Supervision, rehabilitation or liquidation
(1) If the Director of the Department of Consumer and Business Services determines that a person’s violation of any provision of ORS 732.517 (Purpose of ORS 732.517 to 732.546) to 732.596 (Request by insurance holding company system for determination or acknowledgement of group-wide supervisor) so impairs the financial condition of a domestic insurer as to threaten insolvency or makes the insurer’s further transaction of business hazardous to the insurer’s policyholders, creditors, shareholders or the public, the director may place the insurer under supervision or in rehabilitation or liquidation as provided in ORS chapter 734.
(2) If the director determines that a person’s violation of ORS 732.521 (Activities that are prohibited unless specified procedures followed), 732.523 (Procedure for acquiring controlling interest of capital stock), 732.526 (Hearing on proposed activity), 732.541 (Jurisdiction over person obtaining or attempting to obtain control) or 732.566 (Exemption from ORS 732.517 to 732.596 by director) prevents the director from fully understanding the enterprise risk that an insurance holding company system or an affiliate of an insurer presents to the insurer, the director may, on the basis of the violation, disapprove a dividend or distribution and may place the insurer under supervision as provided in subsection (1) of this section.
(3) If the director places an insurer under supervision as provided in ORS chapter 734 and the insurer engages in transactions within an insurance holding company system as provided in ORS 732.574 (Standards for transactions within holding company), the director retains authority over the insurer’s operations and over transactions in which the insurer engages within an insurance holding company system of which the insurer is a member. [1993 c.447 §53; 2013 c.370 §31; 2017 c.479 §12]
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.