Or. Admin. R. 410-141-5175
Current through Register Vol. 63, No. 6, June 1, 2024
Section 410-141-5175 - CAPITALIZATION: Impaired Capital and Surplus(1) If the Authority determines in accordance with OAR 410-141-5195 et seq. that a CCO's reserves, however calculated or estimated, are inadequate, the Authority may require the CCO to maintain reserves in such additional amount as is needed to make them adequate.(2) Whenever the Authority determines from any showing or statement made to the Authority or from any examination made by the Authority that the assets of a CCO are less than its liabilities plus required capitalization, the Authority may proceed immediately under the provisions of OAR 410-141-5469 and Section 26 of S.B. 1041 or the Authority may allow the CCO a period of time, not to exceed 90 days, in which to make good the amount of the impairment with cash or authorized investments.(3) If the amount of any such impairment is not made good within the time prescribed by the Authority under subsection (1) of this section, the Authority shall proceed under the provisions of OAR 410-141-5469 and Section 26 of the S.B. 1041.(4) An order directing a CCO to cure an impairment shall be confidential for such time as the Authority considers proper but not exceeding the time prescribed by the Authority for making the amount of the impairment good. If the Authority determines that the public interest in disclosure outweighs the public interest in protecting the solvency of the CCO, the Authority may make the order available for public inspection.Or. Admin. R. 410-141-5175
DMAP 59-2019, adopt filed 12/18/2019, effective 1/1/2020Statutory/Other Authority: ORS 413.042, 414.615, 414.625, 414.635 & 414.651
Statutes/Other Implemented: ORS 414.610 - 414.685