- (1) The purpose of OAR 836-051-0500 to 836-051-0600 is to provide rules for life insurance policy illustrations that will protect consumers and foster consumer education. OAR 836-051-0500 to 836-051-0600 provide illustration formats, prescribe standards to be followed when illustrations are used and specify the disclosures that are required in connection with illustrations. The goals of 836-051-0500 to 836-051-0600 are to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable.
- (2) Insurers shall, as far as possible, eliminate the use of footnotes and caveats and define terms used in the illustration in language that would be understood by a typical person within the segment of the public to which the illustration is directed.
- (3) OAR 836-051-0500 to 836-051-0600 are adopted pursuant to ORS 731.244 and 746.240 for the purpose of implementing 746.075, 746.085, 746.100, 746.110, and 746.240.
Statutory/Other Authority
ORS 731.244 & 746.240
Statutes/Other Implemented
ORS 746.075, 746.085, 746.100, 746.110 & 746.240
History
ID 5-1997, f. 5-27-97, cert. ef. 7-1-97