Oregon Statutes 743.275 – Standard Nonforfeiture Law for Individual Deferred Annuities; application
(1) ORS § 743.275 to 743.295 may be cited as the Standard Nonforfeiture Law for Individual Deferred Annuities.
Terms Used In Oregon Statutes 743.275
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(2) The Standard Nonforfeiture Law for Individual Deferred Annuities does not apply to:
(a) Reinsurance.
(b) A group annuity policy purchased under a retirement or deferred compensation plan established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both. This exclusion does not apply, however, to a plan providing individual retirement accounts or individual retirement annuities under section 408 of the federal Internal Revenue Code.
(c) A premium deposit fund.
(d) A variable annuity policy.
(e) An investment annuity policy.
(f) An immediate annuity policy.
(g) A deferred annuity policy after annuity payments have commenced.
(h) A reversionary annuity.
(i) A policy delivered outside this state through an agent or other representative of the insurer issuing the policy. [1977 c.320 § 2; 2003 c.370 § 1]