Or. Admin. Code § 836-051-0500 - Purpose; Authority
(1) The
purpose of OAR 836-051-0500 to
836-051-0600 is to provide rules
for life insurance policy illustrations that will protect consumers and foster
consumer education. OAR
836-051-0500 to
836-051-0600 provide
illustration formats, prescribe standards to be followed when illustrations are
used and specify the disclosures that are required in connection with
illustrations. The goals of
836-051-0500 to
836-051-0600 are to ensure that
illustrations do not mislead purchasers of life insurance and to make
illustrations more understandable.
(2) Insurers shall, as far as possible,
eliminate the use of footnotes and caveats and define terms used in the
illustration in language that would be understood by a typical person within
the segment of the public to which the illustration is directed.
(3) OAR
836-051-0500 to
836-051-0600 are adopted
pursuant to ORS 731.244 and
746.240 for the purpose of
implementing 746.075, 746.085, 746.100, 746.110, and 746.240.
Notes
Stat. Auth.: ORS 731.244 & 746.240
Stats. Implemented: ORS 746.075, 746.085, 746.100, 746.110 & 746.240
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.