Oregon Statutes 734.770 – Purpose
The purpose of ORS § 734.750 to 734.890 is to protect the persons specified in ORS § 734.790, subject to certain limitations, against failure in the performance of contractual obligations, under life and health insurance policies and annuity contracts specified in ORS § 734.790, because of the impairment or insolvency of the insurer issuing such policies or contracts. To provide this protection:
Terms Used In Oregon Statutes 734.770
- 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) An association of insurers is created to enable the guarantee of payment of benefits and continuation of coverages;
(2) Members of the Oregon Life and Health Insurance Guaranty Association are subject to assessment to provide funds to carry out the purpose of ORS § 734.750 to 734.890; and
(3) The association is authorized to assist the Director of the Department of Consumer and Business Services, in the prescribed manner, in the detection and prevention of insurer impairments or insolvencies. [1975 c.251 § 3; 1991 c.811 § 2]