ORS 733.325
Definitions


As used in ORS 733.325 (Definitions) to 733.340 (Exemptions) and sections 14 to 17, chapter 547, Oregon Laws 2015:

(1)

“Accident and health insurance” means a contract that incorporates morbidity risk and provides protection against economic loss that results from accident, sickness or a medical condition.

(2)

“Appointed actuary” means a qualified actuary that an insurer appoints in accordance with the valuation manual to prepare the actuarial opinion required under ORS 733.331 (Opinion of appointed actuary).

(3)

“Deposit-type contract” means a contract that does not incorporate mortality or morbidity risks.

(4)

“Insurer” means an entity that has:

(a)

Written, issued or reinsured life insurance contracts, accident and health insurance contracts or deposit-type contracts in this state and has at least one life insurance contract, accident and health insurance contract or deposit-type contract in force or on claim; or

(b)

Written, issued or reinsured life insurance contracts, accident and health insurance contracts or deposit-type contracts in any state and that must hold a certificate of authority to write life insurance, accident and health insurance or deposit-type contracts in this state.

(5)

“Life insurance” means a contract that incorporates mortality risk, including an annuity contract and a pure endowment contract.

(6)

“Operative date of the valuation manual” means the date on which the Director of the Department of Consumer and Business Services adopts the valuation manual by rule in accordance with section 16, chapter 547, Oregon Laws 2015.

(7)

“Principle-based valuation” means a reserve valuation that uses one or more methods or one or more assumptions that the insurer determines and that must comply with section 17, chapter 547, Oregon Laws 2015, as specified in the valuation manual.

(8)

“Qualified actuary” means an individual who:

(a)

Is qualified to sign the applicable statement of actuarial opinion in accordance with standards that the director establishes by rule, taking into consideration standards that the American Academy of Actuaries establishes for actuaries that sign statements of actuarial opinion; and

(b)

Meets the requirements set forth in the valuation manual.

(9)

“Reserves” means reserve liabilities.

(10)

“Valuation manual” means the manual of valuation instructions that the director adopts in accordance with section 16, chapter 547, Oregon Laws 2015. [2015 c.547 §11]

Source: Section 733.325 — Definitions, https://www.­oregonlegislature.­gov/bills_laws/ors/ors733.­html.

733.010
Assets allowed
733.020
Assets not allowed
733.030
Liabilities in general
733.040
Reinsurance credit
733.050
Increase of inadequate reserves
733.060
Unearned premium reserve
733.070
Unearned premium reserve for marine and transportation insurance trip risks
733.080
Reserves for health insurance
733.090
Unearned premium reserve and fund for title insurance
733.095
Unearned premium reserve for home protection insurance
733.100
Contingency reserve liability for mortgage insurance
733.115
Establishing reserves for variable life insurance and annuity policies
733.140
Disallowance of “wash” transactions
733.150
Alternative accounting for assets and liabilities
733.160
Valuation of assets other than securities
733.165
Valuation of securities
733.170
Accounts and records
733.210
Director’s determinations
733.220
Establishment and regulation of separate accounts to fund life insurance or annuities
733.230
Transactions of separate accounts registered with Securities and Exchange Commission
733.300
Short title
733.302
Reserve valuation method for life insurance policies and annuity and pure endowment contracts
733.304
Opinion of actuary
733.306
Computation of minimum standards for life insurance, industrial insurance, annuities and pure endowment contracts
733.308
Computation of minimum standard for annuities and pure endowment contracts
733.310
Interest rates for determining minimum standard for valuation
733.312
Amount of required reserves for life insurance policies
733.314
Amount of required reserves for certain annuity and pure endowment contracts
733.316
Aggregate reserves
733.318
Alternative standards of valuation
733.320
Minimum required reserve for certain policies
733.322
Calculation of reserves for plans for which minimum reserves cannot be determined under ORS 733.312, 733.314 or 733.320
733.325
Definitions
733.328
Annual valuation of reserve liabilities
733.331
Opinion of appointed actuary
733.334
Data submission in accordance with valuation manual
733.337
Confidentiality
733.340
Exemptions
733.510
Investments of insurers
733.520
Current operating requirements exempted
733.530
“Corporation,” “sovereign,” “political subdivision” defined
733.540
“Obligation” defined
733.550
“Amply secured obligation” defined
733.560
“Unencumbered” defined
733.570
“Improved real property” defined
733.575
Prohibited use of funds as compensating balances
733.578
Conditions necessary for investments used to provide compensating balances
733.580
Investment of required capitalization
733.590
Investment in obligations of sovereign, political subdivision thereof or corporation
733.600
Investment in mortgage loans
733.610
Investment in real property
733.620
Investment in stocks of corporation
733.630
Investment in securities or obligations of certain corporations
733.635
Approved activities of corporations in which investments authorized
733.640
Lending funds
733.650
Investment of funds in certain obligations and other specified items
733.652
Investment of funds of separate accounts
733.654
Limitation on amount of separate account investments
733.656
Limitation on securities owned or controlled by separate account investments
733.658
Applicability of separate account investment limitations
733.670
Investment of funds under “prudent investor” standard
733.680
Acquisition and retention of personal property generally
733.685
Investment of funds by home protection insurer
733.690
Investment of funds in title plant
733.695
Investment of funds in obligations that are not investment quality
733.700
Investment of funds in health care service facilities
733.710
Investments authorized by prior law
733.720
Investments subject to additional limitations and requirements
733.730
Approval by board of directors of investments and deposits
733.740
Record of investments required
733.750
Disposal of investments on order of director
733.760
Insurance required on buildings on property which is security for loan
733.770
Limitations on investments in property of any one person or single parcel of real estate
733.780
Prohibited investments
Green check means up to date. Up to date