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Proposed rules

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Rules affected: OAR 441-175-0185

Adopted to recognize surplus lines and risk retention coverage as meeting the requirements ORS 59.175. The rule also provides clarity regarding providing proof of errors and omissions insurance required by ORS 59.175.

Senate Bill 96 (2017) amended ORS Chapter 59 to require certain broker-dealers and investment advisors with their principal place of business in Oregon to obtain, and maintain, a minimum of $1 million in errors and omissions insurance. The requirement to have errors and omissions coverage becomes effective July 31, 2018. Currently, the primary source of financial services’ errors and omissions insurance is written with surplus lines insurers and potentially risk retention and risk purchasing groups. Because surplus lines and risk retention and risk purchasing groups are not “admitted” in Oregon, the department must authorize coverage through one or more of these groups through rule. These proposed rules also clarify how affected broker-dealers and investment advisors can demonstrate to the department they possess the requisite coverage. These rules are necessary and appropriate and consistent with the provisions of ORS 59.175 and the Oregon Securities Law. This rulemaking follows the implementation of a temporary rule.

Filed: July 23, 2018

Public hearing: August 23, 2018 10 a.m.

Last day for public comment: August 30, 2018, 5 p.m.



Rules affected: OAR 441-175-0120, 441-175-0130

Amended to include a reference to the FINRA Series 66 exam.

The proposed rulemaking would update references to the FINRA securities Series examinations in order to reflect new and changed examinations. The Financial Industry Regulatory Authority, Inc. (FINRA) is the self-regulating body for broker-dealers. Under contract with the North American Securities Administrators Association and the Securities and Exchange Commission, FINRA also coordinates licensing exams for investment advisors. The licensing exams change periodically. Most recently, the new “Series 66 exam,” allows a person to be licensed as an investment advisor representative and a broker-dealer salesperson affiliated with brokerage firm. The Series 66 was developed to include competency questions both on the brokerage side and the investment advisory side. Oregon law provides for dual licensure; however, current securities rules do not reference the new examination.

Filed: July 30, 2018

Public hearing: August 23, 2018 11 a.m.

Last day for public comment: August 30, 2018, 5 p.m.



Rules affected: OAR 836-052-0114, 836-052-0119, 836-052-0141, 836-052-0143, 836-052-0144

The federal Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) was signed into law on April 16, 2015. Section 401 of MACRA prohibits the sale of Medicare Supplement policies that cover Medicare Part B deductibles to Medicare benefits that are first eligible for Medicare on or after January 1, 2020.

Because the National Association of Insurance Commissioners (NAIC) is responsible for maintaining the Model Regulation’s conformity to federal statutory standards, the NAIC amended the Model Regulation to Implement the NAIC Medicare Supplement Insurance Minimum Standards Model Act #651 to comply with the change in federal law and developed implementation guidance for states based upon the changes MACRA made to the Medicare Supplement standards.

Federal law requires states to adopt standards that are equal to or more stringent than the NAIC Model Regulation and failure to adopt the MACRA amendments prior to January 1, 2020 may result in federal enforcement of the MACRA standards.

The administrative rules need to be amended in order to provide timely direction to insurers who will need to ensure they are in compliance with MACRA by open enrollment for the 2020 plan year.

Filed: May 31, 2018

Public hearing: June 25, 2018 11 a.m.

Last day for public comment: July 2, 2018, 5 p.m.



Where to send comments on proposed rules

Division of Financial Regulation

Rulemaking advisory committees

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Key links

Oregon Revised Statutes
Oregon Administrative Rules

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