Oregon Statutes 734.800 – Oregon Life and Health Insurance Guaranty Association; required members; required accounts
(1) There is created a nonprofit legal entity to be known as the Oregon Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under the plan of operation established and approved under ORS § 734.820, and shall exercise its powers through a board of directors established under ORS § 734.805. For purposes of administration and assessment, the association shall maintain three accounts:
Terms Used In Oregon Statutes 734.800
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
(a) The health insurance account, composed of the following subaccounts:
(A) The disability insurance subaccount;
(B) The long term care insurance subaccount; and
(C) The major medical and all other health insurance subaccount;
(b) The life insurance account; and
(c) The annuity account.
(2) The association shall come under the immediate supervision of the Director of the Department of Consumer and Business Services and shall be subject to the applicable provisions of the insurance laws of this state. [1975 c.251 § 7; 2011 c.142 § 3]