general assets

  • "General assets" means all property, real, personal or otherwise, not specifically mortgaged, pledged, deposited or otherwise encumbered for the security or benefit of specified persons or a limited class or classes of persons. As to specifically encumbered property, "general assets" includes all such property or its proceeds in excess of the amount necessary to discharge the sum or sums secured thereby. Assets held in trust and assets held on deposit for the security or benefit of all policyholders or all policyholders and creditors, in more than a single state, shall be treated as general assets.

    (4) An insurer is "impaired" when its allowed assets do not exceed its liabilities plus its required capitalization.

    (5) An insurer is "insolvent" when the insurer is unable to pay its obligations when they are due, or when its allowed assets do not exceed its liabilities.

    Oregon Legislature 1