Rules affected: 836-012-0200, 836-012-0210, 836-012-0220, 836-012-0230, 836-012-0240, 836-012-0250, 836-012-0260, 836-012-0270
Rules summary: Provides a reference to the relevant statute through which the rules can be adopted. Adds definitions for the following terms: “actuarial method," covered policies," “non-covered policies," “required level of primary security," primary security," “other security," “valuation manual," “director," and “NAIC." Describes the purpose and intent of the rules. Clarifies that the rules apply to reinsurance treaties that cede liabilities pertaining to covered policies issued by any life insurance company domiciled in Oregon. Describes situations in which the rules do not apply. Specifies the actuarial method to establish the required level of primary security for each reinsurance treaty subject to the rules. Outlines the requirements for covered policies to obtain credit for reinsurance at the inception date and on an on-going basis as well as steps for remediation. Requires insurers to comply with and not avoid the requirements of the rule.
Documents: Permanent Administrative Order