OAR 836-011-0100: Authority; Purpose; Scope

(1) OAR 836-011-0100 to 836-011-0230 are adopted by the Director pursuant to ORS 731.488. The purpose of OAR 836-011-0100 to 836-011-0230 is to improve the Director's surveillance of the financial condition of insurers by requiring the following: (a) An annual audit of financial statements reporting the financial position and the results of operations of insurers by independent certified public accountants; (b) Communication of Internal Control Related Matters Noted in an Audit; and (c) Management’s Report of Internal Control over Financial Reporting. (2) OAR 836-011-0100 to 836-011-0230 apply to every authorized insurer, subject to exemptions in 836-011-0130. (3) OAR 836-011-0100 to 836-011-0230 do not limit the Director's authority to order, conduct or perform examinations of insurers under the Insurance Code.