Or. Admin. Code § 836-014-0020 - Deposits

(1) A deposit under ORS 750.685 shall be with a bank qualified under ORS 731.642 to act as a trust company and as a depository of state funds to hold and service securities by insurers with the state, or with any other depository bank as defined in ORS 295.005.

(2) For compliance with ORS 750.685, a deposit trust agreement shall have the prior approval of the Director for adequate safeguards providing:

(a) Retention of deposits so long as there is outstanding any liability of the legal expense organization as to which the deposit was required;

(b) Release of deposit only upon written directions of the Director.

Notes

Or. Admin. Code § 836-014-0020

ID 4-1990, f. & cert. ef. 1-24-90

Stat. Auth.: ORS 731 & ORS 750

Stats. Implemented: ORS 750.685(2) - ORS 750.685(3)