Oregon Statutes 731.636 – Deposit or trusteed assets of alien insurer required
(1) Except as provided in subsection (3) of this section, every alien insurer, before transacting insurance in this state as an authorized insurer, shall deposit with the Department of Consumer and Business Services the sum of the following amounts:
Terms Used In Oregon Statutes 731.636
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(a) The amount of its outstanding liabilities arising out of its insurance transactions in the United States; and
(b) Its required capitalization.
(2) ORS § 731.640 (1)(d) does not apply with respect to such deposit.
(3) In lieu of such deposit, the insurer may furnish evidence satisfactory to the Director of the Department of Consumer and Business Services that it maintains in the United States, by way of trust deposits with public depositories or with trust institutions acceptable to the director, assets at least equal to the deposit otherwise required by this section. [1967 c.359 § 120; 1999 c.196 § 6]