Oregon Administrative Rules
Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION
Division 27 - DOMESTIC INSURERS; ORGANIZATION; CORPORATE PROCEDURES
Section 836-027-0160 - Transactions Subject to Prior Notice - Notice Filing
Universal Citation: OR Admin Rules 836-027-0160
Current through Register Vol. 63, No. 9, September 1, 2024
(1) An insurer required to give notice of a proposed transaction pursuant to ORS 732.574 shall furnish the required information on Form D. Form D is set forth on the website of the Department of Consumer and Business Services at dfr.oregon.gov.
(2) Agreements for cost sharing services and management services shall at a minimum and as applicable:
(a) Identify the person providing services
and the nature of such services;
(b) Set forth the methods to allocate
costs;
(c) Require timely
settlement, not less frequently than on a quarterly basis, and compliance with
the requirements in the Accounting Practices and Procedures Manual;
(d) Prohibit advancement of funds by the
insurer to the affiliate except to pay for services defined in the
agreement;
(e) State that the
insurer will maintain oversight for functions provided to the insurer by the
affiliate and that the insurer will monitor services annually for quality
assurance;
(f) Define books and
records of the insurer to include all books and records developed or maintained
under or related to the agreement;
(g) Specify that all books and records of the
insurer are and remain the property of the insurer and are subject to the
control of the insurer;
(h) State
that all funds and invested assets of the insurer are the exclusive property of
the insurer, held for the benefit of the insurer and are subject to the control
of the insurer;
(i) Include
standards for termination of the agreement with and without cause;
(j) Include provisions for indemnification of
the insurer in the event of gross negligence or willful misconduct on the part
of the affiliate providing the services;
(k) Specify that, if the insurer is placed in
receivership or seized by the director under ORS chapter 734:
(A) All of the rights of the insurer under
the agreement extend to the receiver or the director, and,
(B) All books and records will immediately be
made available to the receiver or the director, and shall be turned over to the
receiver or the director immediately upon the receiver or the director's
request;
(l) Specify
that the affiliate has no automatic right to terminate the agreement if the
insurer is placed in receivership pursuant to ORS chapter 734; and
(m) Specify that the affiliate will continue
to maintain any systems, programs, or other infrastructure notwithstanding a
seizure by the director under ORS chapter 734, and will make them available to
the receiver, for so long as the affiliate continues to receive timely payment
for services rendered.
Exhibits referenced are available from the agency.
Statutory/Other Authority: ORS 732.572
Statutes/Other Implemented: ORS 732.517 - 732.592
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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