Or. Admin. R. 410-141-5375

Current through Register Vol. 63, No. 6, June 1, 2024

Section 410-141-5375 - CCO INSOLVENCY AND DISSOLUTION: Voluntary Dissolution; Approval of Plan

(1) No CCO may be dissolved voluntarily until the Authority has approved a plan for liquidation of the CCO's assets and obligations.

(2) The plan of dissolution must provide for the reinsurance and assumption of all in-force Member Contracts to which the CCO is a party.

(3) The Authority shall require that the plan of dissolution provide adequate reserves in trust or otherwise for the satisfaction of all remaining obligations of the CCO.

Or. Admin. R. 410-141-5375

DMAP 60-2019, adopt filed 12/18/2019, effective 1/1/2020

Statutory/Other Authority: ORS 414.615, 414.625, 414.635, 414.651 & ORS 413.042

Statutes/Other Implemented: ORS 414.610 - 414.685