Oregon Statutes 733.325 – Definitions
As used in ORS § 733.325 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015:
Terms Used In Oregon Statutes 733.325
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(1) ‘Accident and health insurance’ means a contract that incorporates morbidity risk and provides protection against economic loss that results from accident, sickness or a medical condition.
(2) ‘Appointed actuary’ means a qualified actuary that an insurer appoints in accordance with the valuation manual to prepare the actuarial opinion required under ORS § 733.331.
(3) ‘Deposit-type contract’ means a contract that does not incorporate mortality or morbidity risks.
(4) ‘Insurer’ means an entity that has:
(a) Written, issued or reinsured life insurance contracts, accident and health insurance contracts or deposit-type contracts in this state and has at least one life insurance contract, accident and health insurance contract or deposit-type contract in force or on claim; or
(b) Written, issued or reinsured life insurance contracts, accident and health insurance contracts or deposit-type contracts in any state and that must hold a certificate of authority to write life insurance, accident and health insurance or deposit-type contracts in this state.
(5) ‘Life insurance’ means a contract that incorporates mortality risk, including an annuity contract and a pure endowment contract.
(6) ‘Operative date of the valuation manual’ means the date on which the Director of the Department of Consumer and Business Services adopts the valuation manual by rule in accordance with section 16, chapter 547, Oregon Laws 2015.
(7) ‘Principle-based valuation’ means a reserve valuation that uses one or more methods or one or more assumptions that the insurer determines and that must comply with section 17, chapter 547, Oregon Laws 2015, as specified in the valuation manual.
(8) ‘Qualified actuary’ means an individual who:
(a) Is qualified to sign the applicable statement of actuarial opinion in accordance with standards that the director establishes by rule, taking into consideration standards that the American Academy of Actuaries establishes for actuaries that sign statements of actuarial opinion; and
(b) Meets the requirements set forth in the valuation manual.
(9) ‘Reserves’ means reserve liabilities.
(10) ‘Valuation manual’ means the manual of valuation instructions that the director adopts in accordance with section 16, chapter 547, Oregon Laws 2015. [2015 c.547 § 11]