Or. Admin. R. 410-141-5375 - CCO INSOLVENCY AND DISSOLUTION: Voluntary Dissolution; Approval of Plan
(1) No
CCO may be dissolved voluntarily until the Authority has approved a plan for
liquidation of the CCO's assets and obligations.
(2) The plan of dissolution must provide for
the reinsurance and assumption of all in-force Member Contracts to which the
CCO is a party.
(3) The Authority
shall require that the plan of dissolution provide adequate reserves in trust
or otherwise for the satisfaction of all remaining obligations of the
CCO.
Notes
Statutory/Other Authority: ORS 414.615, 414.625, 414.635, 414.651 & ORS 413.042
Statutes/Other Implemented: ORS 414.610 - 414.685
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(1) No CCO may be dissolved voluntarily until the Authority has approved a plan for liquidation of the CCO's assets and obligations.
(2) The plan of dissolution must provide for the reinsurance and assumption of all in-force Member Contracts to which the CCO is a party.
(3) The Authority shall require that the plan of dissolution provide adequate reserves in trust or otherwise for the satisfaction of all remaining obligations of the CCO.
Notes
Statutory/Other Authority: ORS 414.615, 414.625, 414.635, 414.651 & ORS 413.042
Statutes/Other Implemented: ORS 414.610 - 414.685