Or. Admin. Code § 836-080-0034 - Duties of the Existing Insurer

When a replacement is involved in a transaction, the existing insurer shall:

(1) Retain and be able to produce all replacement notifications received, indexed by replacing insurer, for at least five years or until the conclusion of the next regular examination conducted by the Insurance Department of its state of domicile, whichever is later.

(2) Send a letter to the policyholder or contract owner of the right to receive information regarding the existing policy or contract values including, if available, an in force illustration or policy summary if an in force illustration cannot be produced within five business days of receipt of a notice that an existing policy or contract is being replaced. The information shall be provided within five business days of receipt of the request from the policy or contract owner.

(3) Upon receipt of a request to borrow, surrender or withdraw any policy values, send a notice advising the policyholder that the release of policy values may affect the guaranteed elements, non-guaranteed elements, face amount or surrender value of the policy from which the values are released. The notice shall be sent separate from the check if the check is sent to anyone other than the policyholder. In the case of consecutive automatic premium loans, the insurer is required to send the notice only at the time of the first loan.

Notes

Or. Admin. Code § 836-080-0034

ID 5-2001, f. 4-16-01, cert. ef. 11-1-01

Stat. Auth.: ORS 731.244

Stats. Implemented: ORS 746.085 & ORS 746.240