1. (1) OAR 836-011-0100 to 836-011-0230 are adopted by the Director pursuant to ORS 731.488. The purpose of OAR 836-011-0100 to 836-011-0230 is to improve the Director's surveillance of the financial condition of insurers by requiring the following:

   1. (a) An annual audit of financial statements reporting the financial position and the results of operations of insurers by independent certified public accountants;
   2. (b) Communication of Internal Control Related Matters Noted in an Audit; and
   3. (c) Management’s Report of Internal Control over Financial Reporting.
2. (2) OAR 836-011-0100 to 836-011-0230 apply to every authorized insurer, subject to exemptions in 836-011-0130.
3. (3) OAR 836-011-0100 to 836-011-0230 do not limit the Director's authority to order, conduct or perform examinations of insurers under the Insurance Code.

Statutory/Other Authority

ORS 731.244 & 731.488

Statutes/Other Implemented

ORS 731.488

History

ID 11-2008, f. & cert. ef. 7-29-08
ID 9-2008, f. 6-30-08, cert. ef. 7-1-08
ID 22-2002, f. & cert. ef. 11-27-02
ID 4-1992, f. & cert. ef. 3-26-92