- (1) A deposit under ORS 750.685 shall be with a bank qualified under 731.642 to act as a trust company and as a depository of state funds to hold and service securities by insurers with the state, or with any other depository bank as defined in 295.005.
(2) For compliance with ORS 750.685, a deposit trust agreement shall have the prior approval of the Director for adequate safeguards providing:
- (a) Retention of deposits so long as there is outstanding any liability of the legal expense organization as to which the deposit was required;
- (b) Release of deposit only upon written directions of the Director.
Statutory/Other Authority
ORS 731 & 750
Statutes/Other Implemented
ORS 750.685(2) - 750.685(3)
History
ID 4-1990, f. & cert. ef. 1-24-90