Examination of branch captive insurer and alien captive insurer
- • payment of charges and expenses
(1) The Director of the Department of Consumer and Business Services shall examine only the branch operations of, and the insurance transacted by, a branch captive insurer in this state if the branch captive insurer:
(a) Provides annually to the director a certificate of compliance, or an equivalent, issued by or filed with the licensing authority of the jurisdiction in which the branch captive insurer is formed; and
(b) Demonstrates to the satisfaction of the director that the branch captive insurer is operating in sound financial condition in accordance with ORS 735.150 (Definitions for ORS 735.150 to 735.190) to 735.190 (Incorporation of captive reinsurer) and all applicable laws and regulations of the jurisdiction in which the branch captive insurer is formed.
(2) As a condition of its authority as a branch captive insurer, an alien captive insurer must authorize the director to examine the affairs of the alien captive insurer in the jurisdiction in which the alien captive insurer is formed.
(3) An alien captive insurer that is examined under this section shall pay the expenses and charges of the examination. [2012 c.84 §18]
Note: See note under 735.150 (Definitions for ORS 735.150 to 735.190).
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