Or. Admin. Code § 836-080-0120

Current through Register Vol. 63, No. 10, October 1, 2024

Section 836-080-0120 - Statement as to Participation Required Upon Request Before Delivery of Policy; Provision Required in Participating Policy; Contents of Provision

(1) Upon the request of a policy-holder to an insurer, the policyholder is entitled to receive a written statement, before the policy is delivered, specifying whether the policy is or is not a participating policy.

(2) If the insurer intends the policy to grant participation rights to policyholders, the policy shall contain a provision designated "Participation Provision." The participation provision shall include the following wording or substantially equivalent wording approved by the Commissioner: "It is unlawful in Oregon for an insurer to promise to pay policyholder dividends for any unexpired portion of the policy term or to misrepresent the conditions for dividend payment. Dividends will be due and payable only for a policy period that has expired, and only if declared by and under conditions prescribed by the Board of Directors of the Insurer."

IC 69, f. 7-20-76, ef. as follows: Sec. (1), 7-20-76; Sec. (2), 1-1-77

Stat. Auth.: ORS 731 & ORS 746

Stats. Implemented: ORS 746.015(1), ORS 746.075, ORS 746.160(3) & ORS 746.240