Before a domestic insurer enters into a securities lending transaction, the board of directors of the domestic insurer must adopt a written plan that specifies the guidelines and objectives to be followed with respect to securities lending transactions, including the following:
- (1) An assessment that securities lending transactions, including the guidelines relating thereto, are appropriate for the business conducted by the insurer and are consistent with ORS 733.510(4).
- (2) An assessment of the insurer’s technical investment and administrative capabilities and expertise to engage in securities lending transactions.
- (3) A description of how cash received will be invested or used for general corporate purposes of the insurer.
- (4) Operational procedures to manage securities lending transactions and borrower default risk and the use of acceptable collateral in a manner that reflects the liquidity needs of securities lending transactions.
- (5) The extent to which the domestic insurer may engage in securities lending transactions.
Statutory/Other Authority
ORS 731.244 & 733.510
Statutes/Other Implemented
ORS 733.510
History
ID 4-2000, f. & cert. ef. 5-11-00