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Section 743.351 - Eligibility of association to be group life policyholder; rules.

OR Rev Stat § 743.351 (2019) (N/A)
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(a) The association must have had an active existence for at least one year;

(b) The association must insure under the policy the employees or members of the association, or employees of members of the association, for the benefit of persons other than the association or its officers or trustees; and

(c) The association must be maintained primarily for purposes other than the procurement of insurance.

(2) An insurer shall submit evidence to the director that the association satisfies the requirements of subsection (1) of this section. The director shall review the evidence and may request additional evidence as needed.

(3) An insurer shall submit to the director any changes in the evidence submitted under subsection (2) of this section.

(4) The director may order an insurer to cease offering group life insurance to an association if the director determines that the association does not meet the requirements under subsection (1) of this section.

(5) For purposes of this section:

(a) An association includes a labor union.

(b) "Employees" may include retired employees.

(6) The director may adopt rules to carry out this section. [1989 c.784 §7]

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