Authority of financial holding company or bank holding company to acquire corporation licensed as insurance producer
- • rules
A financial holding company or a bank holding company may acquire and hold all or part of the stock of a corporation that is or may thereafter be licensed as an insurance producer as required by ORS 744.053 (Requirements to be licensed as insurance producer for class of insurance) to transact one or more of the classes of insurance described in ORS 744.062 (Issuance of insurance producer license), subject to the following requirements:
(1) The acquisition and holding of such stock shall be subject to the approval of the Director of the Department of Consumer and Business Services. The director shall base consideration for approval on the condition of the financial holding company or the bank holding company, the adequacy of a formal business plan for the insurance activities and the existence of satisfactory management for the corporation.
(2) The director may revoke or restrict the ongoing authority of the financial holding company or the bank holding company to hold stock in the corporation if the condition of the financial holding company or the bank holding company or of any bank owned by it substantially deteriorates or if the insurance activities are adversely affecting the financial holding company or the bank holding company or any bank owned by it.
(3) For each calendar year during which a financial holding company or a bank holding company owns all or part of any corporation licensed as an insurance producer as required by ORS 744.053 (Requirements to be licensed as insurance producer for class of insurance), the financial holding company or the bank holding company shall file a written report with the director. The report shall be filed no later than March 31 of the following year and shall disclose the insurance activities of the corporation. The required contents of the report shall be established by the director by rule. The reports filed with the director under this subsection shall be available for public inspection in the office of the director.
(4) The corporation shall not in any manner use customer information obtained by the institution from another insurance producer to promote, develop or solicit insurance business for the corporation unless the other insurance producer consents to such use of the customer information.
(5) The corporation shall be subject to the limitations applicable to depository institutions under ORS 746.213 (Definitions for ORS 746.213 to 746.219) to 746.219 (Investigatory powers). For the purpose of this subsection, “depository institution” has the meaning given that term in ORS 746.213 (Definitions for ORS 746.213 to 746.219). [1987 c.916 §4; 1989 c.331 §30; 1989 c.701 §66; 1997 c.831 §3; 2001 c.191 §54; 2001 c.377 §35; 2003 c.363 §9; 2003 c.364 §60a; 2005 c.194 §2]
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