Oregon Statutes 744.384 – Rules; standards
The Director of the Department of Consumer and Business Services may adopt rules for the purpose of carrying out ORS § 744.318 to 744.384, 744.991 and 744.992. In addition:
Terms Used In Oregon Statutes 744.384
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(1) The director may establish standards for evaluating reasonableness of payments under life settlement contracts for persons who are terminally ill or chronically ill. The authority includes but is not limited to regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise or bequest of a benefit under a life insurance policy insuring the life of a person who is terminally ill or chronically ill. For the purpose of the standards, the director shall consider payments made in regional and national life settlement markets, to the extent such information is available, as well as model standards developed by the National Association of Insurance Commissioners.
(2) The director may establish trade practice standards by rule for the purpose of regulating advertising and solicitation of life settlement contracts.
(3) The director may adopt rules governing the relationship and responsibilities of both insurers and life settlement providers, life settlement brokers and life settlement investment agents during the settlement of a life insurance policy or certificate.
(4) The director may adopt rules governing disclosure by a life settlement provider or broker to an insured of the tax implications and effect on life insurance capacity of a life settlement.
(5) The director may adopt rules governing the confidentiality of an insured’s personal financial or medical information provided to a life settlement broker, life settlement provider or life settlement investment agent. [Formerly 744.358]
[Formerly 750.100; repealed by 1987 c.774 § 154]
[Repealed by 1967 c.359 § 704]
[Repealed by 1967 c.359 § 704]
[Formerly 750.080; repealed by 1987 c.774 § 154]
[Repealed by 1967 c.359 § 704]
[Formerly 750.090; 1979 c.870 § 7; repealed by 1987 c.774 § 154]
[Amended by 1963 c.463 § 1; repealed by 1967 c.359 § 704]
[Amended by 1953 c.322 § 2; 1963 c.463 § 2; repealed by 1967 c.359 § 704]
[Amended by 1955 c.226 § 2; 1963 c.463 § 3; 1967 c.359 § 503; renumbered 743.672]
[Amended by 1967 c.359 § 504; renumbered 743.675]
[Amended by 1967 c.359 § 505; renumbered 743.678]
[Amended by 1967 c.359 § 506; renumbered 743.681]
[Repealed by 1967 c.359 § 704]
[Repealed by 1967 c.359 § 704]
[Repealed by 1967 c.359 § 704]
[Repealed by 1967 c.359 § 704]
ADJUSTERS