(1) No insurer may be dissolved voluntarily until the Director of the Department of Consumer and Business Services has approved a plan for liquidation of the insurer’s assets and obligations. The preparation and approval of such plan shall follow the provisions of ORS § 732.517 to 732.546.

Terms Used In Oregon Statutes 732.235

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.

(2) The plan of dissolution must provide for reinsurance of substantially all insurance in force of the insurer in accordance with the provisions of ORS § 731.512.

(3) The director shall require that the plan of dissolution provide adequate reserves in trust or otherwise for satisfaction of all obligations of the insurer. [1967 c.359 § 170; 1993 c.447 § 107]

 

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