Oregon Administrative Rules
Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION
Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES
Section 836-051-0905 - Applicability and Scope

Universal Citation: OR Admin Rules 836-051-0905

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

(1) OAR 836-051-0900 to 836-051-0925 apply to all group and individual annuity contracts and certificates except:

(a) Immediate and deferred annuities that contain no nonguaranteed elements except as provided in OAR 836-051-0920(2);

(b) Annuities used to fund:
(A) An employee pension plan that is covered by the Employee Retirement Income Security Act (ERISA);

(B) A plan described by Sections 401(a), 401(k), 403(b), or 408(k) or (p) of the Internal Revenue Code, when the plan, for purposes of ERISA, is established or maintained by an employer;

(C) A governmental or church plan defined in Section 414 or a deferred compensation plan of a state or local government or a tax exempt organization under Section 457 of the Internal Revenue Code; or

(D) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor.

(c) Structured settlement annuities; and

(d) Funding agreements.

(2) OAR 836-051-0900 to 836-051-0925 also apply to annuities used to fund a plan or arrangement that is funded solely by contributions an employee elects to make, whether on a pre-tax or after-tax basis, and when the insurer has been notified that plan participants may choose from among two or more fixed annuity providers and there is a direct solicitation of an individual employee by a producer for the purchase of an annuity contract. A direct solicitation under this section does not include any meeting held by a producer solely for the purpose of educating or enrolling employees in the plan or arrangement.

(3) OAR 836-051-0900 to 836-051-0925 apply to annuity contracts that are sold on or after October 1, 2008. An insurer may conform its contracts to the provisions of 836-051-0900 to 836-051-0925 prior to that date.

Statutory/Other Authority: ORS 731.244

Statutes/Other Implemented: ORS 742.009, 746.075, 746.085, 746.110, 746.240 & 743.262

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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