Oregon Statutes 733.322 – Calculation of reserves for plans for which minimum reserves cannot be determined under ORS 733.312, 733.314 or 733.320; rules
(1) For any plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurer based on then estimates of future experience, or in the case of any plan of life insurance or annuity that is of such a nature that the minimum reserves cannot be determined by the methods described in ORS § 733.312, 733.314 and 733.320, the reserves held under any such plan must:
Terms Used In Oregon Statutes 733.322
- 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.
(a) Be appropriate in relation to the benefits and the pattern of premiums for that plan; and
(b) Be computed by a method that is consistent with the principles of ORS § 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, as determined by rules adopted by the Director of the Department of Consumer and Business Services.
(2) Any policy, contract or certificate providing life insurance under a plan referred to in subsection (1) of this section must be reviewed and specifically approved by the director before it can be marketed, issued, delivered or used in this state. [1991 c.401 § 28]
(Valuation of Reserve Liabilities)