2013 ORS § 733.230¹
Transactions of separate accounts registered with Securities and Exchange Commission
  • application of laws and rules to members of separate account management committee

(1) Notwithstanding any other provisions of law a domestic insurer may:

(a) With respect to a separate account registered with the federal Securities and Exchange Commission as a unit investment trust, exercise voting rights, in connection with any securities of a regulated investment company registered under the federal Investment Company Act of 1940, as amended, and held in such account, in accordance with instructions from persons having interests in such account, ratably as determined by the insurer; and

(b) With respect to a separate account registered with the federal Securities and Exchange Commission as a management investment company, establish for such account a committee, board, or other body, the members of which need not be otherwise affiliated with the insurer and may be elected by the vote of persons having interests in such account, ratably as determined by the insurer. Such committee, board or other body may have the power, exercisable alone or in conjunction with others, to manage the separate account and the investment of its assets.

(2) The insurer or such committee, board or other body may make such other provisions in respect to the separate account as may be considered necessary to comply with any applicable federal or state laws, if the Director of the Department of Consumer and Business Services approves such provisions as not being hazardous to the insurers policyholders or the public in this state.

(3) Any provision of the Insurance Code or rule of the director applicable to the officers or directors of an insurer and relating to conflicts of interest will also apply to members of a separate accounts committee, board or other similar body. No officer or director of an insurer nor any member of the committee, board or body of a separate account shall receive directly or indirectly any commission or any other compensation with respect to the purchase or sale of assets of the separate account. [1973 c.435 §7; 1997 c.249 §218]