Reviewing contracts and rates
The Rates and Forms unit reviews and regulates insurance contracts and rate filings. We make sure contracts cover required benefits and are fair to policyholders. We make sure that rates are not inadequate, excessive or unfairly discriminatory.
An interstate compact also reviews certain life insurance, annuities, disability income and long-term care insurance products before they can be sold in Oregon.
Compact policies must meet uniform standards, including strong consumer protections. Insurance companies can file products with the compact representing multiple states or with individual states.
Feedback on the proposed filing requirement for insurance and annuity advertisements.
Thank you for the stakeholder feedback on the Advertising Guidelines. We've taken the time to review the comments and will need some additional time to make revisions and prepare another set of documents stakeholder review. The following are some of the areas the Division is revisiting in light of feedback.
- Commenters suggested insurance segment specific filing requirements.
- There are some definitions for new terms (e.g. “influencers") that need more clarification.
- The five-year refiling requirement was a concern for commenters, specifically related to the overall workload this requirement would generate. The Division is exploring other options for monitoring active products and ensuring old products not actively marketed are appropriately closed.
- The final documents will provide greater clarity on issues related to Interstate Insurance Compact (IIPRC) approved products, self-certification allowances, and group products approved in other states.
- Some insurers have concerns about advertisements developed by producers (etc.) without input from the underwriting insurer.
The Division will be working on revisions to the advertisement guidelines for the next several months and we will provide an update in June 2022. Our goal is begin implementation of any changes later in 2022 or early 2023 after stakeholders have another opportunity to provide feedback.