OAR 836-031-0410: Title Insurance Unearned Premium Reserve

(1) For the purpose of implementing ORS 733.090(2), the amount of the unearned premium reserve shall be determined as follows for each foreign or alien title insurer relating to policies insuring titles to real property in this state and for each domestic title insurer relating to all of its policies insuring titles to real property: (a) Three percent of all gross premiums on title insurance policies issued by it during the preceding 15 years and prior to January 1, 2002; plus (b) A percentage of all gross premiums on title insurance policies issued by it during the current calendar year as determined from section (2) of this rule; less (c) Percentage portions of reserve additions for each calendar year following January 1, 2002 and preceding the current calendar year, as specified by the Director. (2) The percentage of premium for reserve additions in subsection (b) of section (1) of this rule shall be as follows: (a) Three percent for calendar year 2002. (b) Four percent for calendar year 2003. (c) Five percent for calendar year 2004. (d) Six percent for calendar year 2005. (e) Six and one-half percent for calendar year 2006. (f) Seven percent for calendar year 2007 and for each calendar year thereafter. (3) The portion of the unearned premium reserve of a foreign insurer relating to its policies insuring real property located elsewhere shall be not less than the amounts prescribed or permitted by the laws of the insurer's domicile. (4) This rule applies to all reporting periods beginning on and after January 1, 2002.