ORS 733.620¹
Investment in stocks of corporation

(1) Funds of an insurer may be invested in stocks (including trust certificates) of solvent corporations organized and carrying on a business under the laws of a sovereign as follows:

(a) Preferred or guaranteed stocks if the corporation is not in default or arrears as to any preferred or guaranteed dividend and has continuously and regularly paid such dividends during the preceding three years or has paid cash dividends for five years on common stock.

(b) Common stocks as provided in paragraph (c) of this subsection if:

(A) The obligations and preferred stock, if any, of such corporation are eligible for investment under ORS 733.510 (Investments of insurers) to 733.780 (Prohibited investments); and

(B) The stock is registered on a national securities exchange regulated under the Securities Exchange Act, or if of a type not commonly so registered is regularly traded on a broad national or regional basis.

(c) Notwithstanding ORS 733.780 (Prohibited investments) (1), not more than 25 percent of admitted assets may be in common stocks that have not paid a cash dividend during each of the five years preceding the date of acquisition.

(2) An insurer shall not invest so as to own or control more than five percent of the voting power outstanding of a corporation, nor shall it invest in the obligations or stocks of a corporation if the insurer, directors, trustees and officers own or control, or as a result thereof shall own and control, in the aggregate more than 50 percent of the voting power. This subsection does not apply to limit the amount of an insurer’s assets that may be invested in the voting securities of a depository institution or any company that controls the depository institution. [Formerly 738.275; 1995 c.565 §1; 2001 c.377 §39]

1 Legislative Counsel Committee, CHAPTER 733—Accounting and Investments, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors733.­pdf (2007) (last ac­cessed Feb. 12, 2009).
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information