- (1) No CCO may be dissolved voluntarily until the Authority has approved a plan for liquidation of the CCO's assets and obligations.
- (2) The plan of dissolution must provide for the reinsurance and assumption of all in-force CCO contracts to which the CCO is a party.
- (3) The Authority shall require that the plan of dissolution provide adequate reserves in trust or otherwise for the satisfaction of all remaining obligations of the CCO.
Statutory/Other Authority
ORS 413.042, 414.572, 414.591, 414.605, 415.013 & 415.101-415.430
Statutes/Other Implemented
ORS 414.570-414.686 & 415.001-415.430
History
DMAP 143-2024, amend filed 12/29/2024, effective 01/01/2025
DMAP 60-2019, adopt filed 12/18/2019, effective 01/01/2020