- • records, assets
- • unlawful removal
- • rules
(1) Except as provided in subsection (4) of this section, every domestic insurer shall have and maintain the domestic insurer’s principal place of business and home office in this state, and shall keep within this state accurate and complete accounts and records of the domestic insurer’s assets, transactions, and affairs in accordance with the provisions of the Insurance Code.
(2) Every domestic insurer shall have and maintain the domestic insurer’s assets in this state, except as to:
(a) Real property and personal property appurtenant to real property that is lawfully owned by the insurer and located outside this state; and
(b) Such property of the insurer as may be customary, necessary and convenient to enable and facilitate the operation of the domestic insurer’s branch offices and regional home offices located outside this state as referred to in subsection (4) of this section.
(3) Removal or attempted removal of all or a material part of the records or assets of a domestic insurer from this state except pursuant to a merger approved by the Director of the Department of Consumer and Business Services under ORS 732.517 (Purpose of ORS 732.517 to 732.546) to 732.546 (Severability), or for such reasonable purposes and periods of time as may be approved by the director in writing in advance of such removal, or concealment or attempted concealment of records or assets or a material part of the records or assets from the director, is prohibited. The director may apply under ORS 734.150 (Grounds for rehabilitation of domestic insurers) for an order to rehabilitate a domestic insurer that violates this section.
(4)(a) A domestic insurer that has and maintains a principal place of business and a home office in this state may keep electronic records in this or another state. If the domestic insurer keeps electronic records in another state, the domestic insurer shall provide the director with access to the electronic records in a manner that allows the director to examine the insurer as if the electronic records were located in this state.
(b) A domestic insurer complies with the requirement set forth in paragraph (a) of this subsection if the domestic insurer:
(A) Provides the director with electronic access to, or printed copies of, all records that the director determines are necessary to conduct an examination of the domestic insurer:
(i) Within 24 hours after the director requests the records or at a mutually agreed time;
(ii) At the domestic insurer’s principal place of business or home office in this state; and
(iii) With in-person or telephone access to the person that prepared the records, if the director requests access to the person; or
(B) Makes the records available for examination at an office outside this state if the domestic insurer pays the director’s transportation and related expenses as provided in ORS 731.316 (Expenses of examination of insurer).
(5) This section does not prohibit an insurer from:
(a) Establishing and maintaining branch offices or regional home offices in other states where necessary or convenient to the transaction of the domestic insurer’s business, and keeping therein the detailed records and assets customary and necessary for the servicing of the domestic insurer’s insurance in force and affairs in the territory served by the office, as long as such records and assets are made readily available at such office for examination by the director at the director’s request;
(b) Having, depositing or transmitting funds and assets of the insurer in or to jurisdictions outside of this state required by the law of such jurisdiction or as reasonably and customarily required in the regular course of the domestic insurer’s business; or
(c) Using custodial arrangements for the holding of securities owned by the insurer, either in or outside of this state, and either segregated from or commingled with securities owned by others, if the arrangements conform to rules adopted by the director for safeguarding the assets and facilitating the director’s examination of insurers using such custodial arrangements. [1967 c.359 §172; 1979 c.846 §3; 1993 c.447 §108; 2017 c.479 §9]
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.