- • contents
- • filing date
- • waiver of annual statement for alien captive insurer
- • rules
(1) A captive insurer is not required to make a report except as specified in this section.
(2)(a) Before March 1 of each year, or in accordance with rules adopted under subsection (6) of this section, a captive insurer shall submit to the Director of the Department of Consumer and Business Services a report of the financial condition of the captive insurer, verified by oath of two of the executive officers of the captive insurer.
(b) A captive insurer shall report:
(A) Using generally accepted accounting principles, except to the extent that the director requires, approves or accepts the use of statutory accounting principles;
(B) Using a useful or necessary modification or adaptation to an accounting principle that is required, approved or accepted by the director for the type of insurance and kind of insurer to be reported upon; and
(C) Supplemental or additional information required by the director.
(c) Except as otherwise provided in ORS 735.150 (Definitions for ORS 735.150 to 735.190) to 735.190 (Incorporation of captive reinsurer), an association captive insurer shall file the financial statement required by ORS 731.574 (Annual financial statement).
(d) For the purposes of this subsection, “statutory accounting” means a method of accounting using rules that insurance companies must follow in filing an annual financial statement with the Department of Consumer and Business Services.
(3)(a) A pure captive insurer may make a written request to file the required report on a fiscal year end that is consistent with the fiscal year of the parent company of the pure captive insurer.
(b) If the director grants an alternative reporting date for a pure captive insurer as described under paragraph (a) of this subsection, the annual report is due 60 days after the fiscal year end.
(4)(a) Not later than 60 days after the fiscal year end, an alien captive insurer operating as a branch captive insurer in this state shall file with the director a copy of all reports and statements required to be filed under the laws of the jurisdiction in which the alien captive insurer is formed, verified by oath by two of the alien captive insurer’s executive officers.
(b) If the director is satisfied that the annual report filed by the alien captive insurer in the jurisdiction in which the alien captive insurer is formed provides adequate information concerning the financial condition of the alien captive insurer, the director may waive the requirement for completion of the annual statement required for a captive insurer under this section with respect to business written in the alien jurisdiction.
(c) A waiver granted by the director under paragraph (b) of this subsection shall be in writing and is subject to public inspection.
(5) All captive insurers transacting insurance in this state shall engage a qualified actuary with knowledge of this state for purposes of determining and setting premiums to be charged by the captive insurer.
(6) The director may establish by rule criteria to waive or modify the requirements of this section relating to the frequency of reporting and the contents of the report. [2012 c.84 §13]
Note: See note under 735.150 (Definitions for ORS 735.150 to 735.190).
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.