OAR 441-505-3010: Insurance Activity Report

(1) Applicability. (a) Except as provided in subsection (b) of this section, this rule applies to: (A) All Oregon banks, Oregon savings banks and Oregon trust companies that acquire subsidiaries or invest in companies that engage in or intend to engage in insurance agency activities as a licensee under ORS 744.002; and (B) All bank holding companies that are subject to ORS 715.075. (b) Any entity described in subsection (a) that received permission from the Director to conduct insurance activities prior to the effective date of this rule is not required to reapply for permission but is required to comply with the reporting requirements in section (4) of this rule. (2) Application for Permission. Applicant shall file a written request for permission with the Director. The request shall: (a) Describe the activities to be performed; (b) Identify the persons who will provide the services, including a description of any arrangement with third party companies; (c) Provide a business plan for this activity; and (d) If a subsidiary or investment in a separate insurance agency is involved, additionally describe the details of the transaction including amount to be invested and identity of additional shareholders, if any. (3) The Director shall issue to the applicant, upon completion of the review, an order granting or denying permission to engage in insurance activities. (4) Report. All entities engaged in insurance activities under this rule shall file a report with the Director. (a) The report shall be on the Director’s Form, “REPORT OF INSURANCE ACTIVITIES” and shall disclose for the preceding calendar year: (A) Total number of insurance policies sold; (B) Insurance policies sold in each class of insurance described in ORS 744.062(1); (C) Total premium income from insurance policies sold; (D) Total commission income from insurance policies sold; (E) Number of annuity policies sold as a replacement of the customer’s existing annuity policy; (F) Number of annuity policies sold under the Internal Revenue Service section 1035 exchange provisions; (G) Number of annuity policies sold to customers aged 70 years or older; and (H) Amendments since the last reporting period to the institution’s business plan for insurance activity. (b) The report shall be filed annually no later than March 31 of each year.