Or. Admin. Code § 836-051-0905

Current through Register Vol. 63, No. 12, December 1, 2024

Section 836-051-0905 - Applicability and Scope

(1) OAR 836-051-0900 to 836-051-0925 apply to all group and individual annuity contracts and certificates except:

(a) Immediate and deferred annuities that contain no nonguaranteed elements except as provided in OAR 836-051-0920(2);

(b) Annuities used to fund:

(A) An employee pension plan that is covered by the Employee Retirement Income Security Act (ERISA);

(B) A plan described by Sections 401(a), 401(k), 403(b), or 408(k) or (p) of the Internal Revenue Code, when the plan, for purposes of ERISA, is established or maintained by an employer;

(C) A governmental or church plan defined in Section 414 or a deferred compensation plan of a state or local government or a tax exempt organization under Section 457 of the Internal Revenue Code; or

(D) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor.

(c) Structured settlement annuities; and

(d) Funding agreements.

(2) OAR 836-051-0900 to 836-051-0925 also apply to annuities used to fund a plan or arrangement that is funded solely by contributions an employee elects to make, whether on a pre-tax or after-tax basis, and when the insurer has been notified that plan participants may choose from among two or more fixed annuity providers and there is a direct solicitation of an individual employee by a producer for the purchase of an annuity contract. A direct solicitation under this section does not include any meeting held by a producer solely for the purpose of educating or enrolling employees in the plan or arrangement.

(3) OAR 836-051-0900 to 836-051-0925 apply to annuity contracts that are sold on or after October 1, 2008. An insurer may conform its contracts to the provisions of 836-051-0900 to 836-051-0925 prior to that date.

Or. Admin. Code § 836-051-0905

ID14-2008, f. & cert. ef. 8-15-08; ID 54-2023, temporary amend filed 12/20/2023, effective 1/1/2024 through 6/28/2024; ID 19-2024, amend filed 08/12/2024, effective 8/12/2024

Statutory/Other Authority: ORS 731.244

Statutes/Other Implemented: ORS 742.009, 746.075, 746.085, 746.110, 746.240 & 743.262