Oregon Administrative Rules
Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION
Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES
Section 836-051-0500 - Purpose; Authority

Universal Citation: OR Admin Rules 836-051-0500

Current through Register Vol. 63, No. 9, September 1, 2024

(1) The purpose of OAR 836-051-0500 to 836-051-0600 is to provide rules for life insurance policy illustrations that will protect consumers and foster consumer education. OAR 836-051-0500 to 836-051-0600 provide illustration formats, prescribe standards to be followed when illustrations are used and specify the disclosures that are required in connection with illustrations. The goals of 836-051-0500 to 836-051-0600 are to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable.

(2) Insurers shall, as far as possible, eliminate the use of footnotes and caveats and define terms used in the illustration in language that would be understood by a typical person within the segment of the public to which the illustration is directed.

(3) OAR 836-051-0500 to 836-051-0600 are adopted pursuant to ORS 731.244 and 746.240 for the purpose of implementing 746.075, 746.085, 746.100, 746.110, and 746.240.

Stat. Auth.: ORS 731.244 & 746.240

Stats. Implemented: ORS 746.075, 746.085, 746.100, 746.110 & 746.240

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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