OAR 836-014-0240: Filing Requirements, Life Settlement Contracts and Disclosure Statement Forms; Promotional, Advertising and Marketing Materials

(1) An applicant for a license as a life settlement provider or life settlement broker must file with the Director a copy of each life settlement contract form and disclosure statement form that the applicant intends to use in business under the license. (2) A life settlement provider or life settlement broker must file with the Director, prior to use in this state, any amendment to a previously-filed life settlement contract form or disclosure statement form and any new life settlement contract form or disclosure statement form. (3) Contract forms and amendments thereto and disclosure statement forms and amendments thereto are subject to approval prior to use in this state, as provided in ORS 744.341. (4) Each form of life settlement contract filed with the Director must contain all of the following: (a) A life settlement contract, completed in John Doe fashion; (b) A copy of a policyholder's or certificate holder's application, completed in John Doe fashion; and (c) A copy of the disclosure statement form that will be provided to a policyholder or certificate holder as required by section 11, chapter 711, Oregon Laws 2009 (Enrolled Senate Bill 973) and 836-014-0280. (5) A life settlement contract form or a disclosure statement form is subject to disapproval by the Director: (a) If the Director finds it does not comply with the law; (b) If the Director finds it contains any provision or has any description of its contents, title, heading or other indication of its provisions, that is unintelligible, uncertain, ambiguous or abstruse, or likely to mislead a person to whom the contract is offered or with whom the contract is made; (c) If, in the Director's judgment, its use would be prejudicial to the interest of the persons with whom the life settlement provider contracts; or (d) If the Director finds it contains provisions that are unjust, unfair or inequitable. (6) A life settlement provider must file with the Director, prior to use in this state, any promotional, advertising and marketing materials related to a life settlement contract used in this state.