Oregon Administrative Rules
Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION
Division 80 - TRADE PRACTICES
Section 836-080-0170 - Statutory Authority; Purpose

(1) OAR 836-080-0170 to 836-080-0190 are issued under the general rulemaking authority of the director in ORS 731.244 to aid in the effectuation of ORS Chapter 746, especially the provisions of ORS 746.100, 746.110, and 746.240. Additional rulemaking authority is also conferred under the provisions of ORS 743.262(5)(a), (7)(b), (13)(b)-(c), (14)(b), and (17)(c).

(2) The purpose of this rule is to require producers to disclose certain information when making a recommendation of an annuity and to require insurers to establish and maintain a system to supervise recommendations so that the insurance needs and financial objectives of consumers at the time of the transaction are effectively addressed.

(3) OAR 836-080-0170 to 836-080-0190 do not create or imply a private cause of action for a violation of OAR 836-080-0170 to 836-080-0190 or subject a producer to civil liability under the disclosure and care requirements outlined in ORS 743.262(4) or under standards that govern the conduct of a fiduciary or a fiduciary relationship.