The Director of the Department of Consumer and Business Services may:
- (1) Limit the net amount of risk a captive insurer retains for a single risk after considering the impact of the retention on the captive insurer's capital and surplus; or
- (2) Prescribe and demand additional capital and surplus of any captive insurer if the director determines that the captive insurer is not adequately capitalized for the type, volume and nature of the risk that is being covered by the captive insurer.
Statutory/Other Authority
ORS 731.244, 2012 OL Ch. 84 & Sec. 4 (Enrolled SB 1547)
Statutes/Other Implemented
2012 OL Ch. 84 & Sec. 2-22 (Enrolled SB 1547)
History
ID 17-2012, f. & cert. ef. 11-7-12
ID 11-2012(Temp), f. 6-15-12, cert. ef. 7-1-12 thru 12-27-12