Oregon has made changes to the Detailed Filing Instructions for a wrap-up, and the Trust Agreement templates.
This new information can be found under Division of Financial Regulation, Business, Insurance rates and forms, Filing requirements, Wrap-up filings. The link is http://dfr.oregon.gov/rates-forms/Pages/wrap-up-filings.aspx
Primarily the changes affect the Trust Agreement, and which Trust Agreement template should be used when the insurer prepares the red-lined version for our review.
First of all, the deposit arrangement referenced in Exhibit B is between the Oregon Department of Consumer and Business Services and the Custodian (US Bank). The Treasurer of the State of Oregon is not involved.
Secondly, the point at which the Trust Agreement must be reviewed and approved for legal sufficiency by the Oregon Attorney General, is now based upon the deposit fund amount rather than the project value. The deposit fund is calculated by taking the project value and dividing it by $100 million, then taking the result times $25,000. For example a project valued at $2 Billion divided by $100 Million = 20 X $25,000 = a deposit in the amount of $500,000.
If you have any questions or concerns please contact Jan Vitus at email@example.com or by phone at 503 947 7278.