OAR 836-014-0310: Reporting Requirements

(1) On or before March 1 of each year, a life settlement provider shall file an annual statement with the director. The information provided in the statement shall be limited to those transactions for which the owner is a resident of Oregon. The statement shall include at a minimum: (a) Total number and aggregate face amount and life settlement proceeds of policies settled during the immediately preceding calendar year; (b) A breakdown of the information by policy issue year; (c) The names of the insurance companies whose policies have been settled; and (d) The life settlement brokers who have settled the policies. (2) For each policy for which a life settlement contract has been entered into during the preceding calendar year or that was entered into prior to the preceding calendar year and for which deaths had not yet been reported as of the beginning of the preceding year: (a) The date the life settlement contract was entered into; (b) The life expectancy of the insured at the time of the contract; (c) The face amount of the policy. (d) The amount paid by the life settlement provider for purposes of making a life settlement on the policy and the percentage that amount represents of the face amount; (e) If the insured has died: (A) The date of death; and (B) The total insurance premiums paid by the life settlement provider to maintain the policy in force; and (f) The amount of commission paid by the life settlement provider to the life settlement broker. (3) The annual statement required under section (1) of this rule also shall include a breakdown, by disease category, of applications, received, accepted and rejected during the preceding calendar year.