Oregon Statutes 733.580 – Investment of required capitalization
(1) Funds of an insurer at least equal to its required capitalization shall be invested and kept invested as follows:
Terms Used In Oregon Statutes 733.580
- Amortization: Paying off a loan by regular installments.
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(a) In amply secured obligations of the United States, a state or a political subdivision of this state.
(b) In loans secured by first liens upon improved, unencumbered real property (other than leaseholds) in this state where:
(A) The lien does not exceed 50 percent of the appraised value of the property and the loan is for a term of five years or less;
(B) The lien does not exceed 66-2/3 percent of the appraised value of the property provided there is an amortization plan mortgage, deed of trust or other instrument under the terms of which the installment payments are sufficient to repay the loan within a period of not more than 25 years; or
(C) The investment is insured or guaranteed by the Federal Housing Administration, the United States Department of Veterans Affairs, or under Title I of the Housing Act of 1949 (providing for slum clearance and redevelopment projects) enacted by Congress on July 15, 1949.
(c) In certificates of deposit or other investments described in ORS § 733.650 (4), to the extent such investments are insured by the Federal Deposit Insurance Corporation.
(2) Investments made pursuant to this section shall be kept free of any lien or pledge. The term ‘lien or pledge’ as used in this section shall not include a deposit of securities with a sovereign, nor assets held in trust for the benefit or protection of all or any class of policyholders of an insurer. [Formerly 738.238; 1991 c.67 § 195; 1993 c.447 § 113]