2011 ORS § 733.780¹
(1) An insurer shall not make investments:
(a) Which at the time of purchase or acquisition are not interest-bearing or dividend or income-paying, or are in default in any respect; or
(b) From which the insurer is not entitled to receive for its exclusive account and benefit the interest, dividends or income.
(2) Subsection (1)(a) of this section shall not apply to property acquired under ORS 733.610 (Investment in real property), 733.670 (Investment of funds under prudent investor standard) or 733.680 (Acquisition and retention of personal property generally) if the property is acquired with the intent and expectation that it will be income-producing.
(3) An insurer shall not invest its funds in any investment or security found by the Director of the Department of Consumer and Business Services to be designed to evade any prohibition of the Insurance Code. [Formerly 738.385 [bad link]]