Oregon Administrative Rules
Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION
Division 80 - TRADE PRACTICES
Section 836-080-0090 - Suitability in the Sale of Life Insurance
Universal Citation: OR Admin Rules 836-080-0090
Current through Register Vol. 63, No. 9, September 1, 2024
A person may not recommend to a consumer the purchase, sale or replacement of a life insurance policy, or any rider, endorsement or amendment to the policy, without reasonable grounds to believe that the recommendation or transaction is not unsuitable for the consumer based upon reasonable inquiry concerning the consumer's insurance objectives, financial situation and needs, age and other relevant information known by the person. For the purpose of this rule, when a person recommends a group life insurance policy, "consumer" refers to the intended group policyholder.
Stat. Auth.: ORS 731.244
Stats. Implemented: ORS 746.100, 746.110 & 746.240
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