Oregon Statutes 732.518 – Definitions for ORS 732.517 to 732.546
As used in ORS § 732.517 to 732.546:
Terms Used In Oregon Statutes 732.518
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(1) ‘Acquiring party’ means a person that acquires or attempts to acquire control of a domestic insurer as described in ORS § 732.521 (1)(a), that enters into an agreement to merge with or otherwise acquire control of a domestic insurer as described in ORS § 732.521 (1)(b) or that engages in an activity described in ORS § 732.521 (1)(c), or an intermediary or subsidiary corporation that holds, directly or indirectly, the assets or voting securities or assumes the liabilities of an insurer or other corporation.
(2) ‘Acquisition’ means an agreement, arrangement or activity that results in a person acquiring control of another person, directly or indirectly, including but not limited to an acquisition of voting securities, a merger, an acquisition of assets or bulk reinsurance.
(3) ‘Domestic insurer’ means an insurer formed under the laws of this state or a person that controls an insurer formed under the laws of this state.
(4) ‘Significant portion’ means, when acquired in one transaction or in a related or integrated series of transactions within any 12 consecutive month period, 10 percent or more of:
(a) The assets of the insurer; or
(b) The insurer’s insurance or major class of insurance in force. [1993 c.447 § 26; 2013 c.370 § 17]
[1967 c.359 § 197; repealed by 1993 c.447 § 122]