Or. Admin. Code § 836-029-0110

Current through Register Vol. 63, No. 11, November 1, 2024

Section 836-029-0110 - Application

(1) In order to form a domestic captive insurer a person shall apply to the director of the Department of Consumer and Business Services for a permit to organize using the form, "Application for Permit to Organize Captive Insurer With or Without Capital Stock" as set forth on the Division of Financial Regulation website of the Department of Consumer and Business Services at dfr.oregon.gov. The written application for permit to organize, including all required attachments and information, must be submitted to the department in accordance with instructions provided with the application.

(2) In order to be authorized to transact insurance as a captive insurer a person shall apply to the director for authority to conduct a captive insurance using the form, "Application to Form a Captive insurer" as set forth on the Division of Financial Regulation website of the Department of Consumer and Business Services at dfr.oregon.gov. The application materials must:

(a) Include one complete copy of the application including forms, attachments, exhibits and all other papers and documents filed as a part thereof, accompanied by the appropriate filing fee filed in writing or online with the director. The written application, including all required attachments and information, must be submitted to the department in accordance with instructions provided with the application.

(b) Be signed in the manner prescribed in the application. If the signature of any person is affixed pursuant to a power of attorney or other similar authority, a copy of the power of attorney or other authority must also be filed with the application.

(c) Include with the application a business plan with supporting data and all other information required by the application.

(d) Include a feasibility study demonstrating the feasibility of the business plan of the captive insurer. The department may test the feasibility of the study by examining the captive insurer's corporate records, if any, including but not limited to the insurer's charter, bylaws and minute books, verification of capital and surplus, verification of principal place of business, determination of assets and liabilities, and any other factor the director considers necessary.

Or. Admin. Code § 836-029-0110

ID 11-2012(Temp), f. 6-15-12, cert. ef. 7-1-12 thru 12-27-12; ID 17-2012, f. & cert. ef. 11-7-12; ID 10-2023, minor correction filed 05/19/2023, effective 5/19/2023

Statutory/Other Authority: ORS 731.244, Sec. 4 (Enrolled SB 1547) & Or Laws 2012, ch 84

Statutes/Other Implemented: Or Laws 2012, ch 84 & Sec. 2-22 (Enrolled SB 1547)