Or. Admin. Code § 836-029-0075 - Directors
(1) Every captive
insurer shall report any change in its executive officers or directors to the
Director of the Department of Consumer and Business Services within thirty days
after a change is made and include in its report, a biographical affidavit of
any new executive officer or director.
(2) No director, officer or employee of a
captive insurer shall, except on behalf of the captive insurer, accept, or be
the beneficiary of, any fee, brokerage, gift or other emolument because of any
investment, loan, deposit, purchase, sale, payment or exchange made by or for
the captive insurer. The person may receive only reasonable compensation for
necessary services rendered to the captive insurer in the person's usual
private, professional or business capacity.
(3) Any profit or gain received by or on
behalf of any person in violation of this section shall inure to and be
recoverable by the captive insurer.
Notes
Stat. Auth.: ORS 731.244, 2012 OL Ch. 84, Sec. 4 (Enrolled SB 1547)
Stats. Implemented: 2012 OL Ch. 84, Sec. 2-22 (Enrolled SB 1547)
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