OAR 836-014-0020: Deposits

(1) A deposit under ORS 750.685 shall be with a bank qualified under 731.642 to act as a trust company and as a depository of state funds to hold and service securities by insurers with the state, or with any other depository bank as defined in 295.005. (2) For compliance with ORS 750.685, a deposit trust agreement shall have the prior approval of the Director for adequate safeguards providing: (a) Retention of deposits so long as there is outstanding any liability of the legal expense organization as to which the deposit was required; (b) Release of deposit only upon written directions of the Director.