation for certificates 748.406
Financial statement 748.409
Assets of society 748.412
Investment of funds 748.414
Funds exempt from certain taxes 748.501
Examination 748.503
Investigation of society 748.506
Investigation of foreign or alien society 748.509
Validity of petition for injunction 748.601
Exemptions from chapter 748.603
Relationship to other insurance laws 748.605
Insurance against risk of loss under less than fully insured employee health benefit plan 748.990
Penalties
Green check means up to date. Up to date

Current through early 2024

§ 748.506’s source at oregon​.gov