Or. Admin. Code § 836-080-0135

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

Section 836-080-0135 - Dividend Rights Accrue Upon Declaration of Dividends; Contents of Dividend Declaration Resolution

(1) The right of a policyholder to a dividend, or to a determination of whether any dividend will be paid to the policyholder or the amount of a dividend that will be paid to the policyholder, shall not accrue unless the board of directors or other governing body of the insurer:

(a) Determines that the insurer has a surplus from which the dividend may lawfully be paid; and

(b) Declares the dividend by resolution adopted after the expiration of the policy period for which the dividend was earned.

(2) The resolution declaring a policyholder dividend for a group of policies shall:

(a) Identify by policy inception or expiration dates the policies to which the declaration is applicable;

(b) Specify the policy period for which the dividend is payable; and

(c) Specify the dividend plans, scales, tables, formulas, schedules, and factors applied, or to be applied, to determine whether any dividends will be paid and the amounts of dividends to be allocated to individual policies.

Or. Admin. Code § 836-080-0135

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

Stat. Auth.: ORS 731 & ORS 746

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