Oregon Statutes 731.640 – Eligible deposits; rules
(1) Deposits which are required or permitted under the Insurance Code shall consist only of the following:
Terms Used In Oregon Statutes 731.640
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(a) Cash.
(b) Amply secured obligations of the United States, a state or a political subdivision thereof.
(c) Certificates of deposit or other investments described in ORS § 733.650 (4). The Director of the Department of Consumer and Business Services may promulgate rules to limit such investments.
(d) A surety bond, approved by the director, executed by an authorized surety insurer that is not under common ownership, management or control with the person making the deposit. This paragraph does not apply to deposits made by surety insurers or to workers’ compensation deposits made under ORS § 731.628.
(e) Amply secured obligations of a corporation rated by the National Association of Insurance Commissioners as Class 1. This paragraph applies only to that portion of the total deposit that exceeds $50 million. The director may adopt rules to require periodic review of the secured obligations of a corporation allowed under this paragraph.
(2) Deposits of domestic insurers made pursuant to the laws of other jurisdictions shall consist of cash or securities as required or permitted by the laws of such jurisdictions. [1967 c.359 § 121; 1973 c.450 § 1; 1981 c.854 § 61; 1999 c.196 § 6a; 2003 c.123 § 1]