Prior to the declaration of a dividend, an insurer shall not represent, orally or in writing, that the insurer agrees or will agree:

1. (1) To pay a specified amount as a dividend; or

2. (2) To a formula that fixes, or to factors that fix or can be used to fix:

   1. (a) The amount of a dividend;
   2. (b) The percentage of premium that will be paid as a dividend; or
   3. (c) The amount or percentage of premium to be retained by the insurer after payment of dividends.

Statutory/Other Authority

ORS 731 & 746

Statutes/Other Implemented

ORS 746.015(1), 746.075, 746.160(3) & 746.240

History

IC 69, f. & ef. 7-20-76