Oregon Statutes 733.650 – Investment of funds in certain obligations and other specified items
Funds of an insurer may be invested in the following:
Terms Used In Oregon Statutes 733.650
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(1) Obligations secured by a mortgage or deed of trust payment of which is guaranteed by a policy of mortgage insurance.
(2) Obligations issued, assumed or guaranteed by the International Bank for Reconstruction and Development.
(3) Bank and bankers’ acceptances and other bills of exchange of the kind and nature made eligible by law for purchase in the open market by federal reserve banks.
(4) Deposits, certificates of deposits, accounts or savings or certificate shares or accounts of or in banks, trust companies, savings and loan associations or building and loan associations insured with the Federal Deposit Insurance Corporation or qualified to do business under the laws of this state.
(5) Obligations issued by trustees or receivers of a corporation created or existing under the laws of a sovereign which, or the assets of which, are being administered under the direction of a court having jurisdiction if the obligation is adequately secured as to principal and interest.
(6) Transportation equipment used wholly or in part within a sovereign, or adequately secured trust certificates of participation or similar obligations or contracts evidencing an interest in such transportation equipment, where the investor is entitled to receive a determined or determinable portion of rental, purchase or other obligatory payments for use or purchase of the equipment.
(7) Purchase contracts or lease-purchase agreements executed under the Federal Public Buildings Purchase Contract Act of 1954, or the Post Office Department Property Act of 1954.
(8) Stock of the Federal Home Loan Bank to the extent of the minimum required by the Federal Home Loan Bank Act. An insurer acquiring such stock may exercise all rights and powers given to members under such Act, including but not by way of limitation the right to obtain advances or borrow money from such bank and to pledge collateral as security therefor.
(9) Obligations issued, assumed or guaranteed by the Inter-American Development Bank.
(10) Obligations issued, assumed or guaranteed by the Asian Development Bank.
(11) Obligations issued, assumed or guaranteed by the African Development Bank. [Formerly 738.295; 1969 c.336 § 9; 1969 c.692 § 8; 1973 c.514 § 1; 1985 c.456 § 2; 1993 c.447 § 114; 2007 c.426 § 6]