OAR 836-051-0750: Purpose; Authority; Applicability; and Effective Date

(1) OAR 836-051-0750 to 836-051-0775 are adopted pursuant to the general rulemaking authority of the Director in ORS 731.244, and specific authority of ORS 733.306 and 743.215 for approving mortality tables adopted by the National Association of Insurance Commissioners for use in determining minimum valuation and nonforfeiture standards. (2) OAR 836-051-0750 to 836-051-0775 apply to preneed insurance and to similar policies and certificates used to fund funeral services and expenses as determined by the Director, issued on or after January 1, 2009. (3) The purpose of OAR 836-051-0750 to 836-051-0775 is to establish for preneed insurance products minimum mortality standards for reserves and nonforfeiture values, and to require the use of the 1980 Commissioners Standard Ordinary (CSO) Life Valuation Mortality Table for use in determining the minimum standard of valuation of reserves and the minimum standard nonforfeiture values for preneed insurance products.