Oregon Administrative Rules
Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION
Division 80 - TRADE PRACTICES
Section 836-080-0135 - Dividend Rights Accrue Upon Declaration of Dividends; Contents of Dividend Declaration Resolution
Universal Citation: OR Admin Rules 836-080-0135
Current through Register Vol. 63, No. 9, September 1, 2024
(1) The right of a policyholder to a dividend, or to a determination of whether any dividend will be paid to the policyholder or the amount of a dividend that will be paid to the policyholder, shall not accrue unless the board of directors or other governing body of the insurer:
(a)
Determines that the insurer has a surplus from which the dividend may lawfully
be paid; and
(b) Declares the
dividend by resolution adopted after the expiration of the policy period for
which the dividend was earned.
(2) The resolution declaring a policyholder dividend for a group of policies shall:
(a)
Identify by policy inception or expiration dates the policies to which the
declaration is applicable;
(b)
Specify the policy period for which the dividend is payable; and
(c) Specify the dividend plans, scales,
tables, formulas, schedules, and factors applied, or to be applied, to
determine whether any dividends will be paid and the amounts of dividends to be
allocated to individual policies.
Stat. Auth.: ORS 731 & ORS 746
Stats. Implemented: ORS 746.015(1), ORS 746.075, ORS 746.160(3) & ORS 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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