Oregon Statutes 731.396 – Certificate of authority and good financial condition required to issue variable life insurance or variable annuity policies
No domestic, foreign or alien insurer shall deliver or issue for delivery in this state variable life insurance or variable annuity policies unless the insurer is authorized to transact life insurance in this state and the Director of the Department of Consumer and Business Services is satisfied that its condition and method of operation in connection with the issuance of such policies will not render its operation hazardous to its policyholders or the public in this state. In making the determination the director shall consider, among other things:
Terms Used In Oregon Statutes 731.396
- 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.
(1) The history and financial condition of the insurer;
(2) The character, responsibility and fitness of the officers and directors of the insurer; and
(3) The laws and rules under which the insurer is authorized by its domicile to issue such policies. [1973 c.435 § 4]