Or. Admin. Code § 836-080-0178 - Definitions

(1)

(a) "Annuity" means:

(A) An agreement to make periodic payments, whether fixed or variable, in an amount:

(i) That is individually solicited, whether the agreement is classified as an individual annuity or a group annuity; and

(ii) In which the obligation to make all or some of the periodic payments, or the amount of any periodic payment, depends upon the continuance of human life; and

(B) Any additional benefits that safeguard the agreement from lapse or that provide a special surrender value or special benefit or annuity if the annuitant becomes totally and permanently disabled.

(b) "Annuity" does not include:

(A) A charitable remainder annuity trust or a charitable remainder unitrust as defined in Section 664(d) of the Internal Revenue Code; or

(B) Payments made in accordance with settlement provisions of a life insurance policy.

(2) "Producer" means a person that is licensed under ORS 744.052 to 744.089 or an insurer, if the insurer solicits, negotiates or sells an annuity without involving a producer.

(3) "Recommendation" means a producer's advice to a consumer that the producer intends as an inducement to sell, exchange or replace an annuity or that results in a sale, exchange or replacement of an annuity in accordance with the producer's advice.

Notes

Or. Admin. Code § 836-080-0178

ID 2-2011, f. & cert. ef. 2-4-11; ID 54-2023, temporary amend filed 12/20/2023, effective 1/1/2024 through 6/28/2024; ID 19-2024, amend filed 08/12/2024, effective 8/12/2024

Statutory/Other Authority: ORS 731.244 & 743.262

Statutes/Other Implemented: ORS 746.100, 746.110, 746.240 & 743.262