Or. Admin. Code § 836-051-0150
Current through Register Vol. 63, No. 12, December 1, 2024
Section 836-051-0150 - Individual Deferred Annuities Surrender ChargeStatutory Authority; Purpose; Applicability
(1) OAR 836-051-0150 to 836-051-0156 are adopted pursuant to the authority granted to the Director of the Department of Consumer and Business Services in section 2, chapter 85, Oregon Laws 2015 to adopt rules to regulate the penalties, fees or other charges that an insurer imposes for a withdrawal, before maturity or after the owner or annuitant dies, from an individual deferred annuity policy. (2) OAR 836-051-0150 to 836-051-0156 apply to individual deferred non-variable annuity policies and to the fixed accounts of individual deferred variable annuity policies. (3) OAR 836-051-0150 to 836-051-0156 apply to contracts entered into on and after July 1, 2017. New contracts submitted for approval to the Department of Consumer and Business Services for effective dates on or after January 1, 2016 must comply with section 2, chapter 85, Oregon Laws 2015.Or. Admin. Code § 836-051-0150
ID 17-2015, f. 12-29-15, cert. ef. 1/1/2016Stat. Auth.: Sec. 2, Ch. 85 OL 2015
Stats. Implemented: Sec. 2, Ch. 85 OL 2015