OAR 409-070-0065: Conditional Approval; Suspension of Proposed Material Change Transaction

(1) Following completion of a preliminary review pursuant to OAR 409-070-0055 or a comprehensive review pursuant to OAR 409-070-0060, which may include the appointment of a community review board pursuant to OAR 409-070-0062, the Authority may approve, or recommend for approval, a material change transaction with conditions designed to further the purposes and goals described in OAR 409-070-0000. (2) If the Authority approves a material change transaction with conditions as set forth in paragraph (1) of this rule, the Authority may suspend, or in the case of transaction involving a domestic insurer recommend that the Department suspend, the effective date of the transaction for such reasonable time as necessary to conduct an examination and complete an analysis of whether the conditions have been satisfied. (3) The Authority may impose civil penalties against an entity for each failure to comply with a condition that is not resolved within 30 calendar days of written notification. If an entity does not come into compliance within 30 calendar days of written notification, penalties will be assessed in accordance with OAR 409-070-0067.